§ 12A-306

Illinois § 12A-306

• 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

Priority of claims when priority rules of Article 9 do not apply. (a) Determination of priority. Subject to subsections (b) and (c), Article 12 determines the priority of conflicting claims to Article 12 property when the priority rules of Article 9 as amended by this amendatory Act of the 103rd General Assembly do not apply. (b) Established priorities. Subject to subsection (c), when the priority rules of Article 9 as amended by this amendatory Act of the 103rd General Assembly do not apply and the priorities of claims to Article 12 property were established before the effective date of this amendatory Act of the 103rd General Assembly, law other than Article 12 determines priority. (c) Determination of certain priorities on adjustment date. When the priority rules of Article 9 as amended by this amendatory Act of the 103rd General Assembly do not apply, to the extent the priorities determined 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 established before the effective date of this amendatory Act of the 103rd General Assembly cease to apply on the adjustment date.

Legislative History

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