reglab/housing_qa huggingface dataset:
810 ILCS 5/4A-502
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 4A - Funds Transfers

 (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  on behalf of a creditor or other claimant with respect to an account.(b) This subsection applies to creditor process with respect to an  authorized account of the sender of a payment order if the creditor process  is served on the receiving bank. For the purpose of determining rights with  respect to the creditor process, if the receiving bank accepts the payment  order the balance in the authorized account is deemed to be reduced by the  amount of the payment order to the extent the bank did not otherwise  receive payment of the order, unless the creditor process is served at a  time and in a manner affording the bank a reasonable opportunity to act on  it before the bank accepts the payment order.(c) If a beneficiary's bank has received a payment order for payment to  the beneficiary's account in the bank, the following rules apply:(1) The bank may credit the beneficiary's account.     The amount credited may be set off against an obligation owed by the beneficiary to the bank or may be applied to satisfy creditor process served on the bank with respect to the account.(2) The bank may credit the beneficiary's account and     allow withdrawal of the amount credited unless creditor process with respect to the account is served at a time and in a manner affording the bank a reasonable opportunity to act to prevent withdrawal.(3) If creditor process with respect to the     beneficiary's account has been served and the bank has had a reasonable opportunity to act on it, the bank may not reject the payment order except for a reason unrelated to the service of process.(d) Creditor process with respect to a payment by the originator to the  beneficiary pursuant to a funds transfer may be served only on the  beneficiary's bank with respect to the debt owed by that bank to the  beneficiary. Any other bank served with the creditor process is not obliged  to act with respect to the process.    (Source: P.A. 86-1291.)
810 ILCS 5/4A-503
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 4A - Funds Transfers

 (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 originator's bank from executing the payment order of the  originator, or (iii) the beneficiary's bank from releasing funds to the  beneficiary or the beneficiary from withdrawing the funds. A court may not  otherwise restrain a person from issuing a payment order, paying or  receiving payment of a payment order, or otherwise acting with respect to a  funds transfer.    (Source: P.A. 86-1291.)
810 ILCS 5/4A-504
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 4A - Funds Transfers

 (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 items that are payable from  the sender's account, the bank may charge the sender's account with respect  to the various orders and items in any sequence.(b) In determining whether a credit to an account has been withdrawn by  the holder of the account or applied to a debt of the holder of the  account, credits first made to the account are first withdrawn or applied.    (Source: P.A. 86-1291.)
810 ILCS 5/4A-505
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 4A - Funds Transfers

 (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, and the  customer received notification reasonably identifying the order,  the customer is precluded from asserting that the bank is not  entitled to retain the payment unless the customer notifies the  bank of the customer's objection to the payment within one year  after the notification was received by the customer.    (Source: P.A. 86-1291.)
810 ILCS 5/4A-506
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 4A - Funds Transfers

 (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 receiving bank, or (ii) by a funds transfer system rule if the  payment order is transmitted through a funds transfer system.(b) If the amount of interest is not determined by an agreement or rule  as stated in subsection (a), the amount is calculated by multiplying the  applicable Federal Funds rate by the amount on which interest is payable,  and then multiplying the product by the number of days for which interest  is payable. The applicable Federal Funds rate is the average of the Federal  Funds rates published by the Federal Reserve Bank of New York for each of  the days for which interest is payable divided by 360. The Federal Funds  rate for any day on which a published rate is not available is the same as  the published rate for the next preceding  day for which there is a  published rate. If a receiving bank that accepted a payment order is  required to refund payment to the sender of the order because the funds  transfer was not completed, but the failure to complete was not due to any  fault by the bank, the interest payable is reduced by a percentage equal to  the reserve requirement on deposits of the receiving bank.    (Source: P.A. 86-1291.)
810 ILCS 5/4A-507
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 4A - Funds Transfers

(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 by the law of the jurisdiction in which the receiving bank is located.(2) The rights and obligations between the     beneficiary's bank and the beneficiary are governed by the law of the jurisdiction in which the beneficiary's bank is located.(3) The issue of when payment is made pursuant to a     funds transfer by the originator to the beneficiary is governed by the law of the jurisdiction in which the beneficiary's bank is located.(b) If the parties described in each paragraph of subsection (a) have  made an agreement selecting the law of a particular jurisdiction to govern  rights and obligations between each other, the law of that jurisdiction  governs those rights and obligations, whether or not the payment order or  the funds transfer bears a reasonable relation to that jurisdiction.(c) A funds transfer system rule may select the law of a particular  jurisdiction to govern (i) rights and obligations between participating  banks with respect to payment orders transmitted or processed through the  system, or (ii) the rights and obligations of some or all parties to a  funds transfer any part of which is carried out by means of the system. A  choice of law made pursuant to clause (i) is binding on participating  banks. A choice of law made pursuant to clause (ii) is binding on the  originator, other sender, or a receiving bank having notice that the  funds transfer system might be used in the funds transfer and of the choice  of law by the system when the originator, other sender, or receiving bank  issued or accepted a payment order. The beneficiary of a funds transfer is  bound by the choice of law if, when the funds transfer is initiated, the  beneficiary has notice that the funds transfer system might be used in the  funds transfer and of the choice of law by the system.  The law of a  jurisdiction selected pursuant to this subsection may govern, whether or  not that law bears a reasonable relation to the matter in issue.(d) In the event of inconsistency between an agreement under subsection  (b) and a choice of law rule under subsection (c), the agreement under  subsection (b) prevails.(e) If a funds transfer is made by use of more than one funds transfer  system and there is inconsistency between choice of law rules of the  systems, the matter in issue is governed by the law of the selected  jurisdiction that has the most significant relationship to the matter in issue.  (Source: P.A. 97-813, eff. 7-13-12.)
810 ILCS 5/Art. 5 heading
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 5 - Letters Of Credit

 ARTICLE 5  LETTERS OF CREDIT
810 ILCS 5/5-101
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 5 - Letters Of Credit

 (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 5/5-103
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 5 - Letters Of Credit

 (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,  imply, or negate application of the same or a different rule to a situation not  provided for, or to a person not specified, in this Article.(c) With the exception of this subsection, subsections (a) and (d),  Sections 5-102(a)(9) and (10), 5-106(d), and 5-114(d), and except to the  extent prohibited in Sections 1-302   and 5-117(d), the effect of this Article  may be varied by agreement or by a provision stated or incorporated by  reference in an undertaking.  A term in an agreement or undertaking  generally excusing liability or generally limiting remedies for failure to  perform obligations is not sufficient to vary obligations prescribed by this  Article.(d) Rights and obligations of an issuer to a beneficiary or a  nominated person under a letter of credit are independent of the existence,  performance, or nonperformance of a contract or arrangement out of which  the letter of credit arises or which underlies it, including contracts or  arrangements between the issuer and the applicant and between the  applicant and the beneficiary.  (Source: P.A. 95-895, eff. 1-1-09.)
810 ILCS 5/5-104
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 5 - Letters Of Credit

 (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 record and is authenticated (i) by a signature or (ii) in  accordance with the agreement of the parties or the standard practice  referred to in Section 5-108(e).    (Source: P.A. 89-534, eff. 1-1-97.)
810 ILCS 5/5-105
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 5 - Letters Of Credit

 (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
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 5 - Letters Of Credit

 (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 advise or to the beneficiary.  A letter of credit is  revocable only if it so provides.(b) After a letter of credit is issued, rights and obligations of a  beneficiary, applicant, confirmer, and issuer are not affected by an  amendment or cancellation to which that person has not consented except to  the extent the letter of credit provides that it is revocable or that the  issuer may amend or cancel the letter of credit without that consent.(c) If there is no stated expiration date or other provision that  determines its duration, a letter of credit expires one year after its stated  date of issuance or, if none is stated, after the date on which it is issued.(d) A letter of credit that states that it is perpetual expires 5  years after its stated date of issuance, or if none is stated, after the date  on which it is issued.    (Source: P.A. 89-534, eff. 1-1-97.)
810 ILCS 5/5-107
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 5 - Letters Of Credit

 (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 and obligations to the issuer as if the  issuer were an applicant and the confirmer had issued the letter of credit at  the request and for the account of the issuer.(b) A nominated person who is not a confirmer is not obligated to  honor or otherwise give value for a presentation.(c) A person requested to advise may decline to act as an adviser.  An adviser that is not a confirmer is not obligated to honor or give value for  a presentation.  An adviser undertakes to the issuer and to the beneficiary  accurately to advise the terms of the letter of credit, confirmation,  amendment, or advice received by that person and undertakes to the  beneficiary to check the apparent authenticity of the request to advise.  Even  if the advice is inaccurate, the letter of credit, confirmation, or amendment  is enforceable as issued.(d) A person who notifies a transferee beneficiary of the terms of a  letter of credit, confirmation, amendment, or advice has the rights and  obligations of an adviser under subsection (c).  The terms in the notice to  the transferee beneficiary may differ from the terms in any notice to the  transferor beneficiary to the extent permitted by the letter of credit,  confirmation, amendment, or advice received by the person who so notifies.    (Source: P.A. 89-534, eff. 1-1-97.)
810 ILCS 5/5-109
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 5 - Letters Of Credit

 (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 presentation  would facilitate a material fraud by the beneficiary on the issuer or  applicant:(1) the issuer shall honor the presentation, if honor     is demanded by (i) a nominated person who has given value in good faith and without notice of forgery or material fraud, (ii) a confirmer who has honored its confirmation in good faith, (iii) a holder in due course of a draft drawn under the letter of credit which was taken after acceptance by the issuer or nominated person, or (iv) an assignee of the issuer's or nominated person's deferred obligation that was taken for value and without notice of forgery or material fraud after the obligation was incurred by the issuer or nominated person; and(2) the issuer, acting in good faith, may honor or     dishonor the presentation in any other case.(b) If an applicant claims that a required document is forged or  materially fraudulent or that honor of the presentation would facilitate a  material fraud by the beneficiary on the issuer or applicant, a court of  competent jurisdiction may temporarily or permanently enjoin the issuer  from honoring a presentation or grant similar relief against the issuer or  other persons only if the court finds that:(1) the relief is not prohibited under the law     applicable to an accepted draft or deferred obligation incurred by the issuer;(2) a beneficiary, issuer, or nominated person who     may be adversely affected is adequately protected against loss that it may suffer because the relief is granted;(3) all of the conditions to entitle a person to the     relief under the law of this State have been met; and(4) on the basis of the information submitted to the     court, the applicant is more likely than not to succeed under its claim of forgery or material fraud and the person demanding honor does not qualify for protection under subsection (a)(1).   (Source: P.A. 89-534, eff. 1-1-97.)
810 ILCS 5/5-110
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 5 - Letters Of Credit

 (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 Section 5-109(a); and(2) to the applicant that the drawing does not     violate any agreement between the applicant and beneficiary or any other agreement intended by them to be augmented by the letter of credit.(b) The warranties in subsection (a) are in addition to warranties  arising under Articles 3, 4, 7, and 8 because of the presentation or transfer  of  documents covered by any of those Articles.    (Source: P.A. 89-534, eff. 1-1-97.)
810 ILCS 5/5-111
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 5 - Letters Of Credit

 (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 recover  from the issuer the amount that is the subject of the dishonor or repudiation.  If the issuer's obligation under the letter of credit is not for the payment of  money, the claimant may obtain specific performance or, at the claimant's  election, recover an amount equal to the value of performance from the  issuer.  In either case, the claimant may also recover incidental but not  consequential damages.  The claimant is not obligated to take action to  avoid damages that might be due from the issuer under this subsection.  If,  although not obligated to do so, the claimant avoids damages, the claimant's  recovery from the issuer must be reduced by the amount of damages  avoided.  The issuer has the burden of proving the amount of damages  avoided.  In the case of repudiation the claimant need not present any  document.(b) If an issuer wrongfully dishonors a draft or demand presented  under a letter of credit or honors a draft or demand in breach of its  obligation to the applicant, the applicant may recover damages resulting  from the breach, including incidental but not consequential damages, less any  amount saved as a result of the breach.(c) If an adviser or nominated person other than a confirmer  breaches an obligation under this Article or an issuer breaches an obligation  not covered in subsection (a) or (b), a person to whom the obligation is  owed may recover damages resulting from the breach, including incidental  but not consequential damages, less any amount saved as a result of the  breach.  To the extent of the confirmation, a confirmer has the liability of an  issuer specified in this subsection and subsections (a) and (b).(d) An issuer, nominated person, or adviser who is found liable  under subsection (a), (b), or (c) shall pay interest on the amount owed  thereunder from the date of wrongful dishonor or other appropriate date.(e) Reasonable attorney's fees and other expenses of litigation must  be awarded to the prevailing party in an action in which a remedy is sought  under this Article.(f) Damages that would otherwise be payable by a party for breach  of an obligation under this Article may be liquidated by agreement or  undertaking, but only in an amount or by a formula that is reasonable in  light of the harm anticipated.    (Source: P.A. 89-534, eff. 1-1-97.)
810 ILCS 5/5-112
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 5 - Letters Of Credit

 (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 of credit may not be  transferred.(b) Even if a letter of credit provides that it is transferable, the  issuer may refuse to recognize or carry out a transfer if:(1) the transfer would violate applicable law; or(2) the transferor or transferee has failed to comply     with any requirement stated in the letter of credit or any other requirement relating to transfer imposed by the issuer which is within the standard practice referred to in Section 5-108(e) or is otherwise reasonable under the circumstances.   (Source: P.A. 89-534, eff. 1-1-97.)
810 ILCS 5/5-113
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 5 - Letters Of Credit

 (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 as a successor.(b) A successor of a beneficiary may consent to amendments, sign  and present documents, and receive payment or other items of value in its  own name as the disclosed successor of the beneficiary.  Except as otherwise  provided in subsection (e), an issuer shall recognize a disclosed successor of  a beneficiary as beneficiary in full substitution for its predecessor upon  compliance with the requirements for recognition by the issuer of a transfer  of drawing rights by operation of law under the standard practice referred to  in Section 5-108(e) or, in the absence of such a practice, compliance with  other reasonable procedures sufficient to protect the issuer.(c) An issuer is not obliged to determine whether a purported  successor is a successor of a beneficiary or whether the signature of a  purported successor is genuine or authorized.(d) Honor of a purported successor's apparently complying  presentation under subsection (a) or (b) has the consequences specified in  Section 5-108(i) even if the purported successor is not the successor of a  beneficiary.  Documents signed in the name of the beneficiary or of a  disclosed successor by a person who is neither the beneficiary nor the  successor of the beneficiary are forged documents for the purposes of  Section 5-109.(e) An issuer whose rights of reimbursement are not covered by  subsection (d) or substantially similar law and any confirmer or nominated  person may decline to recognize a presentation under subsection (b).(f) A beneficiary whose name is changed after the issuance of a  letter of credit has the same rights and obligations as a successor of a  beneficiary under this Section.    (Source: P.A. 89-534, eff. 1-1-97.)