Illinois General Assembly - Illinois Compiled Statutes

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810 ILCS 5/4-109

(810 ILCS 5/4-109) (from Ch. 26, par. 4-109)

Sec. 4-109.

Delays.

(a) Unless otherwise instructed, a collecting bank in a good faith
effort to secure payment of a specific item drawn on a payor other than a
bank, and with or without the approval of any person involved, may waive,
modify, or extend time limits imposed or permitted by this Act for a period
not exceeding 2 additional banking days without discharge of drawers or
indorsers or liability to its transferor or a prior party.

(b) Delay by a collecting bank or payor bank beyond time limits
prescribed or permitted by this Act or by instructions is excused if (i)
the delay is caused by interruption of communication or computer
facilities, suspension of payments by another bank, war, emergency
conditions, failure of equipment, or other circumstances beyond the control
of the bank, and (ii) the bank exercises such diligence as the circumstances
require.

(Source: P.A. 87-582.)