Illinois General Assembly - Illinois Compiled Statutes

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810 ILCS 5/9-331

    (810 ILCS 5/9-331)
    (Text of Section before amendment by P.A. 103-1036)
    Sec. 9-331.

Priority of rights of purchasers of instruments, documents,
and securities under other Articles; priority of interests in financial assets
and
security entitlements under Article 8.

(a) Rights under Articles 3, 7, and 8 not limited.  This Article
does not limit the rights of a holder in due course of a negotiable instrument,
a
holder to which a negotiable document of title has been duly negotiated, or a
protected purchaser of a security.  These holders or purchasers take priority
over an
earlier security interest, even if perfected, to the extent provided in
Articles 3, 7,
and 8.

(b) Protection under Article 8.  This Article does not limit the
rights of or impose liability on a person to the extent that the person is
protected
against the assertion of a claim under Article 8.

(c) Filing not notice.  Filing under this Article does not constitute
notice of a claim or defense to the holders, or purchasers, or persons
described in
subsections (a) and (b).

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

(Text of Section after amendment by P.A. 103-1036)
Sec. 9-331.

Priority of rights of purchasers of controllable accounts, controllable electronic records, controllable payment intangibles, documents, instruments, and securities under other Articles; priority of interests in financial assets and security entitlements and protection against assertion of claim under Articles 8 and 12.

(a) Rights under Articles 3, 7, 8, and 12 not limited. This Article does not limit the rights of a holder in due course of a negotiable instrument, a holder to which a negotiable document of title has been duly negotiated, a protected purchaser of a security, or a qualifying purchaser of a controllable account, controllable electronic record, or controllable payment intangible. These holders or purchasers take priority over an earlier security interest, even if perfected, to the extent provided in Articles 3, 7, 8, and 12.

(b) Protection under Articles 8 and 12. This Article does not limit the rights of or impose liability on a person to the extent that the person is protected against the assertion of a claim under Article 8 or 12.

(c) Filing not notice. Filing under this Article does not constitute notice of a claim or defense to the holders, or purchasers, or persons described in subsections (a) and (b).

(Source: P.A. 103-1036, eff. 1-1-25.)