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 security interest is enforceable, even if Section 9-203(b)(3) has not been satisfied; (2) filing is not required to perfect the security interest; (3) the rights of the secured party after default by the debtor are governed by Article 2 or 2A; and (4) the security interest has priority over a conflicting security interest created by the debtor.
810 ILCS 5/9-110
Security interests arising under Article 2 or 2A
Known as the Uniform Commercial Code
The act spans §§ 810-5-1-101 to 810-5-9-150 (132 sections).
P.A. 91-893, eff. 7-1-01.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.