Illinois General Assembly - Illinois Compiled Statutes

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810 ILCS 5/4A-505

(810 ILCS 5/4A-505) (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.)