An interest in a vehicle reserved or created by agreement and which secures payment or performance of an obligation. The term includes the interest of a lessor under a lease intended as security. A security interest is "perfected" when it is valid against third parties generally, subject only to specific statutory exceptions.
625 ILCS 5/1-186
Security interest
Known as the Illinois Vehicle Code. Portions of this Act
The act spans §§ 625-5-1-100 to 625-5-2-130 (368 sections).
P.A. 76-1586.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.