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810 ILCS 5/9-313

Section 810 ILCS 5/9-313 - When possession by or delivery to secured party perfects security interest without filing
Section 810 ILCS 5/9-313 - When possession by or delivery to secured party perfects security interest without filing

1 Citing brief

  1. Securities and Exchange Commission v. Byers et al

    RESPONSE re: 442 Order, Set Deadlines/Hearings,,,,,,,,,, Receiver's Response to the Court's Order of August 19, 2009 Outlining Active Claims Disputes Related to the Plan of Distribution. Document

    Filed September 22, 2009

    UCC §9-313(c) contemplates not only notice by a secured party to a third party holding collateral, but also express authentication of an acknowledgement that the person is holding possession of the collateral for the secured party’s benefit. (See UCC §9-313(c), Official Comment 4; 810 ILCS 5/9-313(c).) Neither the Participation Agreement nor the Sale Agreement satisfies these requirements.