Illinois General Assembly - Illinois Compiled Statutes

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810 ILCS 5/4A-106

(810 ILCS 5/4A-106) (from Ch. 26, par. 4A-106)

Sec. 4A-106. Time payment order is received.

(a) The time of receipt of a payment order or communication cancelling
or amending a payment order is determined by the rules applicable to
receipt of a notice stated in Section 1-202.  A receiving bank may fix
a cut-off time or times on a funds transfer business day for the receipt
and processing of payment orders and communications cancelling or amending
payment orders.  Different cut-off times may apply to payment orders,
cancellations, or amendments, or to different categories of payment orders,
cancellations, or amendments.  A cut-off time may apply to senders
generally or different cut-off times may apply to different senders or
categories of payment orders.  If a payment order or communication
cancelling or amending a payment order is received after the close of a
funds transfer business day or after the appropriate cut-off time on a
funds transfer business day, the receiving bank may treat the payment
order or communication as received at the opening of the next funds
transfer business day.

(b) If this Article refers to an execution date or payment date or
states a day on which a receiving bank is required to take action, and the
date or day does not fall on a funds transfer business day, the next day
that is a funds transfer business day is treated as the date or day stated,
unless the contrary is stated in this Article.

(Source: P.A. 95-895, eff. 1-1-09.)