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Illinois Statutes Chapter 810. Commercial Code § 5/12A-102. Definitions

Current as of January 01, 2025 | Updated by Findlaw Staff

§ 12A-102. Definitions.

(a) In this Article:

(1) “Adjustment date” means July 1, 2025, or the date that is one year after the effective date of this amendatory Act of the 103rd General Assembly, whichever is later.

(2) “Article 12” means Article 12 of the Uniform Commercial Code.

(3) “Article 12 property” means a controllable account, controllable electronic record, or controllable payment intangible.

(b) Definitions in other Articles. The following definitions in other Articles of the Uniform Commercial Code apply to this Article.

“Controllable account”. Section 9-102.

“Controllable electronic record”. Section 12-102.

“Controllable payment intangible”. Section 9-102.

“Electronic money”. Section 9-102.

“Financing statement”. Section 9-102.

(c) Article 1 definitions and principles. Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 810. Commercial Code § 5/12A-102. Definitions - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-810-commercial-code/il-st-sect-810-5-12a-102/

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