(810 ILCS 5/9-703)
Sec. 9-703.
Security interest perfected before effective date.
(a) Continuing priority over lien creditor: perfection
requirements satisfied. A security interest that is enforceable immediately
before
the effective date of this amendatory Act of the 91st General Assembly and
would
have priority over the rights of a person that becomes a lien creditor at that
time is a
perfected security interest under this Act if, on the effective date of this
amendatory
Act of the 91st General Assembly, the applicable requirements for enforceability
and perfection under this Act are satisfied without further action.
(b) Continuing priority over lien creditor: perfection
requirements not satisfied. Except as otherwise provided in Section 9-705, if,
immediately before the effective date of this amendatory Act of the 91st General
Assembly, a security interest is enforceable and would have priority over the rights
of a person that becomes a lien creditor at that time, but the applicable requirements
for enforceability or perfection under this Act are not satisfied on the effective date
of this amendatory Act of the 91st General Assembly, the security interest:
(1) is a perfected security interest for one year |
| after the effective date of this amendatory Act of the 91st General Assembly;
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(2) remains enforceable thereafter only if the
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| security interest becomes enforceable under Section 9-203 before the year expires; and
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(3) remains perfected thereafter only if the
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| applicable requirements for perfection under this Act are satisfied before the year expires.
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(Source: P.A. 91-893, eff. 7-1-01.)
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