Illinois SB2976 allows the State Treasurer to recover funds for breaches of presentment warranties on drafts.
Illinois SB2976 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 follows the Uniform Commercial Code, specifically Sections 3-417 and 4-208, but excludes certain limitations in those sections. The changes are effective immediately upon becoming law.
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