SB2976 allows the Illinois State Treasurer to recover State funds by claiming breach of presentment warranties against draft warrantors.
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 guidelines set forth in Sections 3-417 and 4-208 of the Uniform Commercial Code. Notably, the claim is exempt from certain limitations provided in those sections. The changes made by this bill are considered declaratory of existing law and take effect immediately upon becoming law.
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