§ 12A-305 — Priority

Illinois § 12A-305

• Jurisdiction: 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

Text

(a) Determination of priority. Subject to subsections (b) and (c), this amendatory Act of the 103rd General Assembly determines the priority of conflicting claims to collateral. (b) Established priorities. Subject to subsection (c), if the priorities of claims to collateral were established before the effective date of this amendatory Act of the 103rd General Assembly, Article 9 as in effect before the effective date of this amendatory Act of the 103rd General Assembly determines priority. (c) Determination of certain priorities on adjustment date. On the adjustment date, to the extent the priorities determined by Article 9 as amended by this amendatory Act of the 103rd General Assembly modify the priorities established before the effective date of this amendatory Act of the 103rd General Assembly, the priorities of claims to Article 12 property and electronic money established before the effective date of this amendatory Act of the 103rd General Assembly cease to apply.

Legislative History

(Source: P.A. 103-1036, eff. 1-1-25 .)