(810 ILCS 5/9-704)
Sec. 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 General Assembly but which would be subordinate to the rights of a person that becomes a lien creditor at that time:
(1) remains an enforceable security interest for one
year after the effective date of this amendatory Act of the 91st General Assembly;
(2) remains enforceable thereafter if the security
interest becomes enforceable under Section 9-203 on the effective date of this amendatory Act of the 91st General Assembly or within one year thereafter; and
(3) becomes perfected:
(A) without further action, on the effective date
of this amendatory Act of the 91st General Assembly if the applicable requirements for perfection under this Act are satisfied before or at that time; or
(B) when the applicable requirements for
perfection are satisfied if the requirements are satisfied after that time.
(Source: P.A. 91-893, eff. 7-1-01.)
Sections: Previous 9-625 9-626 9-627 9-628 9-701 9-702 9-703 9-704 9-705 9-706 9-707 9-708 9-709 9-710 9-801 Next
Last modified: February 18, 2015