Chapter 810, COMMERCIAL CODE

(810 ILCS 5/8-209) Sec. 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 issuer to the lien is noted conspicuously on the security certificate. (Source: P.A. 89-364, eff. 1-1-96.)

(810 ILCS 5/8-210) Sec. 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 an overissue does not occur if appropriate action has cured the overissue. (b) Except as otherwise provide…

(810 ILCS 5/8-301) (from Ch. 26, par. 8-301) Sec. 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, other than a securities intermediary, either acquires poss…

(810 ILCS 5/8-302) (from Ch. 26, par. 8-302) Sec. 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 security that the transferor had or had power to transfer. (b) A purc…

(810 ILCS 5/8-303) (from Ch. 26, par. 8-303) Sec. 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) does not have notice of any adverse claim to the security; …

(810 ILCS 5/8-304) (from Ch. 26, par. 8-304) Sec. 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 whom a security is to be transferred or who has power to transfer it.…

(810 ILCS 5/8-305) (from Ch. 26, par. 8-305) Sec. 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 as authorized and the issuer may rely on it as completed, even though it has…

(810 ILCS 5/8-306) (from Ch. 26, par. 8-306) Sec. 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 the time of signing: (1) the signature was genuine; (2) the si…

(810 ILCS 5/8-307) (from Ch. 26, par. 8-307) Sec. 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 proof of authority to transfer or with any other requisite ne…

(810 ILCS 5/8-401) (from Ch. 26, par. 8-401) Sec. 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 transfer or an instruction is presented to an issuer with a request to register tra…

(810 ILCS 5/8-402) (from Ch. 26, par. 8-402) Sec. 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 and authorized: (1) in all cases, a guaranty of the si…

(810 ILCS 5/8-403) (from Ch. 26, par. 8-403) Sec. 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 that the issuer not register transfer of a security by communicating to the i…

(810 ILCS 5/8-404) (from Ch. 26, par. 8-404) Sec. 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 a transfer of a security to a person not entitled to it, and t…

(810 ILCS 5/8-405) (from Ch. 26, par. 8-405) Sec. 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 that the certificate has been lost, destroyed, or wrongfully…

(810 ILCS 5/8-406) (from Ch. 26, par. 8-406) Sec. 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, and the owner fails to notify the issuer of that …

(810 ILCS 5/8-407) (from Ch. 26, par. 8-407) Sec. 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 of a transfer of its securities, in the issue of …

(810 ILCS 5/8-501) Sec. 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 credited in accordance with an agreement under which the person maintaining the a…

(810 ILCS 5/8-502) Sec. 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 trust, equitable lien, or other theory, may not be asserted against a person who ac…

(810 ILCS 5/8-503) Sec. 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 security entitlements with respect to a particular financial asset, all interests in…

(810 ILCS 5/8-504) Sec. 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 corresponding to the aggregate of all security entitlements it has established i…

(810 ILCS 5/8-505) Sec. 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 by the issuer of a financial asset. A securities intermediary satisfies the duty if:…

(810 ILCS 5/8-506) Sec. 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 if directed to do so by an entitlement holder. A securities intermediary satisfie…

(810 ILCS 5/8-507) Sec. 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 originated by the appropriate person, the securities intermediary has had reasonable o…

(810 ILCS 5/8-508) Sec. 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 an entitlement holder to change a security entitlement into another available form of …

(810 ILCS 5/8-509) Sec. 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 entitlement holder. (a) If the substance of a duty imposed upon a securities inte…

(810 ILCS 5/8-510) Sec. 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 rules stated in subsection (c), an action based on an adverse claim to a financial asset or security entitlement…

(810 ILCS 5/8-511) Sec. 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 sufficient interests in a particular financial asset to satisfy both its obligations t…

(810 ILCS 5/8-601) Sec. 8-601. Effective date. (Blank). (Source: P.A. 89-364, eff. 1-1-96.)

(810 ILCS 5/8-602) Sec. 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, eff. 1-1-96; 89-626, eff. 8-9-96.)

(810 ILCS 5/8-603) Sec. 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. (b) If a security interest in a security is perfected at the date this amendatory Act of 1995 takes ef…

(810 ILCS 5/9-101) (from Ch. 26, par. 9-101) Sec. 9-101. Short title. This Article may be cited as Uniform Commercial Code - Secured Transactions. (Source: P.A. 91-893, eff. 7-1-01.)

(810 ILCS 5/9-102) (from Ch. 26, par. 9-102) Sec. 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 a manner that the identity of the original goods is not lost.…

(810 ILCS 5/9-103) (from Ch. 26, par. 9-103) Sec. 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 purchase-money obligation incurred …

(810 ILCS 5/9-104) (from Ch. 26, par. 9-104) Sec. 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 bank with which the deposit account is maintained; (2) the debtor, secured party, a…

(810 ILCS 5/9-105) (from Ch. 26, par. 9-105) Sec. 9-105. Control of electronic copy of record evidencing chattel paper. (a) General rule: control of electronic copy of record evidencing chattel paper. A purchaser has control of an authoritative electronic copy of a record evidenc…

(810 ILCS 5/9-105A) Sec. 9-105A. Control of electronic money. (a) General rule: control of electronic money. A person has control of electronic money if: (1) the electronic money, a record attached to or logically associated with the electronic money, or a system in which the ele…

(810 ILCS 5/9-106) (from Ch. 26, par. 9-106) Sec. 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 in Section 8-106. (b) Control of commodity contr…

(810 ILCS 5/9-107) (from Ch. 26, par. 9-107) Sec. 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 the issuer or any nominated person if the issuer or nominated person has con…

(810 ILCS 5/9-107.1) Sec. 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 land trust if: (1) the secured party shall have transmitted to the trustee for the trust a…

(810 ILCS 5/9-107A) Sec. 9-107A. Control of controllable electronic record, controllable account, or controllable payment intangible. (a) Control under Section 12-105. A secured party has control of a controllable electronic record as provided in Section 12-105. (b) Control of co…

(810 ILCS 5/9-107B) Sec. 9-107B. No requirement to acknowledge or confirm; no duties. (a) No requirement to acknowledge. A person that has control under Section 9-104, 9-105, or 9-105A is not required to acknowledge that it has control on behalf of another person. (b) No duties o…

(810 ILCS 5/9-108) (from Ch. 26, par. 9-108) Sec. 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 is sufficient, whether or not it is specific, if it reaso…

(810 ILCS 5/9-109) (from Ch. 26, par. 9-109) Sec. 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 its form, that creates a security interest in personal property or fixt…

(810 ILCS 5/9-110) (from Ch. 26, par. 9-110) Sec. 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. However, until the debtor obtains possession of the goods: (1) the…

(810 ILCS 5/9-112) (from Ch. 26, par. 9-112) Sec. 9-112. (Blank). (Source: P.A. 91-893, eff. 7-1-01.)

(810 ILCS 5/9-113) (from Ch. 26, par. 9-113) Sec. 9-113. (Blank). (Source: P.A. 91-893, eff. 7-1-01.)

(810 ILCS 5/9-114) (from Ch. 26, par. 9-114) Sec. 9-114. (Blank). (Source: P.A. 91-893, eff. 7-1-01.)

(810 ILCS 5/9-115) (from Ch. 26, par. 9-115) Sec. 9-115. (Blank). (Source: P.A. 91-893, eff. 7-1-01.)

(810 ILCS 5/9-116) Sec. 9-116. (Blank). (Source: P.A. 91-893, eff. 7-1-01.)

(810 ILCS 5/9-150) Sec. 9-150. (Blank). (Source: P.A. 91-893, eff. 7-1-01.)