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Illinois Compiled Statutes

Information maintained by the Legislative Reference Bureau
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

(810 ILCS 5/) Uniform Commercial Code.

810 ILCS 5/Art. 4A Pt. 1

    (810 ILCS 5/Art. 4A Pt. 1 heading)

810 ILCS 5/4A-101

    (810 ILCS 5/4A-101) (from Ch. 26, par. 4A-101)
    Sec. 4A-101. Short title. This Article may be cited as Uniform Commercial Code-Funds Transfers.
(Source: P.A. 86-1291.)

810 ILCS 5/4A-102

    (810 ILCS 5/4A-102) (from Ch. 26, par. 4A-102)
    Sec. 4A-102. Subject matter. Except as otherwise provided in Section 4A-108, this Article applies to funds transfers defined in Section 4A-104.
(Source: P.A. 86-1291.)

810 ILCS 5/4A-103

    (810 ILCS 5/4A-103) (from Ch. 26, par. 4A-103)
    Sec. 4A-103. Payment order; definitions.
    (a) In this Article:
        (1) "Payment order" means an instruction of a sender
to a receiving bank, transmitted orally, electronically, or in writing, to pay, or to cause another bank to pay, a fixed or determinable amount of money to a beneficiary if:
            (i) the instruction does not state a condition to
payment to the beneficiary other than time of payment,
            (ii) the receiving bank is to be reimbursed by
debiting an account of, or otherwise receiving payment from, the sender, and
            (iii) the instruction is transmitted by the
sender directly to the receiving bank or to an agent, funds transfer system, or communication system for transmittal to the receiving bank.
        (2) "Beneficiary" means the person to be paid by the
beneficiary's bank.
        (3) "Beneficiary's bank" means the bank identified in
a payment order in which an account of the beneficiary is to be credited pursuant to the order or which otherwise is to make payment to the beneficiary if the order does not provide for payment to an account.
        (4) "Receiving bank" means the bank to which the
sender's instruction is addressed.
        (5) "Sender" means the person giving the instruction
to the receiving bank.
    (b) If an instruction complying with subsection (a)(1) is to make more than one payment to a beneficiary, the instruction is a separate payment order with respect to each payment.
    (c) A payment order is issued when it is sent to the receiving bank.
(Source: P.A. 86-1291.)

810 ILCS 5/4A-104

    (810 ILCS 5/4A-104) (from Ch. 26, par. 4A-104)
    Sec. 4A-104. Funds transfer; definitions. In this Article:
    (a) "Funds transfer" means the series of transactions, beginning with the originator's payment order, made for the purpose of making payment to the beneficiary of the order. The term includes any payment order issued by the originator's bank or an intermediary bank intended to carry out the originator's payment order. A funds transfer is completed by acceptance by the beneficiary's bank of a payment order for the benefit of the beneficiary of the originator's payment order.
    (b) "Intermediary bank" means a receiving bank other than the originator's bank or the beneficiary's bank.
    (c) "Originator" means the sender of the first payment order in a funds transfer.
    (d) "Originator's bank" means (i) the receiving bank to which the payment order of the originator is issued if the originator is not a bank, or (ii) the originator if the originator is a bank.
(Source: P.A. 86-1291.)

810 ILCS 5/4A-105

    (810 ILCS 5/4A-105) (from Ch. 26, par. 4A-105)
    Sec. 4A-105. Other definitions.
    (a) In this Article:
        (1) "Authorized account" means a deposit account of a
customer in a bank designated by the customer as a source of payment of payment orders issued by the customer to the bank. If a customer does not so designate an account, any account of the customer is an authorized account if payment of a payment order from that account is not inconsistent with a restriction on the use of that account.
        (2) "Bank" means a person engaged in the business of
banking and includes a savings bank, savings and loan association, credit union, and trust company. A branch or separate office of a bank is a separate bank for purposes of this Article.
        (3) "Customer" means a person, including a bank,
having an account with a bank or from whom a bank has agreed to receive payment orders.
        (4) "Funds transfer business day" of a receiving bank
means the part of a day during which the receiving bank is open for the receipt, processing, and transmittal of payment orders and cancellations and amendments of payment orders.
        (5) "Funds transfer system" means a wire transfer
network, automated clearinghouse, or other communication system of a clearing house or other association of banks through which a payment order by a bank may be transmitted to the bank to which the order is addressed.
        (6) "Good faith" means honesty in fact and the
observance of reasonable commercial standards of fair dealing.
        (7) "Prove" with respect to a fact means to meet the
burden of establishing the fact (Section 1-201(b)(8)).
    (b) Other definitions applying to this Article and the Sections in which they appear are:
    "Acceptance"Section 4A-209
    "Beneficiary"Section 4A-103
    "Beneficiary's bank"Section 4A-103
    "Executed"Section 4A-301
    "Execution date"Section 4A-301
    "Funds transfer"Section 4A-104
    "Funds transfer system rule"Section 4A-501
    "Intermediary bank"Section 4A-104
    "Originator"Section 4A-104
    "Originator's bank"Section 4A-104
    "Payment by beneficiary's bank
        to beneficiary"Section 4A-405
    "Payment by originator to
        beneficiary"Section 4A-406
    "Payment by sender
        to receiving bank"Section 4A-403
    "Payment date"Section 4A-401
    "Payment order"Section 4A-103
    "Receiving bank"Section 4A-103
    "Security procedure"Section 4A-201
    "Sender"Section 4A-103
    (c) The following definitions in Article 4 apply to this Article:
    "Clearing house"Section 4-104
    "Item"Section 4-104
    "Suspends payments"Section 4-104
    (d) In addition, Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article.
(Source: P.A. 95-895, eff. 1-1-09.)

810 ILCS 5/4A-106

    (810 ILCS 5/4A-106) (from Ch. 26, par. 4A-106)
    Sec. 4A-106. Time payment order is received.
    (a) The time of receipt of a payment order or communication cancelling or amending a payment order is determined by the rules applicable to receipt of a notice stated in Section 1-202. A receiving bank may fix a cut-off time or times on a funds transfer business day for the receipt and processing of payment orders and communications cancelling or amending payment orders. Different cut-off times may apply to payment orders, cancellations, or amendments, or to different categories of payment orders, cancellations, or amendments. A cut-off time may apply to senders generally or different cut-off times may apply to different senders or categories of payment orders. If a payment order or communication cancelling or amending a payment order is received after the close of a funds transfer business day or after the appropriate cut-off time on a funds transfer business day, the receiving bank may treat the payment order or communication as received at the opening of the next funds transfer business day.
    (b) If this Article refers to an execution date or payment date or states a day on which a receiving bank is required to take action, and the date or day does not fall on a funds transfer business day, the next day that is a funds transfer business day is treated as the date or day stated, unless the contrary is stated in this Article.
(Source: P.A. 95-895, eff. 1-1-09.)

810 ILCS 5/4A-107

    (810 ILCS 5/4A-107) (from Ch. 26, par. 4A-107)
    Sec. 4A-107. Federal Reserve regulations and operating circulars. Regulations of the Board of Governors of the Federal Reserve System and operating circulars of the Federal Reserve Banks supersede any inconsistent provision of this Article to the extent of the inconsistency.
(Source: P.A. 86-1291.)

810 ILCS 5/4A-108

    (810 ILCS 5/4A-108) (from Ch. 26, par. 4A-108)
    Sec. 4A-108. Exclusion of consumer transactions governed by federal law.
    (a) Except as provided in subsection (b), this Article does not apply to a funds transfer any part of which is governed by the Electronic Fund Transfer Act of 1978 (Title XX, Public Law 95-630, 92 Stat. 3728, 15 U.S.C. Section 1693 et seq.) as amended from time to time.
    (b) This Article applies to a funds transfer that is a remittance transfer as defined in the Electronic Fund Transfer Act (15 U.S.C. Sec. 1693o-1), as amended from time to time, unless the remittance transfer is an electronic fund transfer as defined in the Electronic Fund Transfer Act (15 U.S.C. Sec. 1693a), as amended from time to time.
    (c) In a funds transfer to which this Article applies, in the event of an inconsistency between an applicable provision of this Article and an applicable provision of the Electronic Fund Transfer Act, the provision of the Electronic Fund Transfer Act governs to the extent of the inconsistency.
(Source: P.A. 98-498, eff. 1-1-14.)