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(810 ILCS 5/9-301) (from Ch. 26, par. 9-301) (Text of Section before amendment by P.A. 103-1036) Sec. 9-301. Law governing perfection and priority of security interests. Except as otherwise provided in Sections 9-303 through 9-306.1,
the following
rules
determine the law governing perfection, the effect of perfection or
nonperfection,
and the priority of a security interest in collateral: (1) Except as otherwise provided in this Section, |
| while a debtor is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral.
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|
(2) While collateral is located in a jurisdiction,
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| the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a possessory security interest in that collateral.
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|
(3) Except as otherwise provided in paragraph (4),
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| while tangible negotiable documents, goods, instruments, money, or tangible chattel paper is located in a jurisdiction, the local law of that jurisdiction governs:
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|
(A) perfection of a security interest in the
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| goods by filing a fixture filing;
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|
(B) perfection of a security interest in timber
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|
(C) the effect of perfection or nonperfection and
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| the priority of a nonpossessory security interest in the collateral.
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|
(4) The local law of the jurisdiction in which the
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| wellhead or minehead is located governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in as-extracted collateral.
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|
(Source: P.A. 95-895, eff. 1-1-09.)
(Text of Section after amendment by P.A. 103-1036)
Sec. 9-301. Law governing perfection and priority of security interests. Except as otherwise provided in Sections 9-303 through 9-306B, the following rules determine the law governing perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral:
(1) Except as otherwise provided in this Section,
|
| while a debtor is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral.
|
|
(2) While collateral is located in a jurisdiction,
|
| the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a possessory security interest in that collateral.
|
|
(3) Except as otherwise provided in paragraph (4),
|
| while tangible negotiable documents, goods, instruments, or tangible money is located in a jurisdiction, the local law of that jurisdiction governs:
|
|
(A) perfection of a security interest in the
|
| goods by filing a fixture filing;
|
|
(B) perfection of a security interest in timber
|
|
(C) the effect of perfection or nonperfection and
|
| the priority of a nonpossessory security interest in the collateral.
|
|
(4) The local law of the jurisdiction in which the
|
| wellhead or minehead is located governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in as-extracted collateral.
|
|
(Source: P.A. 103-1036, eff. 1-1-25.)
|
