Illinois Compiled Statutes 810 Commercial Code: Article 8 - Investment Securities

Part 1. Short Title and General Matters

• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-101
  Short title. This Article may be cited as Uniform Commercial Code--Investment Securities. (Source: P.A. 89-364, eff. 1-1-96.)
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-102
  Definitions. (a) In this Article: (1) "Adverse claim" means a claim that a claimant has a property interest in a financial asset and that...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-103
  Rules for determining whether certain obligations and interests are securities or financial assets. (a) A share or similar equity interest issued by a corporation, business...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-104
  Acquisition of security or financial asset or interest therein. (a) A person acquires a security or an interest therein, under this Article, if: (1)...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-105
  Notice of adverse claim. (a) A person has notice of an adverse claim if: (1) the person knows of the adverse claim; (2) the...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-106
  Control. (a) A purchaser has "control" of a certificated security in bearer form if the certificated security is delivered to the purchaser. (b) A purchaser...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-107
  Whether indorsement, instruction, or entitlement order is effective. (a) "Appropriate person" means: (1) with respect to an indorsement, the person specified by a security...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-108
  Warranties in direct holding. (a) A person who transfers a certificated security to a purchaser for value warrants to the purchaser, and an indorser,...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-109
  Warranties in indirect holding. (a) A person who originates an entitlement order to a securities intermediary warrants to the securities intermediary that: (1) the...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-110
  Applicability; choice of law. (a) The local law of the issuer's jurisdiction, as specified in subsection (d), governs: (1) the validity of a security;...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-111
  Clearing corporation rules. A rule adopted by a clearing corporation governing rights and obligations among the clearing corporation and its participants in the clearing...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-112
  Creditor's legal process. (a) The interest of a debtor in a certificated security may be reached by a creditor only by actual seizure of...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-113
  Statute of frauds inapplicable. A contract or modification of a contract for the sale or purchase of a security is enforceable whether or not...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-114
  Evidentiary rules concerning certificated securities. The following rules apply in an action on a certificated security against the issuer: (1) Unless specifically denied in...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-115
  Securities intermediary and others not liable to adverse claimant. A securities intermediary that has transferred a financial asset pursuant to an effective entitlement order,...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-116
  Securities intermediary as purchaser for value. A securities intermediary that receives a financial asset and establishes a security entitlement to the financial asset in...

Part 2. Issue and Issuer

• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-201
  Issuer. (a) With respect to an obligation on or a defense to a security, an "issuer" includes a person that: (1) places or authorizes...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-202
  Issuer's responsibility and defenses; notice of defect or defense. (a) Even against a purchaser for value and without notice, the terms of a certificated...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-203
  Staleness as notice of defect or defense. After an act or event, other than a call that has been revoked, creating a right to...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-204
  Effect of issuer's restriction on transfer. A restriction on transfer of a security imposed by the issuer, even if otherwise lawful, is ineffective against...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-205
  Effect of unauthorized signature on security certificate. An unauthorized signature placed on a security certificate before or in the course of issue is ineffective,...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-206
  Completion or alteration of security certificate. (a) If a security certificate contains the signatures necessary to its issue or transfer but is incomplete in...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-207
  Rights and duties of issuer with respect to registered owners. (a) Before due presentment for registration of transfer of a certificated security in registered...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-208
  Effect of signature of authenticating trustee, registrar, or transfer agent. (a) A person signing a security certificate as authenticating trustee, registrar, transfer agent, or...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-209
  Issuer's lien. A lien in favor of an issuer upon a certificated security is valid against a purchaser only if the right of the...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-210
  Overissue. (a) In this Section, "overissue" means the issue of securities in excess of the amount the issuer has corporate power to issue, but...

Part 3. Transfer of Certificated and Uncertificated Securities

• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-301
  Delivery. (a) Delivery of a certificated security to a purchaser occurs when: (1) the purchaser acquires possession of the security certificate; (2) another person,...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-302
  Rights of purchaser. (a) Except as otherwise provided in subsections (b) and (c), of a certificated or uncertificated security acquires all rights in the...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-303
  Protected purchaser. (a) "Protected purchaser" means a purchaser of a certificated or uncertificated security, or of an interest therein, who: (1) gives value; (2)...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-304
  Indorsement. (a) An indorsement may be in blank or special. An indorsement in blank includes an indorsement to bearer. A special indorsement specifies to...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-305
  Instruction. (a) If an instruction has been originated by an appropriate person but is incomplete in any other respect, any person may complete it...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-306
  Effect of guaranteeing signature, indorsement, or instruction. (a) A person who guarantees a signature of an indorser of a security certificate warrants that at...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-307
  Purchaser's right to requisites for registration of transfer. Unless otherwise agreed, the transferor of a security on due demand shall supply the purchaser with...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-308
  (Repealed). (Source: P.A. 85-997. Repealed by P.A. 89-364, eff. 1-1-96.)
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-309
  (Repealed). (Source: P.A. 85-997. Repealed by P.A. 89-364, eff. 1-1-96.)
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-310
  (Repealed). (Source: P.A. 85-997. Repealed by P.A. 89-364, eff. 1-1-96.)
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-311
  (Repealed). (Source: P.A. 85-997. Repealed by P.A. 89-364, eff. 1-1-96.)
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-312
  (Repealed). (Source: P.A. 85-997. Repealed by P.A. 89-364, eff. 1-1-96.)
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-313
  (Repealed). (Source: P.A. 85-997. Repealed by P.A. 89-364, eff. 1-1-96.)
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-314
  (Repealed). (Source: P.A. 85-997. Repealed by P.A. 89-364, eff. 1-1-96.)
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-315
  (Repealed). (Source: P.A. 85-997. Repealed by P.A. 89-364, eff. 1-1-96.)
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-316
  (Repealed). (Source: P.A. 85-997. Repealed by P.A. 89-364, eff. 1-1-96.)
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-317
  (Repealed). (Source: P.A. 85-997. Repealed by P.A. 89-364, eff. 1-1-96.)
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-318
  (Repealed). (Source: P.A. 85-997. Repealed by P.A. 89-364, eff. 1-1-96.)
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-319
  (Repealed). (Source: P.A. 85-997. Repealed by P.A. 89-364, eff. 1-1-96.)
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-320
  (Repealed). (Source: P.A. 85-997. Repealed by P.A. 89-364, eff. 1-1-96.)
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-321
  (Repealed). (Source: P.A. 85-997. Repealed by P.A. 89-364, eff. 1-1-96.)

Part 4. Registration

• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-401
  Duty of issuer to register transfer. (a) If a certificated security in registered form is presented to an issuer with a request to register...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-402
  Assurance that indorsement or instruction is effective. (a) An issuer may require the following assurance that each necessary indorsement or each instruction is genuine...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-403
  Demand that issuer not register transfer. (a) A person who is an appropriate person to make an indorsement or originate an instruction may demand...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-404
  Wrongful registration. (a) Except as otherwise provided in Section 8-406, an issuer is liable for wrongful registration of transfer if the issuer has registered...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-405
  Replacement of lost, destroyed, or wrongfully taken security certificate. (a) If an owner of a certificated security, whether in registered or bearer form, claims...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-406
  Obligation to notify issuer of lost, destroyed, or wrongfully taken security certificate. If a security certificate has been lost, apparently destroyed, or wrongfully taken,...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-407
  Authenticating trustee, transfer agent, and registrar. A person acting as authenticating trustee, transfer agent, registrar, or other agent for an issuer in the registration...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-408
  (Repealed). (Source: P.A. 85-997. Repealed by P.A. 89-364, eff. 1-1-96.)
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-409
  (Repealed). (Source: P.A. 85-1209. Repealed by P.A. 89-364, eff. 1-1-96.)

Part 5. Security Entitlements

• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-501
  Securities account; acquisition of security entitlement from securities intermediary. (a) "Securities account" means an account to which a financial asset is or may be...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-502
  Assertion of adverse claim against entitlement holder. An action based on an adverse claim to a financial asset, whether framed in conversion, replevin, constructive...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-503
  Property interest of entitlement holder in financial asset held by securities intermediary. (a) To the extent necessary for a securities intermediary to satisfy all...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-504
  Duty of securities intermediary to maintain financial asset. (a) A securities intermediary shall promptly obtain and thereafter maintain a financial asset in a quantity...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-505
  Duty of securities intermediary with respect to payments and distributions. (a) A securities intermediary shall take action to obtain a payment or distribution made...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-506
  Duty of securities intermediary to exercise rights as directed by entitlement holder. A securities intermediary shall exercise rights with respect to a financial asset...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-507
  Duty of securities intermediary to comply with entitlement order. (a) A securities intermediary shall comply with an entitlement order if the entitlement order is...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-508
  Duty of securities intermediary to change entitlement holder's position to other form of security holding. A securities intermediary shall act at the direction of...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-509
  Specification of duties of securities intermediary by other statute or regulation; manner of performance of duties of securities intermediary and exercise of rights of...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-510
  Rights of purchaser of security entitlement from entitlement holder. (a) In a case not covered by the priority rules in Article 9 or the...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-511
  Priority among security interests and entitlement holders. (a) Except as otherwise provided in subsections (b) and (c), if a securities intermediary does not have...

Part 6. Transition Provisions for Revised Article 8 and Conforming Amendments to Articles 1, 5, 9, and 10

• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-601
  Effective date. (Blank). (Source: P.A. 89-364, eff. 1-1-96.)
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-602
  Repeals. (See Section 60 of Public Act 89-364 for repeal of certain Sections of Article 8 of the Uniform Commercial Code.) (Source: P.A. 89-364,...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 8-603
  Savings clause. (a) This amendatory Act of 1995 does not affect an action or proceeding commenced before this amendatory Act of 1995 takes effect....

Last modified: February 18, 2015