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Can you summarize 810 ILCS 5/4-301?
COLLECTION OF ITEMS: PAYOR BANKS >
Short Summary
This section of the Illinois Compiled Statutes, specifically the Uniform Commercial Code, governs the collection of items by payor banks. It outlines the procedures and requirements for payor banks when settling for demand items, such as returning the item or sending notice of dishonor or nonpayment. The section also specifies the time limits and methods for returning items or sending notice of dishonor. Additionally, it defines the time of dishonor for items and provides guidelines for returning items presented through a clearing-house or in other cases. Overall, this section establishes the rules and processes that payor banks must follow when handling the collection of items.
Whom does it apply to?
Payor banks
What does it govern?
Collection of items by payor banks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Illinois