Illinois Statutes
§ 3-408 — Drawee not liable on unaccepted draft
Illinois·Topic BUSINESS AND EMPLOYMENT·Ch. 810 COMMERCIAL CODE·Act 810 ILCS 5/ Uniform Commercial Code.·Art. Article 3 - Negotiable Instruments
A check or other draft does not of itself operate as an assignment of funds in the hands of the drawee available for its payment, and the drawee is not liable on the instrument until the drawee accepts it.
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Illinois § 3-408 (Drawee not liable on unaccepted draft) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
(Source: P.A. 87-582.)
Nearby Sections
15
§ 3-101
Short title§ 3-102
Subject matter§ 3-103
Definitions§ 3-104
Negotiable instrument§ 3-105
Issue of instrument§ 3-111
Place of payment§ 3-112
Interest§ 3-113
Date of instrument§ 3-115
Incomplete instrument