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Can you summarize 810 ILCS 5/Art. 4?
Uniform Commercial Code. > BANK DEPOSITS AND COLLECTIONS
Short Summary
These legal documents, part of the Illinois Compiled Statutes and specifically the Uniform Commercial Code, govern various aspects of bank deposits and collections. They establish the liability of banks for actions or non-actions with respect to items, define terms used in the context of bank deposits and collections, outline the responsibilities of collecting banks, and provide guidelines for the transfer and presentment of items. The documents also address the security interest of collecting banks, the determination of value, the settlement process, charge-back or refund rights, liability of collecting banks, and the return of items. Additionally, they cover the final payment of items by payor banks, the availability of credits for withdrawal, and the treatment of insolvency and preference. These documents apply to collecting banks, owners of items, depositary banks, payor banks, and other payors involved in the collection of items. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Collecting banks, owners of items, depositary banks, payor banks, and other payors involved in the collection of items
What does it govern?
Bank deposits and collections, liability of banks, definitions of terms, responsibilities of collecting banks, transfer and presentment warranties, security interest of collecting banks, determination of value, settlement by a bank, charge-back or refund rights, liability of collecting banks, return of items, final payment by payor banks, availability of credits for withdrawal, insolvency, and preference
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Illinois