810 ILCS 5/4A-211
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 4A - Funds Transfers

 (from Ch. 26, par. 4A-211)Sec. 4A-211. Cancellation and amendment of payment order.(a) A communication of the sender of a payment order cancelling or  amending the order may be transmitted to the receiving bank orally,  electronically, or in writing. If a security procedure is in effect between  the sender and the receiving bank, the communication is not effective to  cancel or amend the order unless the communication is verified pursuant to  the security procedure or the bank agrees to the cancellation or amendment.(b) Subject to subsection (a), a communication by the sender cancelling  or amending a payment order is effective to cancel or amend the order if  notice of the communication is received at a time and in a manner affording  the receiving bank a reasonable opportunity to act on the communication  before the bank accepts the payment order.(c) After a payment order has been accepted, cancellation or amendment  of the order is not effective unless the receiving bank agrees or a  funds transfer system rule allows cancellation or amendment without  agreement of the bank.(1) With respect to a payment order accepted by a     receiving bank other than the beneficiary's bank, cancellation or amendment is not effective unless a conforming cancellation or amendment of the payment order issued by the receiving bank is also made.(2) With respect to a payment order accepted by the     beneficiary's bank, cancellation or amendment is not effective unless the order was issued in execution of an unauthorized payment order, or because of a mistake by a sender in the funds transfer which resulted in the issuance of a payment order (i) that is a duplicate of a payment order previously issued by the sender, (ii) that orders payment to a beneficiary not entitled to receive payment from the originator, or (iii) that orders payment in an amount greater than the amount the beneficiary was entitled to receive from the originator. If the payment order is canceled or amended, the beneficiary's bank is entitled to recover from the beneficiary any amount paid to the beneficiary to the extent allowed by the law governing mistake and restitution.(d) An unaccepted payment order is canceled by operation of law at the  close of the fifth funds transfer business day of the receiving bank after  the execution date or payment date of the order.(e) A canceled payment order cannot be accepted. If an accepted payment  order is canceled, the acceptance is nullified and no person has any right  or obligation based on the acceptance. Amendment of a payment order is  deemed to be cancellation of the original order at the time of amendment  and issue of a new payment order in the amended form at the same time.(f) Unless otherwise provided in an agreement of the parties or in a  funds transfer system rule, if the receiving bank, after accepting a  payment order, agrees to cancellation or amendment of the order by the  sender or is bound by a funds transfer system rule allowing cancellation or  amendment without the bank's agreement, the sender, whether or not  cancellation or amendment is effective, is liable to the bank for any loss  and expenses, including reasonable attorney's fees, incurred by the bank as  a result of the cancellation or amendment or attempted cancellation or  amendment.(g) A payment order is not revoked by the death or legal incapacity of  the sender unless the receiving bank knows of the death or of an  adjudication of incapacity by a court of competent jurisdiction and has  reasonable opportunity to act before acceptance of the order.(h) A funds transfer system rule is not effective to the extent it  conflicts with subsection (c)(2).  (Source: P.A. 97-813, eff. 7-13-12.)