810 ILCS 5/9-110

Current through Public Act 103-1056

Section 810 ILCS 5/9-110 - Security interests arising under Article 2 or 2A

A security interest arising under Section 2-401, 2-505, 2-711(3), or 2A-508(5) is subject to this Article. However, until the debtor obtains possession of the goods:

(1) the security interest is enforceable, even if Section 9-203(b)(3) has not been satisfied;

(2) filing is not required to perfect the security interest;

(3) the rights of the secured party after default by the debtor are governed by Article 2 or 2A; and

(4) the security interest has priority over a conflicting security interest created by the debtor.

810 ILCS 5/9-110

Laws 1961, p. 2101; 91-893, eff. 7-1-01.