Illinois § 12A-303 Security interest unperfected before effective date

Illinois Statutes

§ 12A-303 — Security interest unperfected before effective date

Illinois·Topic BUSINESS AND EMPLOYMENT·Ch. 810 COMMERCIAL CODE·Act 810 ILCS 5/ Uniform Commercial Code.·Art. Article 12A - Transitional Provisions For Uniform Commercial Code Amendments Of The 103rd General Assembly

A security interest that is enforceable immediately before the effective date of this amendatory Act of the 103rd General Assembly but is unperfected at that time:

(1)remains an enforceable security interest until the adjustment date;

(2)remains enforceable thereafter if the security interest becomes enforceable under Section 9-203, as amended by this amendatory Act of the 103rd General Assembly, on the effective date of this amendatory Act of the 103rd General Assembly or before the adjustment date; and (3) becomes perfected:

(A)without further action, on the effective date of this amendatory Act of the 103rd General Assembly if the requirements for perfection under this amendatory Act of the 103rd General Assembly are satisfied before or at that time; or (B) when the requirements for

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A security interest that is enforceable immediately before the effective date of this amendatory Act of the 103rd General Assembly but is unperfected at that time: (1) remains an enforceable security interest until the adjustment date; (2) remains enforceable thereafter if the security interest becomes enforceable under Section 9-203, as amended by this amendatory Act of the 103rd General Assembly, on the effective date of this amendatory Act of the 103rd General Assembly or before the adjustment date; and (3) becomes perfected: (A) without further action, on the effective date of this amendatory Act of the 103rd General Assembly if the requirements for perfection under this amendatory Act of the 103rd General Assembly are satisfied before or at that time; or (B) when the requirements for perfection are satisfied if the requirements are satisfied after that time.

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