Illinois HB4560 allows the State Treasurer to recover funds from warrantors of drafts for breach of presentment warranties.
Illinois HB4560 amends the State Treasurer Act to allow the State Treasurer to bring a claim against a warrantor of a draft for breach of a presentment warranty to recover State funds. This claim is governed by Sections 3-417 and 4-208 of the Uniform Commercial Code. Notably, claims brought by the State Treasurer under these sections are exempt from certain limitations provided in the Uniform Commercial Code. The changes made by this act are considered declaratory of existing law and take effect immediately upon becoming law.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.