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Illinois Compiled Statutes

810 ILCS 5/4A-105 (2026)

Other definitions

✓ current as of May 2026
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(810 ILCS 5/4A-105) (from Ch. 26, par. 4A-105)
    Sec. 4A-105. Other definitions.
    (a) In this Article:
        (1) "Authorized account" means a deposit account of a
    
customer in a bank designated by the customer as a source of payment of payment orders issued by the customer to the bank. If a customer does not so designate an account, any account of the customer is an authorized account if payment of a payment order from that account is not inconsistent with a restriction on the use of that account.
        (2) "Bank" means a person engaged in the business of
    
banking and includes a savings bank, savings and loan association, credit union, and trust company. A branch or separate office of a bank is a separate bank for purposes of this Article.
        (3) "Customer" means a person, including a bank,
    
having an account with a bank or from whom a bank has agreed to receive payment orders.
        (4) "Funds transfer business day" of a receiving bank
    
means the part of a day during which the receiving bank is open for the receipt, processing, and transmittal of payment orders and cancellations and amendments of payment orders.
        (5) "Funds transfer system" means a wire transfer
    
network, automated clearinghouse, or other communication system of a clearing house or other association of banks through which a payment order by a bank may be transmitted to the bank to which the order is addressed.
        (6) "Good faith" means honesty in fact and the
    
observance of reasonable commercial standards of fair dealing.
        (7) "Prove" with respect to a fact means to meet the
    
burden of establishing the fact (Section 1-201(b)(8)).
    (b) Other definitions applying to this Article and the Sections in which they appear are:
    "Acceptance"Section 4A-209
    "Beneficiary"Section 4A-103
    "Beneficiary's bank"Section 4A-103
    "Executed"Section 4A-301
    "Execution date"Section 4A-301
    "Funds transfer"Section 4A-104
    "Funds transfer system rule"Section 4A-501
    "Intermediary bank"Section 4A-104
    "Originator"Section 4A-104
    "Originator's bank"Section 4A-104
    "Payment by beneficiary's bank
        to beneficiary"Section 4A-405
    "Payment by originator to
        beneficiary"Section 4A-406
    "Payment by sender
        to receiving bank"Section 4A-403
    "Payment date"Section 4A-401
    "Payment order"Section 4A-103
    "Receiving bank"Section 4A-103
    "Security procedure"Section 4A-201
    "Sender"Section 4A-103
    (c) The following definitions in Article 4 apply to this Article:
    "Clearing house"Section 4-104
    "Item"Section 4-104
    "Suspends payments"Section 4-104
    (d) In addition, Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article.
(Source: P.A. 95-895, eff. 1-1-09.)

    
Notes of Decisions
Cited in 2 cases (1 in the last 5 years), 2020–2021 · leading case: Whitaker v. Wedbush Sec., Inc., 2020 IL 124792 (Ill. 2020).
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Whitaker v. Wedbush Sec., Inc., 2020 IL 124792 (Ill. 2020). · cites it 3× “The appellate court held the defendant does not fall within the scope of article 4A because it does not meet the statute’s definition of a “bank” (810 ILCS 5/4A-105(a)(2) (West 2014)). Accordingly, the appellate court affirmed the trial court’s judgment denying plaintiffs a…”
Whitaker v. Wedbush Sec., Inc., 2020 IL 124792 (Ill. 2021). · cites it 3× “Following the bench trial, the circuit court entered judgment for defendant on the UCC counts, stating the evidence did not establish that defendant operated as a “bank” under the definition of that term in article 4A (810 ILCS 5/4A-105(a)(2) (West 2014)). The circuit court…”
— 810 ILCS 5/4A-105(a)(2) — 2 cases
Whitaker v. Wedbush Sec., Inc., 2020 IL 124792 (Ill. 2020). “The appellate court held the defendant does not fall within the scope of article 4A because it does not meet the statute’s definition of a “bank” (810 ILCS 5/4A-105(a)(2) (West 2014)). Accordingly, the appellate court affirmed the trial court’s judgment denying plaintiffs a…”
Whitaker v. Wedbush Sec., Inc., 2020 IL 124792 (Ill. 2021). “Following the bench trial, the circuit court entered judgment for defendant on the UCC counts, stating the evidence did not establish that defendant operated as a “bank” under the definition of that term in article 4A (810 ILCS 5/4A-105(a)(2) (West 2014)). The circuit court…”
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