Illinois Statutes
§ 40 — Assignability; liens
Illinois § 40
JurisdictionIllinois
TopicBUSINESS AND EMPLOYMENT
Ch. 815BUSINESS TRANSACTIONS
Act 815 ILCS 121/Consumer Legal Funding Act.
This text of Illinois § 40 (Assignability; liens) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
815 Ill. Comp. Stat. 40 (2026).
Text
(a)The contingent right to receive an amount of the potential proceeds of a legal claim is assignable by a consumer.
(b)Only liens related to the legal claim, including attorney's liens, Medicare, or other statutory liens, shall take priority over any lien of the consumer legal funding company. All other liens shall take priority by normal operation of law.
(c)A consumer legal funding transaction does not constitute an assignment of a personal injury claim or chose in action.
(d)A consumer legal funding transaction does not constitute the assignment of any present right; the transaction constitutes the transfer of an unvested, contingent future interest in an amount of the potential proceeds of a legal claim or cause of action.
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Legislative History
(Source: P.A. 102-987, eff. 5-27-22.)
Nearby Sections
3
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Bluebook (online)
Illinois § 40, Counsel Stack Legal Research, https://law.counselstack.com/statute/il/815/40.