Illinois Statutes
§ 4-213 — Medium and time of settlement by bank
Illinois·Topic BUSINESS AND EMPLOYMENT·Ch. 810 COMMERCIAL CODE·Act 810 ILCS 5/ Uniform Commercial Code.·Art. Article 4 - Bank Deposits And Collections
(a)With respect to settlement by a bank, the medium and time of settlement may be prescribed by Federal Reserve regulations or circulars, clearing-house rules, and the like, or agreement. In the absence of such prescription:
(1)the medium of settlement is cash or credit to an account in a Federal Reserve Bank of or specified by the person to receive settlement; and (2) the time of settlement is:
(i)with respect to tender of settlement by cash, a cashier's check, or teller's check, when the cash or check is sent or delivered;
(ii)with respect to tender of settlement by credit in an account in a Federal Reserve Bank, when the credit is made;
(iii)with respect to tender of settlement by a credit or debit to an account in a bank, when the credit or debit is made or, in the case of tender
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Legislative History
(Source: P.A. 87-582.)
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