Chapter 810, COMMERCIAL CODE

(810 ILCS 5/4A-401) (from Ch. 26, par. 4A-401) Sec. 4A-401. Payment date. "Payment date" of a payment order means the day on which the amount of the order is payable to the beneficiary by the beneficiary's bank. The payment date may be determined by instruction of the sender but …

(810 ILCS 5/4A-402) (from Ch. 26, par. 4A-402) Sec. 4A-402. Obligation of sender to pay receiving bank. (a) This Section is subject to Sections 4A-205 and 4A-207. (b) With respect to a payment order issued to the beneficiary's bank, acceptance of the order by the bank obliges the…

(810 ILCS 5/4A-403) (from Ch. 26, par. 4A-403) Sec. 4A-403. Payment by sender to receiving bank. (a) Payment of the sender's obligation under Section 4A-402 to pay the receiving bank occurs as follows: (1) If the sender is a bank, payment occurs when the receiving bank receives f…

(810 ILCS 5/4A-404) (from Ch. 26, par. 4A-404) Sec. 4A-404. Obligation of beneficiary's bank to pay and give notice to beneficiary. (a) Subject to Sections 4A-211(e), 4A-405(d), and 4A-405(e), if a beneficiary's bank accepts a payment order, the bank is obliged to pay the amount …

(810 ILCS 5/4A-405) (from Ch. 26, par. 4A-405) Sec. 4A-405. Payment by beneficiary's bank to beneficiary. (a) If the beneficiary's bank credits an account of the beneficiary of a payment order, payment of the bank's obligation under Section 4A-404(a) occurs when and to the extent…

(810 ILCS 5/4A-406) (from Ch. 26, par. 4A-406) Sec. 4A-406. Payment by originator to beneficiary; discharge of underlying obligation. (a) Subject to Sections 4A-211(e), 4A-405(d), and 4A-405(e), the originator of a funds transfer pays the beneficiary of the originator's payment o…

(810 ILCS 5/4A-501) (from Ch. 26, par. 4A-501) Sec. 4A-501. Variation by agreement and effect of funds transfer system rule. (a) Except as otherwise provided in this Article, the rights and obligations of a party to a funds transfer may be varied by agreement of the affected part…

(810 ILCS 5/4A-502) (from Ch. 26, par. 4A-502) Sec. 4A-502. Creditor process served on receiving bank; setoff by beneficiary's bank. (a) As used in this Section, "creditor process" means levy, attachment, garnishment, notice of lien, sequestration, or similar process issued by or…

(810 ILCS 5/4A-503) (from Ch. 26, par. 4A-503) Sec. 4A-503. Injunction or restraining order with respect to funds transfer. For proper cause and in compliance with applicable law, a court may restrain (i) a person from issuing a payment order to initiate a funds transfer, (ii) an…

(810 ILCS 5/4A-504) (from Ch. 26, par. 4A-504) Sec. 4A-504. Order in which items and payment orders may be charged to account; order of withdrawals from account. (a) If a receiving bank has received more than one payment order of the sender or one or more payment orders and other…

(810 ILCS 5/4A-505) (from Ch. 26, par. 4A-505) Sec. 4A-505. Preclusion of objection to debit of customer's account. If a receiving bank has received payment from its customer with respect to a payment order issued in the name of the customer as sender and accepted by the bank, an…

(810 ILCS 5/4A-506) (from Ch. 26, par. 4A-506) Sec. 4A-506. Rate of interest. (a) If, under this Article, a receiving bank is obliged to pay interest with respect to a payment order issued to the bank, the amount payable may be determined (i) by agreement of the sender and receiv…

(810 ILCS 5/4A-507) (from Ch. 26, par. 4A-507) Sec. 4A-507. Choice of law. (a) The following rules apply unless the affected parties otherwise agree or subsection (c) applies: (1) The rights and obligations between the sender of a payment order and the receiving bank are governed…

(810 ILCS 5/5-101) (from Ch. 26, par. 5-101) Sec. 5-101. Short title. This Article may be cited as Uniform Commercial Code--Letters of Credit. (Source: P.A. 89-534, eff. 1-1-97.)

(810 ILCS 5/5-102) (from Ch. 26, par. 5-102) Sec. 5-102. Definitions. (a) In this Article: (1) "Adviser" means a person who, at the request of the issuer, a confirmer, or another adviser, notifies or requests another adviser to notify the beneficiary that a letter of credit has b…

(810 ILCS 5/5-103) (from Ch. 26, par. 5-103) Sec. 5-103. Scope. (a) This Article applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit. (b) The statement of a rule in this Article does not by itself require, imp…

(810 ILCS 5/5-104) (from Ch. 26, par. 5-104) Sec. 5-104. Formal requirements. A letter of credit, confirmation, advice, transfer, amendment, or cancellation may be issued in any form that is a signed record. (Source: P.A. 103-1036, eff. 1-1-25.)

(810 ILCS 5/5-105) (from Ch. 26, par. 5-105) Sec. 5-105. Consideration. Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation. (Source: P.A. 89-534, eff. 1-1-97.)

(810 ILCS 5/5-106) (from Ch. 26, par. 5-106) Sec. 5-106. Issuance, amendment, cancellation, and duration. (a) A letter of credit is issued and becomes enforceable according to its terms against the issuer when the issuer sends or otherwise transmits it to the person requested to …

(810 ILCS 5/5-107) (from Ch. 26, par. 5-107) Sec. 5-107. Confirmer, nominated person, and adviser. (a) A confirmer is directly obligated on a letter of credit and has the rights and obligations of an issuer to the extent of its confirmation. The confirmer also has rights against …

(810 ILCS 5/5-108) (from Ch. 26, par. 5-108) Sec. 5-108. Issuer's rights and obligations. (a) Except as otherwise provided in Section 5-109, an issuer shall honor a presentation that, as determined by the standard practice referred to in subsection (e), appears on its face strict…

(810 ILCS 5/5-109) (from Ch. 26, par. 5-109) Sec. 5-109. Fraud and forgery. (a) If a presentation is made that appears on its face strictly to comply with the terms and conditions of the letter of credit, but a required document is forged or materially fraudulent, or honor of the…

(810 ILCS 5/5-110) (from Ch. 26, par. 5-110) Sec. 5-110. Warranties. (a) If its presentation is honored, the beneficiary warrants: (1) to the issuer, any other person to whom presentation is made, and the applicant that there is no fraud or forgery of the kind described in Sectio…

(810 ILCS 5/5-111) (from Ch. 26, par. 5-111) Sec. 5-111. Remedies. (a) If an issuer wrongfully dishonors or repudiates its obligation to pay money under a letter of credit before presentation, the beneficiary, successor, or nominated person presenting on its own behalf may recove…

(810 ILCS 5/5-112) (from Ch. 26, par. 5-112) Sec. 5-112. Transfer of letter of credit. (a) Except as otherwise provided in Section 5-113, unless a letter of credit provides that it is transferable, the right of a beneficiary to draw or otherwise demand performance under a letter …

(810 ILCS 5/5-113) (from Ch. 26, par. 5-113) Sec. 5-113. Transfer by operation of law. (a) A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in the name of the beneficiary without disclosing its status …

(810 ILCS 5/5-114) (from Ch. 26, par. 5-114) Sec. 5-114. Assignment of proceeds. (a) In this Section, "proceeds of a letter of credit" means the cash, check, accepted draft, or other item of value paid or delivered upon honor or giving of value by the issuer or any nominated pers…

(810 ILCS 5/5-115) (from Ch. 26, par. 5-115) Sec. 5-115. Statute of limitations. An action to enforce a right or obligation arising under this Article must be commenced within one year after the expiration date of the relevant letter of credit or one year after the cause of actio…

(810 ILCS 5/5-116) (from Ch. 26, par. 5-116) Sec. 5-116. Choice of law and forum. (a) The liability of an issuer, nominated person, or adviser for action or omission is governed by the law of the jurisdiction chosen by an agreement in the form of a record signed by the affected p…

(810 ILCS 5/5-117) (from Ch. 26, par. 5-117) Sec. 5-117. Subrogation of issuer, applicant, and nominated person. (a) An issuer that honors a beneficiary's presentation is subrogated to the rights of the beneficiary to the same extent as if the issuer were a secondary obligor of t…

(810 ILCS 5/5-118) Sec. 5-118. Security interest of issuer or nominated person. (a) An issuer or nominated person has a security interest in a document presented under a letter of credit to the extent that the issuer or nominated person honors or gives value for the presentation.…

(810 ILCS 5/7-101) (from Ch. 26, par. 7-101) Sec. 7-101. Short title. This Article may be cited as Uniform Commercial Code-Documents of Title. (Source: P.A. 95-895, eff. 1-1-09.)

(810 ILCS 5/7-102) (from Ch. 26, par. 7-102) Sec. 7-102. Definitions and index of definitions. (a) In this Article, unless the context otherwise requires: (1) "Bailee" means a person that by a warehouse receipt, bill of lading, or other document of title acknowledges possession o…

(810 ILCS 5/7-103) (from Ch. 26, par. 7-103) Sec. 7-103. Relation of Article to treaty or statute. (a) This Article is subject to any treaty or statute of the United States or regulatory statute of this State to the extent the treaty, statute, or regulatory statute is applicable.…

(810 ILCS 5/7-104) (from Ch. 26, par. 7-104) Sec. 7-104. Negotiable and nonnegotiable document of title. (a) Except as otherwise provided in subsection (c), a document of title is negotiable if by its terms the goods are to be delivered to bearer or to the order of a named person…

(810 ILCS 5/7-105) (from Ch. 26, par. 7-105) Sec. 7-105. Reissuance in alternative medium. (a) Upon request of a person entitled under an electronic document of title, the issuer of the electronic document may issue a tangible document of title as a substitute for the electronic …

(810 ILCS 5/7-106) Sec. 7-106. Control of electronic document of title. (a) A person has control of an electronic document of title if a system employed for evidencing the transfer of interests in the electronic document reliably establishes that person as the person to which the…

(810 ILCS 5/7-201) (from Ch. 26, par. 7-201) Sec. 7-201. Person that may issue a warehouse receipt; storage under bond. (a) A warehouse receipt may be issued by any warehouse. (b) If goods, including distilled spirits and agricultural commodities, are stored under a statute requi…

(810 ILCS 5/7-202) (from Ch. 26, par. 7-202) Sec. 7-202. Form of warehouse receipt; effect of omission. (a) A warehouse receipt need not be in any particular form. (b) Unless a warehouse receipt provides for each of the following, the warehouse is liable for damages caused to a p…

(810 ILCS 5/7-203) (from Ch. 26, par. 7-203) Sec. 7-203. Liability for non-receipt or misdescription. A party to or purchaser for value in good faith of a document of title, other than a bill of lading, that relies upon the description of the goods in the document may recover fro…

(810 ILCS 5/7-204) (from Ch. 26, par. 7-204) Sec. 7-204. Duty of care; contractual limitation of warehouse's liability. (a) A warehouse is liable for damages for loss of or injury to the goods caused by its failure to exercise care with regard to the goods that a reasonably caref…

(810 ILCS 5/7-205) (from Ch. 26, par. 7-205) Sec. 7-205. Title under warehouse receipt defeated in certain cases. A buyer in ordinary course of business of fungible goods sold and delivered by a warehouse that is also in the business of buying and selling such goods takes the goo…

(810 ILCS 5/7-206) (from Ch. 26, par. 7-206) Sec. 7-206. Termination of storage at warehouse's option. (a) A warehouse, by giving notice to the person on whose account the goods are held and any other person known to claim an interest in the goods, may require payment of any char…

(810 ILCS 5/7-207) (from Ch. 26, par. 7-207) Sec. 7-207. Goods must be kept separate; fungible goods. (a) Unless the warehouse receipt provides otherwise, a warehouse shall keep separate the goods covered by each receipt so as to permit at all times identification and delivery of…

(810 ILCS 5/7-208) (from Ch. 26, par. 7-208) Sec. 7-208. Altered warehouse receipts. If a blank in a negotiable tangible warehouse receipt has been filled in without authority, a good-faith purchaser for value and without notice of the lack of authority may treat the insertion as…

(810 ILCS 5/7-209) (from Ch. 26, par. 7-209) Sec. 7-209. Lien of warehouse. (a) A warehouse has a lien against the bailor on the goods covered by a warehouse receipt or storage agreement or on the proceeds thereof in its possession for charges for storage or transportation, inclu…

(810 ILCS 5/7-210) (from Ch. 26, par. 7-210) Sec. 7-210. Enforcement of warehouse's lien. (a) Except as otherwise provided in subsection (b), a warehouse's lien may be enforced by public or private sale of the goods, in bulk or in packages, at any time or place and on any terms t…

(810 ILCS 5/7-301) (from Ch. 26, par. 7-301) Sec. 7-301. Liability for nonreceipt or misdescription; "said to contain"; "shipper's weight, load, and count"; improper handling. (a) A consignee of a nonnegotiable bill of lading which has given value in good faith, or a holder to wh…

(810 ILCS 5/7-302) (from Ch. 26, par. 7-302) Sec. 7-302. Through bills of lading and similar documents of title. (a) The issuer of a through bill of lading, or other document of title embodying an undertaking to be performed in part by a person acting as its agent or by a perform…

(810 ILCS 5/7-303) (from Ch. 26, par. 7-303) Sec. 7-303. Diversion; reconsignment; change of instructions. (a) Unless the bill of lading otherwise provides, a carrier may deliver the goods to a person or destination other than that stated in the bill or may otherwise dispose of t…