(810 ILCS 5/12A-304) Sec. 12A-304. Effectiveness of actions taken before effective date. (a) Pre-effective-date action; attachment and perfection before adjustment date. If action, other than the filing of a financing statement, is taken before the effective date of this amendatory Act of the 103rd General Assembly and the action would have resulted in perfection of the security interest had the security interest become enforceable before the effective date of this amendatory Act of the 103rd General Assembly, the action is effective to perfect a security interest that attaches under this amendatory Act of the 103rd General Assembly before the adjustment date. An attached security interest becomes unperfected on the adjustment date unless the security interest becomes a perfected security interest under this amendatory Act of the 103rd General Assembly before the adjustment date. (b) Pre-effective-date filing. The filing of a financing statement before the effective date of this amendatory Act of the 103rd General Assembly is effective to perfect a security interest on the effective date of this amendatory Act of the 103rd General Assembly to the extent the filing would satisfy the requirements for perfection under this amendatory Act of the 103rd General Assembly. (c) Pre-effective-date enforceability action. The taking of an action before the effective date of this amendatory Act of the 103rd General Assembly is sufficient for the enforceability of a security interest on the effective date of this amendatory Act of the 103rd General Assembly if the action would satisfy the requirements for enforceability under this amendatory Act of the 103rd General Assembly.(Source: P.A. 103-1036, eff. 1-1-25.) |