Illinois General Assembly - Illinois Compiled Statutes

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810 ILCS 5/4-205

(810 ILCS 5/4-205) (from Ch. 26, par. 4-205)

Sec. 4-205.

Depositary bank holder of unindorsed item.

If a customer
delivers an item to a depositary bank for collection:

(1) the depositary bank becomes a holder of the item at the time it receives
the item for collection if the customer at the time of delivery was a holder of
the item, whether or not the customer indorses the item, and, if the bank
satisfies the other requirements of Section 3-302, it may be a holder in due
course; and

(2) the depositary bank warrants to collecting banks, the
payor bank or other payor, and the drawer that the amount of the item was
paid to the customer or deposited to the customer's account.

(Source: P.A. 87-582; 87-1135.)