Sec. 12A-302. Security interest perfected before effective date. (a) Continuing perfection: perfection requirements satisfied. A security interest that is enforceable and perfected immediately before the effective date of this amendatory Act of the 103rd General Assembly is a perfected security interest under this amendatory Act of the 103rd General Assembly if, on the effective date of this amendatory Act of the 103rd General Assembly, the requirements for enforceability and perfection under this amendatory Act of the 103rd General Assembly are satisfied without further action. (b) Continuing perfection: enforceability or perfection requirements not satisfied. If a security interest is enforceable and perfected immediately before the effective date of this amendatory Act of the 103rd General Assembly, but the requirements for enforceability or perfection under this amendatory Act of the 103rd General Assembly are not satisfied on the effective date of this amendatory Act of the 103rd General Assembly, the security interest: (1) is a perfected security interest until the earlier of the time perfection would have ceased under the law in effect immediately before the effective date of this amendatory Act of the 103rd General Assembly or the adjustment date; (2) remains enforceable thereafter only if the security interest satisfies the requirements for enforceability under Section 9-203, as amended by this amendatory Act of the 103rd General Assembly, before the adjustment date; and (3) remains perfected thereafter only if the requirements for perfection under this amendatory Act of the 103rd General Assembly are satisfied before the time specified in paragraph (1). earlier of the time perfection would have ceased under the law in effect immediately before the effective date of this amendatory Act of the 103rd General Assembly or the adjustment date; security interest satisfies the requirements for enforceability under Section 9-203, as amended by this amendatory Act of the 103rd General Assembly, before the adjustment date; and requirements for perfection under this amendatory Act of the 103rd General Assembly are satisfied before the time specified in paragraph (1).
‹ Prev All Illinois sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.