Illinois General Assembly - Illinois Compiled Statutes

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810 ILCS 5/9-303

(810 ILCS 5/9-303) (from Ch. 26, par. 9-303)

Sec. 9-303.

Law governing perfection and priority of security interests in
goods covered by a certificate of title.

(a) Applicability of Section.  This Section applies to goods covered by a
certificate of title, even if there is no other relationship between the
jurisdiction
under whose certificate of title the goods are covered and the goods or the
debtor.

(b) When goods covered by certificate of title.  Goods become covered by
a certificate of title when a valid application for the certificate of title
and the
applicable fee are delivered to the appropriate authority.  Goods cease to be
covered
by a certificate of title at the earlier of the time the certificate of title
ceases to be
effective under the law of the issuing jurisdiction or the time the goods
become
covered subsequently by a certificate of title issued by another jurisdiction.

(c) Applicable law.  The local law of the jurisdiction under whose
certificate of title the goods are covered governs perfection, the effect of
perfection
or nonperfection, and the priority of a security interest in goods covered by a
certificate of title from the time the goods become covered by the certificate
of title
until the goods cease to be covered by the certificate of title.

(Source: P.A. 91-893, eff. 7-1-01.)