Chapter 810 — COMMERCIAL CODE

(810 ILCS 5/9-202) (from Ch. 26, par. 9-202) Sec. 9-202. Title to collateral immaterial. Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this Article with regard to rights a…

(810 ILCS 5/9-203) (from Ch. 26, par. 9-203) Sec. 9-203. Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites. (a) Attachment. A security interest attaches to collateral when it becomes enforceable against the debtor with respect…

(810 ILCS 5/9-204) (from Ch. 26, par. 9-204) Sec. 9-204. After-acquired property; future advances. (a) After-acquired collateral. Except as otherwise provided in subsection (b), a security agreement may create or provide for a security interest in after-acquired collateral. (b) W…

(810 ILCS 5/9-205) (from Ch. 26, par. 9-205) Sec. 9-205. Use or disposition of collateral permissible. (a) When security interest not invalid or fraudulent. A security interest is not invalid or fraudulent against creditors solely because: (1) the debtor has the right or ability …

(810 ILCS 5/9-205.1) (from Ch. 26, par. 9-205.1) Sec. 9-205.1. Listing by debtor of purchasers or receivers of collateral. A secured party may require that the debtor include as part of the security agreement a list of persons to whom the debtor desires to sell or otherwise dispo…

(810 ILCS 5/9-206) (from Ch. 26, par. 9-206) Sec. 9-206. Security interest arising in purchase or delivery of financial asset. (a) Security interest when person buys through securities intermediary. A security interest in favor of a securities intermediary attaches to a person's …

(810 ILCS 5/9-207) (from Ch. 26, par. 9-207) Sec. 9-207. Rights and duties of secured party having possession or control of collateral. (a) Duty of care when secured party in possession. Except as otherwise provided in subsection (d), a secured party shall use reasonable care in …

(810 ILCS 5/9-208) (from Ch. 26, par. 9-208) Sec. 9-208. Additional duties of secured party having control of collateral. (a) Applicability of Section. This Section applies to cases in which there is no outstanding secured obligation and the secured party is not committed to make…

(810 ILCS 5/9-209) Sec. 9-209. Duties of secured party if account debtor has been notified of assignment. (a) Applicability of Section. Except as otherwise provided in subsection (c), this Section applies if: (1) there is no outstanding secured obligation; and (2) the secured par…

(810 ILCS 5/9-210) Sec. 9-210. Request for accounting; request regarding list of collateral or statement of account. (a) Definitions. In this Section: (1) "Request" means a record of a type described in paragraph (2), (3), or (4). (2) "Request for an accounting" means a record si…

(810 ILCS 5/9-301) (from Ch. 26, par. 9-301) Sec. 9-301. Law governing perfection and priority of security interests. Except as otherwise provided in Sections 9-303 through 9-306B, the following rules determine the law governing perfection, the effect of perfection or nonperfecti…

(810 ILCS 5/9-302) (from Ch. 26, par. 9-302) Sec. 9-302. Law governing perfection and priority of agricultural liens. While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the prior…

(810 ILCS 5/9-303) (from Ch. 26, par. 9-303) Sec. 9-303. Law governing perfection and priority of security interests in goods covered by a certificate of title. (a) Applicability of Section. This Section applies to goods covered by a certificate of title, even if there is no othe…

(810 ILCS 5/9-304) (from Ch. 26, par. 9-304) Sec. 9-304. Law governing perfection and priority of security interests in deposit accounts. (a) Law of bank's jurisdiction governs. The local law of a bank's jurisdiction governs perfection, the effect of perfection or nonperfection, …

(810 ILCS 5/9-305) (from Ch. 26, par. 9-305) Sec. 9-305. Law governing perfection and priority of security interests in investment property. (a) Governing law: general rules. Except as otherwise provided in subsection (c), the following rules apply: (1) While a security certifica…

(810 ILCS 5/9-306) (from Ch. 26, par. 9-306) Sec. 9-306. Law governing perfection and priority of security interests in letter-of-credit rights. (a) Governing law: issuer's or nominated person's jurisdiction. Subject to subsection (c), the local law of the issuer's jurisdiction o…

(810 ILCS 5/9-306.01) (from Ch. 26, par. 9-306.01) Sec. 9-306.01. (Blank). (Source: P.A. 91-893, eff. 7-1-01.)

(810 ILCS 5/9-306.02) (from Ch. 26, par. 9-306.02) Sec. 9-306.02. (Blank). (Source: P.A. 91-893, eff. 7-1-01.)

(810 ILCS 5/9-306.1) Sec. 9-306.1. Law Governing Perfection and Priority of Collateral Assignments of Beneficial Interests in Illinois Land Trusts. The local law of the State of Illinois governs perfection, the effect of perfection or nonperfection, and the priority of a collater…

(810 ILCS 5/9-306A) Sec. 9-306A. Law governing perfection and priority of security interests in chattel paper. (a) Chattel paper evidenced by authoritative electronic copy. Except as provided in subsection (d), if chattel paper is evidenced only by an authoritative electronic cop…

(810 ILCS 5/9-306B) Sec. 9-306B. Law governing perfection and priority of security interests in controllable accounts, controllable electronic records, and controllable payment intangibles. (a) Governing law: general rules. Except as provided in subsection (b), the local law of t…

(810 ILCS 5/9-307) (from Ch. 26, par. 9-307) Sec. 9-307. Location of debtor. (a) "Place of business." In this Section, "place of business" means a place where a debtor conducts its affairs. (b) Debtor's location: general rules. Except as otherwise provided in this Section, the fo…

(810 ILCS 5/9-307.1) (from Ch. 26, par. 9-307.1) Sec. 9-307.1. (Blank). (Source: P.A. 91-893, eff. 7-1-01.)

(810 ILCS 5/9-307.2) (from Ch. 26, par. 9-307.2) Sec. 9-307.2. (Blank). (Source: P.A. 91-893, eff. 7-1-01.)

(810 ILCS 5/9-308) (from Ch. 26, par. 9-308) Sec. 9-308. When security interest or agricultural lien is perfected; continuity of perfection. (a) Perfection of security interest. Except as otherwise provided in this Section and Section 9-309, a security interest is perfected if it…

(810 ILCS 5/9-309) (from Ch. 26, par. 9-309) Sec. 9-309. Security interest perfected upon attachment. The following security interests are perfected when they attach: (1) a purchase-money security interest in consumer goods, except as otherwise provided in Section 9-311(b) with r…

(810 ILCS 5/9-310) (from Ch. 26, par. 9-310) Sec. 9-310. When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply. (a) General rule: perfection by filing. Except as otherwise provided…

(810 ILCS 5/9-311) (from Ch. 26, par. 9-311) Sec. 9-311. Perfection of security interests in property subject to certain statutes, regulations, and treaties. (a) Security interest subject to other law. Except as otherwise provided in subsection (d), the filing of a financing stat…

(810 ILCS 5/9-312) (from Ch. 26, par. 9-312) Sec. 9-312. Perfection of security interests in chattel paper, controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, negotiable documents, goods covered by documents, instruments, i…

(810 ILCS 5/9-313) (from Ch. 26, par. 9-313) Sec. 9-313. When possession by or delivery to secured party perfects security interest without filing. (a) Perfection by possession or delivery. Except as otherwise provided in subsection (b), a secured party may perfect a security int…

(810 ILCS 5/9-314) (from Ch. 26, par. 9-314) Sec. 9-314. Perfection by control. (a) Perfection by control. A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, electronic money, in…

(810 ILCS 5/9-314A) Sec. 9-314A. Perfection by possession and control of chattel paper. (a) Perfection by possession and control. A secured party may perfect a security interest in chattel paper by taking possession of each authoritative tangible copy of the record evidencing the…

(810 ILCS 5/9-315) (from Ch. 26, par. 9-315) Sec. 9-315. Secured party's rights on disposition of collateral and in proceeds. (a) Disposition of collateral: continuation of security interest or agricultural lien; proceeds. Except as otherwise provided in this Article and in Secti…

(810 ILCS 5/9-315.01) Sec. 9-315.01. Debtor disposing of collateral and failing to pay secured party amount due under security agreement; penalties for violation. (1) It is unlawful for a debtor under the terms of a security agreement (a) who has no right of sale or other disposi…

(810 ILCS 5/9-315.02) Sec. 9-315.02. Disposal of collateral by debtor to persons other than those previously disclosed to secured party - penalties for violation - defense. (1) Where, pursuant to Section 9-205.1, a secured party has required that before the debtor sells or otherw…

(810 ILCS 5/9-316) (from Ch. 26, par. 9-316) Sec. 9-316. Effect of change in governing law. (a) General rule: effect on perfection of change in governing law. A security interest perfected pursuant to the law of the jurisdiction designated in Section 9-301(1), 9-305(c), 9-306A(d)…

(810 ILCS 5/9-317) (from Ch. 26, par. 9-317) Sec. 9-317. Interests that take priority over or take free of security interest or agricultural lien. (a) Conflicting security interests and rights of lien creditors. A security interest or agricultural lien is subordinate to the right…

(810 ILCS 5/9-318) (from Ch. 26, par. 9-318) Sec. 9-318. No interest retained in right to payment that is sold; rights and title of seller of account or chattel paper with respect to creditors and purchasers. (a) Seller retains no interest. A debtor that has sold an account, chat…

(810 ILCS 5/9-319) Sec. 9-319. Rights and title of consignee with respect to creditors and purchasers. (a) Consignee has consignor's rights. Except as otherwise provided in subsection (b), for purposes of determining the rights of creditors of, and purchasers for value of goods f…

(810 ILCS 5/9-320) Sec. 9-320. Buyer of goods and farm products. (a) Buyer in ordinary course of business. Except as otherwise provided in subsections (e) and (f), a buyer in the ordinary course of business takes free of a security interest created by the buyer's seller, even if …

(810 ILCS 5/9-320.1) Sec. 9-320.1. Liability of commission merchant or selling agent engaged in sale of livestock or other farm products to holder of security interest. (a) A commission merchant or selling agent who sells a farm product for others shall be subject to a security i…

(810 ILCS 5/9-320.2) Sec. 9-320.2. Notice to seller of farm products. A commission merchant or selling agent who sells farm products for others, and any person buying farm products in the ordinary course of business from a person engaged in farming operations, shall post at each …

(810 ILCS 5/9-321) Sec. 9-321. Licensee of general intangible and lessee of goods in ordinary course of business. (a) "Licensee in ordinary course of business." In this Section, "licensee in ordinary course of business" means a person that becomes a licensee of a general intangib…

(810 ILCS 5/9-322) Sec. 9-322. Priorities among conflicting security interests in and agricultural liens on same collateral. (a) General priority rules. Except as otherwise provided in this Section, priority among conflicting security interests and agricultural liens in the same …

(810 ILCS 5/9-323) Sec. 9-323. Future advances. (a) When priority based on time of advance. Except as otherwise provided in subsection (c), for purposes of determining the priority of a perfected security interest under Section 9-322(a)(1), perfection of the security interest dat…

(810 ILCS 5/9-324) Sec. 9-324. Priority of purchase-money security interests. (a) General rule: purchase-money priority. Except as otherwise provided in subsection (g), a perfected purchase-money security interest in goods other than inventory or livestock has priority over a con…

(810 ILCS 5/9-325) Sec. 9-325. Priority of security interests in transferred collateral. (a) Subordination of security interest in transferred collateral. Except as otherwise provided in subsection (b), a security interest created by a debtor is subordinate to a security interest…

(810 ILCS 5/9-326) Sec. 9-326. Priority of security interests created by new debtor. (a) Subordination of security interest created by new debtor. Subject to subsection (b), a security interest that is created by a new debtor in collateral in which the new debtor has or acquires …

(810 ILCS 5/9-326A) Sec. 9-326A. Priority of security interest in controllable account, controllable electronic record, and controllable payment intangible. A security interest in a controllable account, controllable electronic record, or controllable payment intangible held by a…

(810 ILCS 5/9-327) Sec. 9-327. Priority of security interests in deposit account. The following rules govern priority among conflicting security interests in the same deposit account: (1) A security interest held by a secured party having control of the deposit account under Sect…