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Can you summarize 810 ILCS 5/4-213?
COLLECTION OF ITEMS: DEPOSITARY AND COLLECTING BANKS >
Short Summary
This section of the Illinois Compiled Statutes, specifically the Uniform Commercial Code, governs the medium and time of settlement by a bank. The settlement can be prescribed by Federal Reserve regulations, clearing-house rules, agreements, or similar means. In the absence of such prescription, the medium of settlement is cash or credit to an account in a Federal Reserve Bank or as specified by the person receiving settlement. The time of settlement varies depending on the method of tender, such as cash, check, credit, debit, or funds transfer. If the tender of settlement is not authorized or the time of settlement is not fixed, no settlement occurs until the tender is accepted by the person receiving settlement. The section also provides rules for settlement by cashier’s check, teller’s check, and authority to charge an account. No specific exemptions or penalties are mentioned in this section.
Whom does it apply to?
Banks and persons involved in settlement transactions
What does it govern?
Settlement by a bank
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Illinois