Illinois Compiled Statutes 810 Commercial Code: Article 9 - Secured Transactions

Part 1. General Provisions

Subpart 1. Short Title, Definitions, and General Concepts

• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-101
  Short title. This Article may be cited as Uniform Commercial Code - Secured Transactions. (Source: P.A. 91-893, eff. 7-1-01.)
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-102
  Definitions and index of definitions. (a) Article 9 definitions. In this Article: (1) "Accession" means goods that are physically united with other goods in such...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-103
  Purchase-money security interest; application of payments; burden of establishing. (a) Definitions. In this Section: (1) "purchase-money collateral" means goods or software that secures a...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-104
  Control of deposit account. (a) Requirements for control. A secured party has control of a deposit account if: (1) the secured party is the...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-105
  Control of electronic chattel paper. (a) General rule: Control of electronic chattel paper. A secured party has control of electronic chattel paper if a system...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-106
  Control of investment property. (a) Control under Section 8-106. A person has control of a certificated security, uncertificated security, or security entitlement as provided...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-107
  Control of letter-of-credit right. A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-107.1
  Control of Beneficial Interest in Illinois Land Trust. (a) Requirements for Control. A secured party has control of the beneficial interest in an Illinois...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-108
  Sufficiency of description. (a) Sufficiency of description. Except as otherwise provided in subsections (c), (d), and (e), a description of personal or real property...

Subpart 2. Applicability of Article

• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-109
  Scope. (a) General scope of Article. Except as otherwise provided in subsections (c) and (d), this Article applies to: (1) a transaction, regardless of...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-110
  Security interests arising under Article 2 or 2A. A security interest arising under Section 2-401, 2-505, 2-711(3), or 2A-508(5) is subject to this Article....
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-112
  (Blank). (Source: P.A. 91-893, eff. 7-1-01.)
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-113
  (Blank). (Source: P.A. 91-893, eff. 7-1-01.)
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-114
  (Blank). (Source: P.A. 91-893, eff. 7-1-01.)
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-115
  (Blank). (Source: P.A. 91-893, eff. 7-1-01.)
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-116
  (Blank). (Source: P.A. 91-893, eff. 7-1-01.)
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-150
  (Blank). (Source: P.A. 91-893, eff. 7-1-01.)

Part 2. Effectiveness of Security Agreement; Attachment of Security Interest; Rights of Parties to Security Agreement

Subpart 1. Effectiveness and Attachment

• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-201
  General effectiveness of security agreement. (a) General effectiveness. Except as otherwise provided in the Uniform Commercial Code, a security agreement is effective according to...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-202
  Title to collateral immaterial. Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-203
  Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites. (a) Attachment. A security interest attaches to collateral when it becomes enforceable against the...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-204
  After-acquired property; future advances. (a) After-acquired collateral. Except as otherwise provided in subsection (b), a security agreement may create or provide for a security...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-205
  Use or disposition of collateral permissible. (a) When security interest not invalid or fraudulent. A security interest is not invalid or fraudulent against creditors...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-205.1
  Listing by debtor of purchasers or receivers of collateral. A secured party may require that the debtor include as part of the security agreement...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-206
  Security interest arising in purchase or delivery of financial asset. (a) Security interest when person buys through securities intermediary. A security interest in favor...

Subpart 2. Rights and Duties

• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-207
  Rights and duties of secured party having possession or control of collateral. (a) Duty of care when secured party in possession. Except as otherwise provided...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-208
  Additional duties of secured party having control of collateral. (a) Applicability of Section. This Section applies to cases in which there is no outstanding secured...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-209
  Duties of secured party if account debtor has been notified of assignment. (a) Applicability of Section. Except as otherwise provided in subsection (c), this...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-210
  Request for accounting; request regarding list of collateral or statement of account. (a) Definitions. In this Section: (1) "Request" means a record of a...

Part 3. Perfection and Priority

Subpart 1. Law Governing Perfection and Priority

• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-301
  Law governing perfection and priority of security interests. Except as otherwise provided in Sections 9-303 through 9-306.1, the following rules determine the law governing perfection,...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-302
  Law governing perfection and priority of agricultural liens. While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection,...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-303
  Law governing perfection and priority of security interests in goods covered by a certificate of title. (a) Applicability of Section. This Section applies to...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-304
  Law governing perfection and priority of security interests in deposit accounts. (a) Law of bank's jurisdiction governs. The local law of a bank's jurisdiction...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-305
  Law governing perfection and priority of security interests in investment property. (a) Governing law: general rules. Except as otherwise provided in subsection (c), the...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-306
  Law governing perfection and priority of security interests in letter-of-credit rights. (a) Governing law: issuer's or nominated person's jurisdiction. Subject to subsection (c), the...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-306.01
  (Blank). (Source: P.A. 91-893, eff. 7-1-01.)
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-306.02
  (Blank). (Source: P.A. 91-893, eff. 7-1-01.)
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-306.1
  Law Governing Perfection and Priority of Collateral Assignments of Beneficial Interests in Illinois Land Trusts. The local law of the State of Illinois governs...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-307
  Location of debtor. (a) "Place of business." In this Section, "place of business" means a place where a debtor conducts its affairs. (b) Debtor's location:...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-307.1
  (Blank). (Source: P.A. 91-893, eff. 7-1-01.)
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-307.2
  (Blank). (Source: P.A. 91-893, eff. 7-1-01.)

Subpart 2. Perfection

• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-308
  When security interest or agricultural lien is perfected; continuity of perfection. (a) Perfection of security interest. Except as otherwise provided in this Section and...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-309
  Security interest perfected upon attachment. The following security interests are perfected when they attach: (1) a purchase-money security interest in consumer goods, except as...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-310
  When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply. (a) General rule:...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-311
  Perfection of security interests in property subject to certain statutes, regulations, and treaties. (a) Security interest subject to other law. Except as otherwise provided in...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-312
  Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights, and money; perfection by permissive filing;...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-313
  When possession by or delivery to secured party perfects security interest without filing. (a) Perfection by possession or delivery. Except as otherwise provided in subsection...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-314
  Perfection by control. (a) Perfection by control. A security interest in investment property, deposit accounts, electronic chattel paper, letter-of-credit rights, electronic documents, or beneficial interests...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-315
  Secured party's rights on disposition of collateral and in proceeds. (a) Disposition of collateral: continuation of security interest or agricultural lien; proceeds. Except as...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-315.01
  Debtor disposing of collateral and failing to pay secured party amount due under security agreement; penalties for violation. (1) It is unlawful for a...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-315.02
  Disposal of collateral by debtor to persons other than those previously disclosed to secured party - penalties for violation - defense. (1) Where, pursuant...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-316
  Effect of change in governing law. (a) General rule: effect on perfection of change in governing law. A security interest perfected pursuant to the law...

Subpart 3. Priority

• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-317
  Interests that take priority over or take free of security interest or agricultural lien. (a) Conflicting security interests and rights of lien creditors. A security...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-318
  No interest retained in right to payment that is sold; rights and title of seller of account or chattel paper with respect to creditors...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-319
  Rights and title of consignee with respect to creditors and purchasers. (a) Consignee has consignor's rights. Except as otherwise provided in subsection (b), for...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-320
  Buyer of goods and farm products. (a) Buyer in ordinary course of business. Except as otherwise provided in subsections (e) and (f), a buyer...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-320.1
  Liability of commission merchant or selling agent engaged in sale of livestock or other farm products to holder of security interest. (a) A commission...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-320.2
  Notice to seller of farm products. A commission merchant or selling agent who sells farm products for others, and any person buying farm products...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-321
  Licensee of general intangible and lessee of goods in ordinary course of business. (a) "Licensee in ordinary course of business." In this Section, "licensee...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-322
  Priorities among conflicting security interests in and agricultural liens on same collateral. (a) General priority rules. Except as otherwise provided in this Section, priority...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-323
  Future advances. (a) When priority based on time of advance. Except as otherwise provided in subsection (c), for purposes of determining the priority of...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-324
  Priority of purchase-money security interests. (a) General rule: purchase-money priority. Except as otherwise provided in subsection (g), a perfected purchase-money security interest in goods...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-325
  Priority of security interests in transferred collateral. (a) Subordination of security interest in transferred collateral. Except as otherwise provided in subsection (b), a security...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-326
  Priority of security interests created by new debtor. (a) Subordination of security interest created by new debtor. Subject to subsection (b), a security interest that...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-327
  Priority of security interests in deposit account. The following rules govern priority among conflicting security interests in the same deposit account: (1) A security...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-328
  Priority of security interests in investment property. The following rules govern priority among conflicting security interests in the same investment property: (1) A security...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-329
  Priority of security interests in letter-of-credit right. The following rules govern priority among conflicting security interests in the same letter-of-credit right: (1) A security...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-329.1
  Priority of Security Interests in Beneficial Interest in an Illinois Land Trust. The following rules govern priority among conflicting security interests in the same...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-330
  Priority of purchaser of chattel paper or instrument. (a) Purchaser's priority: security interest claimed merely as proceeds. A purchaser of chattel paper has priority...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-331
  Priority of rights of purchasers of instruments, documents, and securities under other Articles; priority of interests in financial assets and security entitlements under Article...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-332
  Transfer of money; transfer of funds from deposit account. (a) Transferee of money. A transferee of money takes the money free of a security...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-333
  Priority of certain liens arising by operation of law. (a) "Possessory lien." In this Section, "possessory lien" means an interest, other than a security...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-334
  Priority of security interests in fixtures and crops. (a) Security interest in fixtures under this Article. A security interest under this Article may be...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-335
  Accessions. (a) Creation of security interest in accession. A security interest may be created in an accession and continues in collateral that becomes an...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-336
  Commingled goods. (a) "Commingled goods." In this Section, "commingled goods" means goods that are physically united with other goods in such a manner that...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-337
  Priority of security interests in goods covered by certificate of title. If, while a security interest in goods is perfected by any method under...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-338
  Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information. If a security interest or agricultural lien is perfected...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-339
  Priority subject to subordination. This Article does not preclude subordination by agreement by a person entitled to priority. (Source: P.A. 91-893, eff. 7-1-01.)

Subpart 4. Rights of Bank

• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-340
  Effectiveness of right of recoupment or set-off against deposit account. (a) Exercise of recoupment or set-off. Except as otherwise provided in subsection (c), a...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-341
  Bank's rights and duties with respect to deposit account. Except as otherwise provided in Section 9-340(c), and unless the bank otherwise agrees in an...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-342
  Bank's right to refuse to enter into or disclose existence of control agreement. This Article does not require a bank to enter into an...

Part 4. Rights of Third Parties

• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-401
  Alienability of debtor's rights. (a) Other law governs alienability; exceptions. Except as otherwise provided in subsection (b) and Sections 9-406, 9-407, 9-408, and 9-409,...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-401A
  (Blank). (Source: P.A. 90-300, eff. 1-1-98; 91-893, eff. 7-1-01.)
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-402
  Secured party not obligated on contract of debtor or in tort. The existence of a security interest, agricultural lien, or authority given to a...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-403
  Agreement not to assert defenses against assignee. (a) "Value." In this Section, "value" has the meaning provided in Section 3-303(a). (b) Agreement not to...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-404
  Rights acquired by assignee; claims and defenses against assignee. (a) Assignee's rights subject to terms, claims, and defenses; exceptions. Unless an account debtor has...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-404.5
  Termination statement; duties of filing officer. (1) If a financing statement covering consumer goods is filed on or after July 1, 1973, then within...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-405
  Modification of assigned contract. (a) Effect of modification on assignee. A modification of or substitution for an assigned contract is effective against an assignee...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-406
  Discharge of account debtor; notification of assignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles, and promissory notes ineffective....
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-407
  Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest. (a) Term restricting assignment generally ineffective. Except as...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-408
  Restrictions on assignment of promissory notes, health-care-insurance receivables, and certain general intangibles ineffective. (a) Term restricting assignment generally ineffective. Except as otherwise provided in subsection...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-409
  Restrictions on assignment of letter-of-credit rights ineffective. (a) Term or law restricting assignment generally ineffective. A term in a letter of credit or a...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-410
  (Blank). (Source: P.A. 91-893, eff. 7-1-01.)

Part 5. Filing

Subpart 1. Filing Office; Contents and Effectiveness of Financing Statement

• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-501
  Filing office. (a) Filing offices. Except as otherwise provided in subsection (b), if the local law of this State governs perfection of a security...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-501.1
  Fraudulent records. (a) No person shall cause to be communicated to the filing office for filing a false record the person knows or reasonably should...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-502
  Contents of financing statement; record of mortgage as financing statement; time of filing financing statement. (a) Sufficiency of financing statement. Subject to subsection (b), a...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-503
  Name of debtor and secured party. (a) Sufficiency of debtor's name. A financing statement sufficiently provides the name of the debtor: (1) except as otherwise...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-504
  Indication of collateral. A financing statement sufficiently indicates the collateral that it covers if the financing statement provides: (1) a description of the collateral...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-505
  Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions. (a) Use of terms other than "debtor" and...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-506
  Effect of errors or omissions. (a) Minor errors and omissions. A financing statement substantially satisfying the requirements of this Part is effective, even if...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-507
  Effect of certain events on effectiveness of financing statement. (a) Disposition. A filed financing statement remains effective with respect to collateral that is sold, exchanged,...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-508
  Effectiveness of financing statement if new debtor becomes bound by security agreement. (a) Financing statement naming original debtor. Except as otherwise provided in this...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-509
  Persons entitled to file a record. (a) Person entitled to file record. A person may file an initial financing statement, amendment that adds collateral...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-510
  Effectiveness of filed record. (a) Filed record effective if authorized. A filed record is effective only to the extent that it was filed by a...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-511
  Secured party of record. (a) Secured party of record. A secured party of record with respect to a financing statement is a person whose...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-512
  Amendment of financing statement. (a) Amendment of information in financing statement. Subject to Section 9-509, a person may add or delete collateral covered by,...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-513
  Termination statement. (a) Consumer goods. A secured party shall cause the secured party of record for a financing statement to file a termination statement...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-514
  Assignment of powers of secured party of record. (a) Assignment reflected on initial financing statement. Except as otherwise provided in subsection (c), an initial...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-515
  Duration and effectiveness of financing statement; effect of lapsed financing statement. (a) Five-year effectiveness. Except as otherwise provided in subsections (b), (e), (f), and (g),...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-516
  What constitutes filing; effectiveness of filing. (a) What constitutes filing. Except as otherwise provided in subsection (b), communication of a record to a filing office...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-517
  Effect of indexing errors. The failure of the filing office to index a record correctly does not affect the effectiveness of the filed record....
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-518
  Claim concerning inaccurate or wrongfully filed record. (a) Statement with respect to record indexed under a person's name. A person may file in the filing...

Subpart 2. Duties and Operation of Filing Office

• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-519
  Numbering, maintaining, and indexing records; communicating information provided in records. (a) Filing office duties. For each record filed in a filing office, the filing...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-520
  Acceptance and refusal to accept record. (a) Mandatory refusal to accept record. A filing office shall refuse to accept a record for filing for...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-521
  Uniform form of written financing statement and amendment. (a) Initial financing statement form. A filing office that accepts written records may not refuse to accept...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-522
  Maintenance and destruction of records. (a) Post-lapse maintenance and retrieval of information. The filing office shall maintain a record of the information provided in...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-523
  Information from filing office; sale or license of records. (a) Acknowledgment of filing written record. If a person that files a written record requests...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-524
  Delay by filing office. Delay by the filing office beyond a time limit prescribed by this Part is excused if: (1) the delay is...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-525
  Fees. (a) Initial financing statement or other record: general rule. Except as otherwise provided in subsection (e), the fee for filing and indexing a record...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-526
  Filing-office rules. (a) Adoption of filing-office rules. The Secretary of State shall adopt and publish rules to implement this Article. The filing-office rules must...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-527
  Duty to report. The Secretary of State shall report annually to the Governor and Legislature on the operation of the filing office. The report...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-528
  Liability of filing officer. Neither the filing officer nor any of the filing officer's employees or agents shall be subject to personal liability by...

Part 6. Default

Subpart 1. Default and Enforcement of Security Interest

• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-601
  Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes. (a) Rights of secured party after default. After...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-602
  Waiver and variance of rights and duties. Except as otherwise provided in Section 9-624, to the extent that they give rights to a debtor...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-603
  Agreement on standards concerning rights and duties. (a) Agreed standards. The parties may determine by agreement the standards measuring the fulfillment of the rights...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-604
  Procedure if security agreement covers real property or fixtures. (a) Enforcement: personal and real property. If a security agreement covers both personal and real...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-605
  Unknown debtor or secondary obligor. A secured party does not owe a duty based on its status as secured party: (1) to a person...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-606
  Time of default for agricultural lien. For purposes of this Part, a default occurs in connection with an agricultural lien at the time the...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-607
  Collection and enforcement by secured party. (a) Collection and enforcement generally. If so agreed, and in any event after default, a secured party: (1) may...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-608
  Application of proceeds of collection or enforcement; liability for deficiency and right to surplus. (a) Application of proceeds, surplus, and deficiency if obligation secured....
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-609
  Secured party's right to take possession after default. (a) Possession; rendering equipment unusable; disposition on debtor's premises. After default, a secured party: (1) may...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-610
  Disposition of collateral after default. (a) Disposition after default. After default, a secured party may sell, lease, license, or otherwise dispose of any or all...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-611
  Notification before disposition of collateral. (a) "Notification date." In this Section, "notification date" means the earlier of the date on which: (1) a secured...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-612
  Timeliness of notification before disposition of collateral. (a) Reasonable time is question of fact. Except as otherwise provided in subsection (b), whether a notification...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-613
  Contents and form of notification before disposition of collateral: general. Except in a consumer-goods transaction, the following rules apply: (1) The contents of a...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-614
  Contents and form of notification before disposition of collateral: consumer-goods transaction. In a consumer-goods transaction, the following rules apply: (1) A notification of disposition...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-615
  Application of proceeds of disposition; liability for deficiency and right to surplus. (a) Application of proceeds. A secured party shall apply or pay over...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-616
  Explanation of calculation of surplus or deficiency. (a) Definitions. In this Section: (1) "Explanation" means a writing that: (A) states whether a surplus or...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-617
  Rights of transferee of collateral. (a) Effects of disposition. A secured party's disposition of collateral after default: (1) transfers to a transferee for value...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-618
  Rights and duties of certain secondary obligors. (a) Rights and duties of secondary obligor. A secondary obligor acquires the rights and becomes obligated to...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-619
  Transfer of record or legal title. (a) "Transfer statement." In this Section, "transfer statement" means a record authenticated by a secured party stating: (1)...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-620
  Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral. (a) Conditions to acceptance in satisfaction. Except as otherwise provided...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-621
  Notification of proposal to accept collateral. (a) Persons to which proposal to be sent. A secured party that desires to accept collateral in full...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-622
  Effect of acceptance of collateral. (a) Effect of acceptance. A secured party's acceptance of collateral in full or partial satisfaction of the obligation it...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-623
  Right to redeem collateral. (a) Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral....
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-624
  Waiver. (a) Waiver of disposition notification. A debtor or secondary obligor may waive the right to notification of disposition of collateral under Section 9-611...

Subpart 2. Noncompliance With Article

• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-625
  Remedies for secured party's failure to comply with Article. (a) Judicial orders concerning noncompliance. If it is established that a secured party is not proceeding...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-626
  Action in which deficiency or surplus is in issue; applicable rules if amount of deficiency or surplus is in issue. In an action in...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-627
  Determination of whether conduct was commercially reasonable. (a) Greater amount obtainable under other circumstances; no preclusion of commercial reasonableness. The fact that a greater...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-628
  Nonliability and limitation on liability of secured party; liability of secondary obligor. (a) Limitation of liability to debtor or obligor. Unless a secured party...

Part 7. Transition

• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-701
  Effective date. (See Section 99 of the Public Act adding this Section to this Act.) (Source: P.A. 91-893, eff. 7-1-01.)
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-702
  Savings clause. (a) Pre-effective-date transactions or liens. Except as otherwise provided in this Part, this Act applies to a transaction or lien within its...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-703
  Security interest perfected before effective date. (a) Continuing priority over lien creditor: perfection requirements satisfied. A security interest that is enforceable immediately before the...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-704
  Security interest unperfected before effective date. A security interest that is enforceable immediately before the effective date of this amendatory Act of the 91st...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-705
  Effectiveness of action taken before effective date. (a) Pre-effective-date action; one-year perfection period unless reperfected. If action, other than the filing of a financing...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-706
  When initial financing statement suffices to continue effectiveness of financing statement. (a) Initial financing statement in lieu of continuation statement. The filing of an...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-707
  Amendment of pre-effective-date financing statement. (a) "Pre-effective-date financing statement". In this Section, "pre-effective-date financing statement" means a financing statement filed before the effective date...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-708
  Persons entitled to file initial financing statement or continuation statement. A person may file an initial financing statement or a continuation statement under this...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-709
  Priority. (a) Law governing priority. This Act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-710
  Local-filing office responsibilities for filings under the Uniform Commercial Code prior to this amendatory Act of the 91st General Assembly. (a) In this Section:...

Part 8. Transition Provisions for 2010 Amendments (Source: P. A. 97-1034, Eff. 7-1-13.)

• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-801
  Effective date. (See Section 99 of the Public Act adding this Section to this Act.) (Source: P.A. 97-1034, eff. 7-1-13.)
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-802
  Savings clause. (a) Pre-effective-date transactions or liens. Except as otherwise provided in this Part, this Act applies to a transaction or lien within its scope,...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-803
  Security interest perfected before effective date. (a) Continuing perfection: perfection requirements satisfied. A security interest that is a perfected security interest immediately before the effective...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-804
  Security interest unperfected before the effective date of this amendatory Act of the 97th General Assembly. A security interest that is an unperfected security interest...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-805
  Effectiveness of action taken before the effective date of this amendatory Act of the 97th General Assembly. (a) Pre-effective-date filing effective. The filing of a...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-806
  When initial financing statement suffices to continue effectiveness of financing statement. (a) Initial financing statement in lieu of continuation statement. The filing of an initial...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-807
  Amendment of pre-effective-date financing statement. (a) "Pre-effective-date financing statement". In this Section, "pre-effective-date financing statement" means a financing statement filed before the effective date of...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-808
  Person entitled to file initial financing statement or continuation statement. A person may file an initial financing statement or a continuation statement under this part...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-809
  Priority. This Act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before the effective date...

Part 99. (Blank)

• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-9901
  (Blank). (Source: P.A. 91-893, eff. 7-1-01.)
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 9-9902
  (Blank). (Source: P.A. 91-893, eff. 7-1-01.)

Last modified: February 18, 2015