(810 ILCS 5/4-404) (from Ch. 26, par. 4-404) Sec. 4-404. Bank not obligated to pay check more than six months old. A bank is under no obligation to a customer having a checking account to pay a check, other than a certified check, which is presented more than 6 months after its date, but it may charge its customer’s account for a payment made thereafter in good faith. (Source: Laws 1961, p.

This legal document, Section 4-406 of the Illinois Compiled Statutes, governs the relationship between a payor bank and its customer in the context of bank deposits and collections. It outlines the duties and responsibilities of the bank and the customer regarding unauthorized signatures or alterations on items. The bank is required to provide the customer with a statement of account that either returns the paid items or provides sufficient information for the customer to identify the items paid.

This legal document, Section 2A-103 of the Illinois Compiled Statutes, falls under the Uniform Commercial Code and specifically governs leases. It provides definitions for various terms used in the context of lease contracts. Some of the key definitions include ‘buyer in ordinary course of business’, ‘cancellation’, ‘commercial unit’, ‘conforming goods’, ‘consumer lease’, ‘fault’, ‘finance lease’, ‘goods’, ‘installment lease contract’, ’lease’, ’lease agreement’, ’lease contract’, ’leasehold interest’, ’lessee’, ’lessee in ordinary course of business’, ’lessor’, ’lessor’s residual interest’, ’lien’, ’lot’, ‘merchant lessee’, ‘present value’, ‘purchase’, ‘sublease’, ‘supplier’, ‘supply contract’, and ’termination’.

The provided legal document content pertains to the negotiation, transfer, and endorsement of negotiable instruments under the Illinois Compiled Statutes, specifically the Uniform Commercial Code. It defines the process of transferring an instrument and the rights acquired by the transferee. The document states that negotiation occurs when a person other than the issuer transfers possession of the instrument to another person, who becomes the holder. If the instrument is payable to an identified person, negotiation requires transfer of possession and endorsement by the holder.

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.

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.

This legal document, Section 5-102 of the Uniform Commercial Code under the Illinois Compiled Statutes, provides definitions for various terms related to letters of credit. It defines terms such as adviser, applicant, beneficiary, confirmer, dishonor, document, good faith, honor, issuer, letter of credit, nominated person, presentation, presenter, record, and successor of a beneficiary. The document also references definitions from other articles within the Uniform Commercial Code. It does not specify any exemptions or penalties.

The provided legal document content consists of sections from the Illinois Compiled Statutes, specifically the Uniform Commercial Code (UCC), governing secured transactions. The sections cover definitions and index of definitions for Article 9, which applies to individuals and organizations involved in secured transactions. It defines terms such as ‘accession’, ‘account’, ‘account debtor’, ‘chattel paper’, ‘collateral’, ‘consumer goods’, and others, providing clarity on their scope and applicability. Another section focuses on purchase-money security interests, outlining the criteria for a security interest to be considered a purchase-money security interest, treatment of purchase-money security interests in software and consignor’s inventory, and the application of payments in non-consumer-goods transactions.

The Actions to Enforce Payment Act governs the inclusion of persons severally liable upon bills of exchange or promissory notes in the same suit at the option of the plaintiff. Judgment rendered in such a suit shall be without prejudice to the rights of the several defendants as between themselves. In any suit mentioned in the Act, a separate judgment may be entered by default against any defendant or defendants severally liable who have been duly served with summons.

The Revolving Charge Billing Act, also known as the Illinois Compiled Statutes 130/0.01, regulates the billing practices for retail customers who have made a purchase under a revolving charge account. According to Section 1 of the Act, any bill, memorandum, or statement of account sent to a retail customer must prominently display both the total balance owing on the account and the monthly payment due. It should also include the annual percentage rate of the total finance charge, interest charge, and other charges, as well as the payment due date or period to avoid additional interest charges or other fees.