Chapter 810 — COMMERCIAL CODE

(810 ILCS 5/9-522) Sec. 9-522. Maintenance and destruction of records. (a) Post-lapse maintenance and retrieval of information. The filing office shall maintain a record of the information provided in a filed financing statement for at least one year after the effectiveness of th…

(810 ILCS 5/9-523) Sec. 9-523. Information from filing office; sale or license of records. (a) Acknowledgment of filing written record. If a person that files a written record requests an acknowledgment of the filing, the filing office shall send to the person an image of the rec…

(810 ILCS 5/9-524) Sec. 9-524. Delay by filing office. Delay by the filing office beyond a time limit prescribed by this Part is excused if: (1) the delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipment, or other …

(810 ILCS 5/9-525) Sec. 9-525. Fees. (a) Initial financing statement or other record: general rule. Except as otherwise provided in subsection (e), the fee for filing and indexing a record under this Part, other than an initial financing statement of the kind described in subsect…

(810 ILCS 5/9-526) Sec. 9-526. Filing-office rules. (a) Adoption of filing-office rules. The Secretary of State shall adopt and publish rules to implement this Article. The filing-office rules must be: (1) consistent with this Article; and (2) adopted and published in accordance …

(810 ILCS 5/9-527) Sec. 9-527. Duty to report. The Secretary of State shall report annually to the Governor and Legislature on the operation of the filing office. The report must contain a statement of the extent to which: (1) the filing-office rules are not in harmony with the r…

(810 ILCS 5/9-528) Sec. 9-528. Liability of filing officer. Neither the filing officer nor any of the filing officer's employees or agents shall be subject to personal liability by reason of any error or omission in the performance of any duty under this Article except in the cas…

(810 ILCS 5/9-601) Sec. 9-601. Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes. (a) Rights of secured party after default. After default, a secured party has the rights provided in this Part and, …

(810 ILCS 5/9-602) Sec. 9-602. Waiver and variance of rights and duties. Except as otherwise provided in Section 9-624, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in…

(810 ILCS 5/9-603) Sec. 9-603. Agreement on standards concerning rights and duties. (a) Agreed standards. The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in S…

(810 ILCS 5/9-604) Sec. 9-604. Procedure if security agreement covers real property or fixtures. (a) Enforcement: personal and real property. If a security agreement covers both personal and real property, a secured party may proceed: (1) under this Part as to the personal proper…

(810 ILCS 5/9-605) Sec. 9-605. Unknown debtor or secondary obligor. (a) In general: No duty owed by secured party. Except as provided in subsection (b), a secured party does not owe a duty based on its status as secured party: (1) to a person that is a debtor or obligor, unless t…

(810 ILCS 5/9-606) Sec. 9-606. Time of default for agricultural lien. For purposes of this Part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created. …

(810 ILCS 5/9-607) Sec. 9-607. Collection and enforcement by secured party. (a) Collection and enforcement generally. If so agreed, and in any event after default, a secured party: (1) may notify an account debtor or other person obligated on collateral to make payment or otherwi…

(810 ILCS 5/9-608) Sec. 9-608. Application of proceeds of collection or enforcement; liability for deficiency and right to surplus. (a) Application of proceeds, surplus, and deficiency if obligation secured. If a security interest or agricultural lien secures payment or performan…

(810 ILCS 5/9-609) Sec. 9-609. Secured party's right to take possession after default. (a) Possession; rendering equipment unusable; disposition on debtor's premises. After default, a secured party: (1) may take possession of the collateral; and (2) without removal, may render eq…

(810 ILCS 5/9-610) Sec. 9-610. Disposition of collateral after default. (a) Disposition after default. After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable p…

(810 ILCS 5/9-611) Sec. 9-611. Notification before disposition of collateral. (a) "Notification date." In this Section, "notification date" means the earlier of the date on which: (1) a secured party sends to the debtor and any secondary obligor a signed notification of dispositi…

(810 ILCS 5/9-612) Sec. 9-612. Timeliness of notification before disposition of collateral. (a) Reasonable time is question of fact. Except as otherwise provided in subsection (b), whether a notification is sent within a reasonable time is a question of fact. The limitation of th…

(810 ILCS 5/9-613) Sec. 9-613. Contents and form of notification before disposition of collateral: general. (a) Contents and form of notification. Except in a consumer-goods transaction, the following rules apply: (1) The contents of a notification of disposition are sufficient i…

(810 ILCS 5/9-614) Sec. 9-614. Contents and form of notification before disposition of collateral: consumer-goods transaction. (a) Contents and form of notification. In a consumer-goods transaction, the following rules apply: (1) A notification of disposition must provide the fol…

(810 ILCS 5/9-615) Sec. 9-615. Application of proceeds of disposition; liability for deficiency and right to surplus. (a) Application of proceeds. A secured party shall apply or pay over for application the cash proceeds of disposition in the following order to: (1) the reasonabl…

(810 ILCS 5/9-616) Sec. 9-616. Explanation of calculation of surplus or deficiency. (a) Definitions. In this Section: (1) "Explanation" means a record that: (A) states whether a surplus or deficiency is owed and the amount of the surplus, if applicable; (B) states, if applicable,…

(810 ILCS 5/9-617) Sec. 9-617. Rights of transferee of collateral. (a) Effects of disposition. A secured party's disposition of collateral after default: (1) transfers to a transferee for value all of the debtor's rights in the collateral; (2) discharges the security interest und…

(810 ILCS 5/9-618) Sec. 9-618. Rights and duties of certain secondary obligors. (a) Rights and duties of secondary obligor. A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: (1) receives an assign…

(810 ILCS 5/9-619) Sec. 9-619. Transfer of record or legal title. (a) "Transfer statement." In this Section, "transfer statement" means a record signed by a secured party stating: (1) that the debtor has defaulted in connection with an obligation secured by specified collateral; …

(810 ILCS 5/9-620) Sec. 9-620. Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral. (a) Conditions to acceptance in satisfaction. Except as otherwise provided in subsection (g), a secured party may accept collateral in full…

(810 ILCS 5/9-621) Sec. 9-621. Notification of proposal to accept collateral. (a) Persons to which proposal to be sent. A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to: (1) any person from w…

(810 ILCS 5/9-622) Sec. 9-622. Effect of acceptance of collateral. (a) Effect of acceptance. A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures: (1) discharges the obligation to the extent consented to by the debtor; (2) transf…

(810 ILCS 5/9-623) Sec. 9-623. Right to redeem collateral. (a) Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral. (b) Requirements for redemption. To redeem collateral, a person shall tender: (1) fulfillment o…

(810 ILCS 5/9-624) Sec. 9-624. Waiver. (a) Waiver of disposition notification. A debtor or secondary obligor may waive the right to notification of disposition of collateral under Section 9-611 only by an agreement to that effect entered into and signed after default. (b) Waiver …

(810 ILCS 5/9-625) Sec. 9-625. Remedies for secured party's failure to comply with Article. (a) Judicial orders concerning noncompliance. If it is established that a secured party is not proceeding in accordance with this Article, a court may order or restrain collection, enforce…

(810 ILCS 5/9-626) Sec. 9-626. Action in which deficiency or surplus is in issue; applicable rules if amount of deficiency or surplus is in issue. In an action in which the amount of a deficiency or surplus is in issue, the following rules apply: (1) A secured party need not prov…

(810 ILCS 5/9-627) Sec. 9-627. Determination of whether conduct was commercially reasonable. (a) Greater amount obtainable under other circumstances; no preclusion of commercial reasonableness. The fact that a greater amount could have been obtained by a collection, enforcement, …

(810 ILCS 5/9-628) Sec. 9-628. Nonliability and limitation on liability of secured party; liability of secondary obligor. (a) Limitation of liability to debtor or obligor. Subject to subsection (f), unless a secured party knows that a person is a debtor or obligor, knows the iden…

(810 ILCS 5/9-701) Sec. 9-701. Effective date. (See Section 99 of the Public Act adding this Section to this Act.) (Source: P.A. 91-893, eff. 7-1-01.)

(810 ILCS 5/9-702) Sec. 9-702. Savings clause. (a) Pre-effective-date transactions or liens. Except as otherwise provided in this Part, this Act applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before the effective dat…

(810 ILCS 5/9-703) Sec. 9-703. Security interest perfected before effective date. (a) Continuing priority over lien creditor: perfection requirements satisfied. A security interest that is enforceable immediately before the effective date of this amendatory Act of the 91st Genera…

(810 ILCS 5/9-704) Sec. 9-704. Security interest unperfected before effective date. A security interest that is enforceable immediately before the effective date of this amendatory Act of the 91st General Assembly but which would be subordinate to the rights of a person that beco…

(810 ILCS 5/9-705) Sec. 9-705. Effectiveness of action taken before effective date. (a) Pre-effective-date action; one-year perfection period unless reperfected. If action, other than the filing of a financing statement, is taken before the effective date of this amendatory Act o…

(810 ILCS 5/9-706) Sec. 9-706. When initial financing statement suffices to continue effectiveness of financing statement. (a) Initial financing statement in lieu of continuation statement. The filing of an initial financing statement in the office specified in Section 9-501 cont…

(810 ILCS 5/9-707) Sec. 9-707. Amendment of pre-effective-date financing statement. (a) "Pre-effective-date financing statement". In this Section, "pre-effective-date financing statement" means a financing statement filed before the effective date of this amendatory Act of the 91…

(810 ILCS 5/9-708) Sec. 9-708. Persons entitled to file initial financing statement or continuation statement. A person may file an initial financing statement or a continuation statement under this Part if: (1) the secured party of record authorizes the filing; and (2) the filin…

(810 ILCS 5/9-709) Sec. 9-709. Priority. (a) Law governing priority. This Act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before the effective date of this amendatory Act of the 91st General Assem…

(810 ILCS 5/9-710) Sec. 9-710. Local-filing office responsibilities for filings under the Uniform Commercial Code prior to this amendatory Act of the 91st General Assembly. (a) In this Section: (1) "Local-filing office" means a filing office, other than the office of the Secretar…

(810 ILCS 5/9-801) Sec. 9-801. Effective date. (See Section 99 of the Public Act adding this Section to this Act.) (Source: P.A. 97-1034, eff. 7-1-13.)

(810 ILCS 5/9-802) Sec. 9-802. Savings clause. (a) Pre-effective-date transactions or liens. Except as otherwise provided in this Part, this Act applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before the effective dat…

(810 ILCS 5/9-803) Sec. 9-803. Security interest perfected before effective date. (a) Continuing perfection: perfection requirements satisfied. A security interest that is a perfected security interest immediately before the effective date of this amendatory Act of the 97th Gener…

(810 ILCS 5/9-804) Sec. 9-804. Security interest unperfected before the effective date of this amendatory Act of the 97th General Assembly. A security interest that is an unperfected security interest immediately before the effective date of this amendatory Act of the 97th Genera…

(810 ILCS 5/9-805) Sec. 9-805. Effectiveness of action taken before the effective date of this amendatory Act of the 97th General Assembly. (a) Pre-effective-date filing effective. The filing of a financing statement before the effective date of this amendatory Act of the 97th Ge…