reglab/housing_qa huggingface dataset:
810 ILCS 5/4A-210
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 4A - Funds Transfers

 (from Ch. 26, par. 4A-210)Sec. 4A-210.     Rejection of payment order.(a) A payment order is rejected by the receiving bank by a notice of  rejection transmitted to the sender orally, electronically, or in writing.  A notice of rejection need not use any particular words and is sufficient  if it indicates that the receiving bank is rejecting the order or will not  execute or pay the order. Rejection is effective when the notice is given  if transmission is by a means that is reasonable in the circumstances. If  notice of rejection is given by a means that is not reasonable, rejection  is effective when the notice is received. If an agreement of the sender and  receiving bank establishes the means to be used to reject a payment order,  (i) any means complying with the agreement is reasonable and (ii) any means  not complying is not reasonable unless no significant delay in receipt of  the notice resulted from the use of the noncomplying means.(b) This subsection applies if a receiving bank other than the  beneficiary's bank fails to execute a payment order despite the existence  on the execution date of a withdrawable credit balance in an authorized  account of the sender sufficient to cover the order. If the sender does not  receive notice of rejection of the order on the execution date and the  authorized account of the sender does not bear interest, the bank is  obliged to pay interest to the sender on the amount of the order for the  number of days elapsing after the execution date to the earlier of the day  the order is canceled pursuant to Section 4A-211(d) or the day the sender  receives notice or learns that the order was not executed, counting the  final day of the period as an elapsed day. If the withdrawable credit  balance during that period falls below the amount of the order, the amount  of interest is reduced accordingly.(c) If a receiving bank suspends payments, all unaccepted payment orders  issued to it are deemed rejected at the time the bank suspends payments.(d) Acceptance of a payment order precludes a later rejection of the  order. Rejection of a payment order precludes a later acceptance of the order.    (Source: P.A. 86-1291.)
810 ILCS 5/4A-212
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 4A - Funds Transfers

 (from Ch. 26, par. 4A-212)Sec. 4A-212.         Liability and duty of receiving bank regarding unaccepted  payment order.  If a receiving bank fails to accept a payment order that it  is obliged by express agreement to accept, the bank is liable for breach of  the agreement to the extent provided in the agreement or in this Article,  but does not otherwise have any duty to accept a payment order or, before  acceptance, to take any action, or refrain from taking action, with respect  to the order except as provided in this Article or by express agreement.  Liability based on acceptance arises only when acceptance occurs as stated  in Section 4A-209, and liability is limited to that provided in this  Article.  A receiving bank is not the agent of the sender or beneficiary of  the payment order it accepts, or of any other party to the funds transfer,  and the bank owes no duty to any party to the funds transfer except as  provided in this Article or by express agreement.    (Source: P.A. 86-1291.)
810 ILCS 5/Art. 4A Pt. 3 heading
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 4A - Funds Transfers

 PART 3.      EXECUTION OF SENDER'S PAYMENT ORDER BY RECEIVING BANK
810 ILCS 5/4A-301
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 4A - Funds Transfers

 (from Ch. 26, par. 4A-301)Sec. 4A-301.     Execution and execution date.(a) A payment order is "executed" by the receiving bank  when it issues a payment order intended to carry out the payment order  received by the bank.  A payment order received by the beneficiary's bank  can be accepted but cannot be executed.(b) "Execution date" of a payment order means the day on which the  receiving bank may properly issue a payment order in execution of the  sender's order.  The execution date may be determined by instruction of the  sender but cannot be earlier than the day the order is received and, unless  otherwise determined, is the day the order is received.  If the sender's  instruction states a payment date, the execution date is the payment date  or an earlier date on which the execution is reasonably necessary to  allow payment to the beneficiary on the payment date.    (Source: P.A. 86-1291.)
810 ILCS 5/4A-303
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 4A - Funds Transfers

 (from Ch. 26, par. 4A-303)Sec. 4A-303.     Erroneous execution of payment order.(a) A receiving bank that (i) executes the payment order  of the sender by issuing a payment order in an amount greater than the  amount of the sender's order, or (ii) issues a payment order in execution  of the sender's order and then issues a duplicate order, is entitled to  payment of the amount of the sender's order under Section 4A-402(c) if that  subsection is otherwise satisfied.  The bank is entitled to recover from the  beneficiary of the erroneous order the excess payment received to the  extent allowed by the law governing mistake and restitution.(b) A receiving bank that executes the payment order of the sender by  issuing a payment order in an amount less than the amount of the sender's  order is entitled to payment of the amount of the sender's order under  Section 4A-402(c) if (i) that subsection is otherwise satisfied and (ii)  the bank corrects its mistake by issuing an additional payment order for  the benefit of the beneficiary of the sender's order.  If the error is not  corrected, the issuer of the erroneous order is entitled to receive or  retain payment from the sender of the order it accepted only to the extent  of the amount of the erroneous order.  This subsection does not apply if  the receiving bank executes the sender's payment order by issuing a payment  order in an amount less than the amount of the sender's order  for the purpose of obtaining payment of its charges for services and  expenses pursuant to the instruction of the sender.(c) If a receiving bank executes the payment order of the sender by  issuing a payment order to a beneficiary different from the beneficiary of  the sender's order and the funds transfer is completed on the basis of that  error, the sender of the payment order that was erroneously executed and  all previous senders in the funds transfer are not obliged to pay the  payment orders they issued.  The issuer of the erroneous order is entitled  to recover from the beneficiary of the order the payment received to the  extent allowed by the law governing mistake and restitution.    (Source: P.A. 86-1291.)
810 ILCS 5/4A-304
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 4A - Funds Transfers

 (from Ch. 26, par. 4A-304)Sec. 4A-304.     Duty of sender to report erroneously executed payment order.     If the sender of a payment order that is erroneously executed as stated  in Section 4A-303 receives notification from the receiving bank that the  order was executed or that the sender's account was debited with  respect to the order, the sender has a duty to exercise ordinary care to  determine, on the basis of information available to the sender, that the  order was erroneously executed and to notify the bank of the relevant facts  within a reasonable time not exceeding 90 days after the notification from  the bank was received by the sender. If the sender fails to perform that  duty, the bank is not obliged to pay interest on any amount refundable to  the sender under Section 4A-402(d) for the period before the bank learns of  the execution error. The bank is not entitled to any recovery from the  sender on account of a failure by the sender to perform the duty stated  in this Section.    (Source: P.A. 86-1291.)
810 ILCS 5/4A-305
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 4A - Funds Transfers

 (from Ch. 26, par. 4A-305)Sec. 4A-305.         Liability for late or improper execution or failure to  execute payment order.(a) If a funds transfer is completed but execution of a payment order by  the receiving bank in breach of Section 4A-302 results in delay in payment  to the beneficiary, the bank is obliged to pay interest to either the  originator or the beneficiary of the funds transfer for the period of delay  caused by the improper execution. Except as provided in subsection (c),  additional damages are not recoverable.(b) If execution of a payment order by a receiving bank in breach of  Section 4A-302 results in (i) noncompletion of the funds transfer, (ii)  failure to use an intermediary bank designated by the originator, or (iii)  issuance of a payment order that does not comply with the terms of the  payment order of the originator, the bank is liable to the originator for  its expenses in the funds transfer and for incidental expenses and interest  losses, to the extent not covered by subsection (a), resulting from the  improper execution. Except as provided in subsection (c), additional  damages are not recoverable.(c) In addition to the amounts payable under subsections (a) and (b),  damages, including consequential damages, are recoverable to the extent  provided in an express written agreement of the receiving bank.(d) If a receiving bank fails to execute a payment order it was obliged  by express agreement to execute, the receiving bank is liable to the sender  for its expenses in the transaction and for incidental expenses and  interest losses resulting from the failure to execute. Additional damages,  including consequential damages, are recoverable to the extent provided in  an express written agreement of the receiving bank, but are not  otherwise recoverable.(e) Reasonable attorney's fees are recoverable if demand for  compensation under subsection (a) or (b) is made and refused before an  action is brought on the claim. If a claim is made for breach of an  agreement under subsection (d) and the agreement does not provide for  damages, reasonable attorney's fees are recoverable if demand for  compensation under subsection (d) is made and refused before an action is  brought on the claim.(f) Except as stated in this Section, the liability of a receiving bank  under subsections (a) and (b) may not be varied by agreement.    (Source: P.A. 86-1291.)
810 ILCS 5/Art. 4A Pt. 4 heading
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 4A - Funds Transfers

 PART 4.      PAYMENT
810 ILCS 5/4A-401
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 4A - Funds Transfers

 (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 cannot be earlier than the day the order is received by the  beneficiary's bank and, unless otherwise determined, is the day the order  is received by the beneficiary's bank.    (Source: P.A. 86-1291.)
810 ILCS 5/4A-402
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 4A - Funds Transfers

 (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 sender to pay the bank the  amount of the order, but payment is not due until the payment date of  the order.(c) This subsection is subject to subsection (e) and to Section 4A-303.  With respect to a payment order issued to a receiving bank other than the  beneficiary's bank, acceptance of the order by the receiving bank obliges  the sender to pay the bank the amount of the sender's order. Payment by the  sender is not due until the execution date of the sender's order. The  obligation of that sender to pay its payment order is excused if the funds  transfer is not completed by acceptance by the beneficiary's bank of a  payment order instructing payment to the beneficiary of that sender's  payment order.(d) If the sender of a payment order pays the order and was not obliged  to pay all or part of the amount paid, the bank receiving payment is  obliged to refund payment to the extent the sender was not obliged to pay.  Except as provided in Sections 4A-204 and 4A-304, interest is payable on  the refundable amount from the date of payment.(e) If a funds transfer is not completed as stated in subsection (c) and  an intermediary bank is obliged to refund payment as stated in subsection  (d) but is unable to do so because not permitted by applicable law or  because the bank suspends payments, a sender in the funds transfer that  executed a payment order in compliance with an instruction, as stated in  Section 4A-302(a)(1), to route the funds transfer through that intermediary  bank is entitled to receive or retain payment from the sender of the  payment order that it accepted. The first sender in the funds transfer that  issued an instruction requiring routing through that intermediary bank is  subrogated to the right of the bank that paid the intermediary bank to  refund as stated in subsection (d).(f) The right of the sender of a payment order to be excused from the  obligation to pay the order as stated in subsection (c) or to receive  refund under subsection (d) may not be varied by agreement.    (Source: P.A. 86-1291.)
810 ILCS 5/4A-403
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 4A - Funds Transfers

 (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 final settlement of the obligation through a Federal Reserve Bank or through a funds transfer system.(2) If the sender is a bank and the sender (i)     credited an account of the receiving bank with the sender, or (ii) caused an account of the receiving bank in another bank to be credited, payment occurs when the credit is withdrawn or, if not withdrawn, at midnight of the day on which the credit is withdrawable and the receiving bank learns of that fact.(3) If the receiving bank debits an account of the     sender with the receiving bank, payment occurs when the debit is made to the extent the debit is covered by a withdrawable credit balance in the account.(b) If the sender and receiving bank are members of a funds transfer  system that nets obligations multilaterally among participants, the  receiving bank receives final settlement when settlement is complete in  accordance with the rules of the system. The obligation of the sender to  pay the amount of a payment order transmitted through the funds transfer  system may be satisfied, to the extent permitted by the rules of the  system, by setting off and applying against the sender's obligation the  right of the sender to receive payment from the receiving bank of the  amount of any other payment order transmitted to the sender by the  receiving bank through the funds transfer system. The aggregate balance of  obligations owed by each sender to each receiving bank in the  funds transfer system may be satisfied, to the extent permitted by the  rules of the system, by setting off and applying against that balance the  aggregate balance of obligations owed to the sender by other members of the  system. The aggregate balance is determined after the right of setoff  stated in the second sentence of this subsection has been exercised.(c) If 2 banks transmit payment orders to each other under an agreement  that settlement of the obligations of each bank to the other under Section  4A-402 will be made at the end of the day or other period, the total amount  owed with respect to all orders transmitted by one bank shall be set off  against the total amount owed with respect to all orders transmitted by the  other bank. To the extent of the setoff, each bank has made payment to the  other.(d) In a case not covered by subsection (a), the time when payment of  the sender's obligation under Section 4A-402(b) or 4A-402(c) occurs is  governed by applicable principles of law that determine when an obligation  is satisfied.    (Source: P.A. 86-1291.)
810 ILCS 5/4A-404
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 4A - Funds Transfers

 (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 of the order to the beneficiary of the order.  Payment is due on the payment date of the order, but if acceptance occurs  on the payment date after the close of the funds transfer business day of  the bank, payment is due on the next funds transfer business day.  If the  bank refuses to pay after demand by the beneficiary and receipt of notice  of particular circumstances that will give rise to consequential damages as  a result of nonpayment, the beneficiary may recover damages resulting from  the refusal to pay to the extent the bank had notice of the damages, unless  the bank proves that it did not pay because of a reasonable doubt  concerning the right of the beneficiary to payment.(b) If a payment order accepted by the beneficiary's bank instructs  payment to an account of the beneficiary, the bank is obliged to notify the  beneficiary of receipt of the order before midnight of the next  funds transfer business day following the payment date.  If the payment  order does not instruct payment to an account of the beneficiary, the bank  is required to notify the beneficiary only if notice is required by the  order.  Notice may be given by first class mail or any other means  reasonable in the circumstances.  If the bank fails to give the required  notice, the bank is obliged to pay interest to the beneficiary on the  amount of the payment order from the day notice should have been given  until the day the beneficiary learned of receipt of the payment order by  the bank.  No other damages are recoverable.  Reasonable attorney's fees  are also recoverable if demand for interest is made and refused before an  action is brought on the claim.(c) The right of a beneficiary to receive payment and damages as stated  in subsection (a) may not be varied by agreement or a funds transfer system  rule.  The right of a beneficiary to be notified as stated in subsection  (b) may be varied by agreement of the beneficiary or by a funds transfer  system rule if the beneficiary is notified of the rule before initiation of  the funds transfer.    (Source: P.A. 86-1291.)
810 ILCS 5/4A-406
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 4A - Funds Transfers

 (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 order (i) at the time a payment order for the benefit  of the beneficiary is accepted by the beneficiary's bank in the funds  transfer and (ii) in an amount equal to the amount of the order accepted by  the beneficiary's bank, but not more than the amount of the originator's order.(b) If payment under subsection (a) is made to satisfy an obligation, the  obligation is discharged to the same extent discharge would result from  payment to the beneficiary of the same amount in money, unless (i) the  payment under subsection (a) was made by a means prohibited by the contract  of the beneficiary with respect to the obligation, (ii) the beneficiary,  within a reasonable time after receiving notice of receipt of the order by  the beneficiary's bank, notified the originator of the beneficiary's  refusal of the payment, (iii) funds with respect to the order were not  withdrawn by the beneficiary or applied to a debt of the beneficiary, and  (iv) the beneficiary would suffer a loss that could reasonably have been  avoided if payment had been made by a means complying with the contract.  If payment by the originator does not result in discharge under this  Section the originator is subrogated to the rights of the beneficiary to  receive payment from the beneficiary's bank under Section 4A-404(a).(c) For the purpose of determining whether discharge of an obligation  occurs under subsection (b), if the beneficiary's bank accepts a payment  order in an amount equal to the amount of the originator's payment order  less charges of one or more receiving banks in the funds transfer, payment  to the beneficiary is deemed to be in the amount of the originator's order  unless upon demand by the beneficiary the originator does not pay the  beneficiary the amount of the deducted charges.(d) Rights of the originator or of the beneficiary of the funds transfer  under this Section may be varied only by agreement of the originator and  the beneficiary.    (Source: P.A. 86-1291.)
810 ILCS 5/Art. 4A Pt. 5 heading
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 4A - Funds Transfers

 PART 5.      MISCELLANEOUS PROVISIONS
810 ILCS 5/4A-501
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 4A - Funds Transfers

 (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 party.(b) "Funds transfer system rule" means a rule of an association of banks  (i) governing transmission of payment orders by means of a funds transfer  system of the association or rights and obligations with respect to those  orders, or (ii) to the extent the rule governs rights and obligations  between banks that are parties to a funds transfer in which a Federal  Reserve Bank, acting as an intermediary bank, sends a payment order to the  beneficiary's bank.  Except as otherwise provided in this Article, a  funds transfer system rule governing rights and obligations between  participating banks using the system may be effective even if the rule  conflicts with this Article and indirectly affects another party to the  funds transfer who does not consent to the rule.  A funds transfer system  rule may also govern rights and obligations of parties other than  participating banks using the system to the extent stated in Sections  4A-404(c), 4A-405(d), and 4A-507(c).    (Source: P.A. 86-1291.)