(810 ILCS 5/2A-310) (from Ch. 26, par. 2A-310)
Sec. 2A-310.
Lessor's and lessee's rights when goods
become accessions.
(1) Goods are "accessions" when they are installed in or
affixed to other goods.
(2) The interest of a lessor or a lessee under a lease
contract entered into before the goods became accessions is
superior to all interests in the whole except as stated in
subsection (4).
(3) The interest of a lessor or a lessee under a lease
contract entered into at the time or after the goods became
accessions is superior to all subsequently acquired interests in
the whole except as stated in subsection (4) but is subordinate
to interests in the whole existing at the time the lease contract
was made unless the holders of such interests in the whole have
in writing consented to the lease or disclaimed an interest in the
goods as part of the whole.
(4) The interest of a lessor or a lessee under a lease
contract described in subsection (2) or (3) is subordinate to the
interest of:
(a) a buyer in the ordinary course of business or a | ||
| ||
(b) a creditor with a security interest in the whole | ||
| ||
(5) When under subsections (2) or (3) and (4) a lessor
or a lessee of accessions holds an interest that is superior to all
interests in the whole, the lessor or the lessee may (a) on
default, expiration, termination, or cancellation of the lease
contract by the other party but subject to the provisions of the
lease contract and this Article, or (b) if necessary to enforce
his or her other rights and remedies under this Article,
remove the goods from the whole, free and clear of all interests
in the whole, but he or she must reimburse any holder of an
interest in the whole who is not the lessee and who has not
otherwise agreed for the cost of repair of any physical injury
but not for any diminution in value of the whole caused by the
absence of the goods removed or by any necessity for replacing
them. A person entitled to reimbursement may refuse permission
to remove until the party seeking removal gives adequate
security for the performance of this obligation.
(Source: P.A. 87-493.)
|