Illinois General Assembly - Illinois Compiled Statutes

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810 ILCS 5/9-612

(810 ILCS 5/9-612)

Sec. 9-612.

Timeliness of notification before disposition of collateral.

(a) Reasonable time is question of fact.  Except as otherwise
provided in subsection (b), whether a notification is sent within a reasonable
time is
a question of
fact.  The limitation of the
rule in subsection (b) to transactions other than consumer-goods transactions
is intended to leave to the court the determination of the proper rules in
consumer-goods transactions.  The court may not infer from that limitation the
nature of the proper rule in consumer-goods transactions and may continue to
apply established approaches.

(b) 10-day period sufficient in non-consumer transaction.  In a
transaction other than a consumer transaction, a notification of disposition
sent
after default and 10 days or more before the earliest time of disposition set
forth in
the notification is sent within a reasonable time before the disposition.

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