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Can you summarize 810 ILCS 5/Art. 4A?
Uniform Commercial Code. > FUNDS TRANSFERS
Short Summary
The provided legal document content, which falls under the Uniform Commercial Code, governs payment orders in funds transfers. It defines key terms related to payment orders and funds transfers, outlines the requirements for a valid payment order, and provides definitions for various terms used in the context of funds transfers. The documents also address the execution of sender’s payment orders by receiving banks, the obligations and liabilities of receiving banks, and the reporting of erroneously executed payment orders. They allow the rights and obligations of parties to be varied by agreement, establish the order of charging items and payment orders to an account, and determine the choice of law in funds transfers. These documents apply to receiving banks, senders of payment orders, and individuals or entities involved in funds transfers. Funds transfers governed by the Electronic Fund Transfer Act of 1978 are exempted, unless they are remittance transfers that qualify as electronic fund transfers under the Electronic Fund Transfer Act. No specific penalties are mentioned in these documents.
Whom does it apply to?
Receiving banks, senders of payment orders, and individuals or entities involved in funds transfers
What does it govern?
Payment orders in funds transfers
What are exemptions?
Funds transfers governed by the Electronic Fund Transfer Act of 1978, unless they are remittance transfers that qualify as electronic fund transfers under the Electronic Fund Transfer Act
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Illinois