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Illinois Statutes Chapter 810. Commercial Code § 5/12A-302. Security interest perfected before effective date

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

§ 12A-302. Security interest perfected before effective date.

(a) Continuing perfection: perfection requirements satisfied. A security interest that is enforceable and perfected immediately before the effective date of this amendatory Act of the 103rd General Assembly is a perfected security interest under this amendatory Act of the 103rd General Assembly if, on the effective date of this amendatory Act of the 103rd General Assembly, the requirements for enforceability and perfection under this amendatory Act of the 103rd General Assembly are satisfied without further action.

(b) Continuing perfection: enforceability or perfection requirements not satisfied. If a security interest is enforceable and perfected immediately before the effective date of this amendatory Act of the 103rd General Assembly, but the requirements for enforceability or perfection under this amendatory Act of the 103rd General Assembly are not satisfied on the effective date of this amendatory Act of the 103rd General Assembly, the security interest:

(1) is a perfected security interest until the earlier of the time perfection would have ceased under the law in effect immediately before the effective date of this amendatory Act of the 103rd General Assembly or the adjustment date;

(2) remains enforceable thereafter only if the security interest satisfies the requirements for enforceability under Section 9-203, as amended by this amendatory Act of the 103rd General Assembly, before the adjustment date; and

(3) remains perfected thereafter only if the requirements for perfection under this amendatory Act of the 103rd General Assembly are satisfied before the time specified in paragraph (1).

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Cite this article: FindLaw.com - Illinois Statutes Chapter 810. Commercial Code § 5/12A-302. Security interest perfected before effective date - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-810-commercial-code/il-st-sect-810-5-12a-302/

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