Chapter 810 — COMMERCIAL CODE

(810 ILCS 5/8-316) (from Ch. 26, par. 8-316) Sec. 8-316. (Repealed). (Source: P.A. 85-997. Repealed by P.A. 89-364, eff. 1-1-96.)

(810 ILCS 5/8-317) (from Ch. 26, par. 8-317) Sec. 8-317. (Repealed). (Source: P.A. 85-997. Repealed by P.A. 89-364, eff. 1-1-96.)

(810 ILCS 5/8-318) (from Ch. 26, par. 8-318) Sec. 8-318. (Repealed). (Source: P.A. 85-997. Repealed by P.A. 89-364, eff. 1-1-96.)

(810 ILCS 5/8-319) (from Ch. 26, par. 8-319) Sec. 8-319. (Repealed). (Source: P.A. 85-997. Repealed by P.A. 89-364, eff. 1-1-96.)

(810 ILCS 5/8-320) (from Ch. 26, par. 8-320) Sec. 8-320. (Repealed). (Source: P.A. 85-997. Repealed by P.A. 89-364, eff. 1-1-96.)

(810 ILCS 5/8-321) (from Ch. 26, par. 8-321) Sec. 8-321. (Repealed). (Source: P.A. 85-997. Repealed by P.A. 89-364, eff. 1-1-96.)

(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 5/8-408) (from Ch. 26, par. 8-408) Sec. 8-408. (Repealed). (Source: P.A. 85-997. Repealed by P.A. 89-364, eff. 1-1-96.)

(810 ILCS 5/8-409) (from Ch. 26, par. 8-409) Sec. 8-409. (Repealed). (Source: P.A. 85-1209. Repealed by P.A. 89-364, eff. 1-1-96.)

(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.)

(810 ILCS 5/9-201) (from Ch. 26, par. 9-201) Sec. 9-201. General effectiveness of security agreement. (a) General effectiveness. Except as otherwise provided in the Uniform Commercial Code, a security agreement is effective according to its terms between the parties, against purc…