Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process.
Recent laws may not yet be included in the ILCS database, but they are found on this site as
Public
Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the
Guide.
Because the statute database is maintained primarily for legislative drafting purposes,
statutory changes are sometimes included in the statute database before they take effect.
If the source note at the end of a Section of the statutes includes a Public Act that has
not yet taken effect, the version of the law that is currently in effect may have already
been removed from the database and you should refer to that Public Act to see the changes
made to the current law.
(810 ILCS 5/4A-103) (from Ch. 26, par. 4A-103)
Sec. 4A-103.
Payment order; definitions.
(a) In this Article:
(1) "Payment order" means an instruction of a sender |
| to a receiving bank, transmitted orally, electronically, or in writing, to pay, or to cause another bank to pay, a fixed or determinable amount of money to a beneficiary if:
|
|
(i) the instruction does not state a condition to
|
| payment to the beneficiary other than time of payment,
|
|
(ii) the receiving bank is to be reimbursed by
|
| debiting an account of, or otherwise receiving payment from, the sender, and
|
|
(iii) the instruction is transmitted by the
|
| sender directly to the receiving bank or to an agent, funds transfer system, or communication system for transmittal to the receiving bank.
|
|
(2) "Beneficiary" means the person to be paid by the
|
|
(3) "Beneficiary's bank" means the bank identified in
|
| a payment order in which an account of the beneficiary is to be credited pursuant to the order or which otherwise is to make payment to the beneficiary if the order does not provide for payment to an account.
|
|
(4) "Receiving bank" means the bank to which the
|
| sender's instruction is addressed.
|
|
(5) "Sender" means the person giving the instruction
|
|
(b) If an instruction complying with subsection (a)(1) is to make more
than one payment to a beneficiary, the instruction is a separate payment
order with respect to each payment.
(c) A payment order is issued when it is sent to the receiving bank.
(Source: P.A. 86-1291.)
|