90th General Assembly
Summary of HB1280
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Short description: 
UCC-FILING FINANCING STATEMNTS                                             

Synopsis of Bill as introduced:
        Amends the Secured Transactions Article of the Uniform Commercial      
   Code. Removes the provision  that  in  order  to  perfect  a  security      
   interest in equipment used in farming, farm products, items related to      
   the  sale  of  farm  products  by  a farmer, or crops growing or to be      
   grown, filing must occur in  the  office  of  the  appropriate  county      
   recorder, instead of requiring filing in the office of the Secretary        
   of State. Makes provisions for filings completed at  county  recorders      
   offices  before  the  effective  date  of this Amendatory Act of 1997.      
   Effective January 1, 1998.                                                  
        HOUSE AMENDMENT NO. 1.                                                 
          Adds reference to:                                                   
          55 ILCS 5/3-5018                from Ch. 34, par. 3-5018             
          810 ILCS 5/9-403                from Ch. 26, par. 9-403              
        Deletes everything.  Reinserts language identical to the bill  as      
   introduced  and  additionally provides that on and after the effective      
   date of this amendatory Act of 1997, a debtor who  is  a  resident  of      
   Illinois  using  such  items as collateral shall, within 30 days after      
   filing with the Secretary of State, send to the recorder of the county      
   of the debtor's residence, for informational purposes only, a copy  of      
   the financing statements filed with the Secretary of State, along with      
   a  $10  fee.    Provides  that  these  double  filing requirements are      
   inoperative after the earlier of July 1, 1999 or the effective date of      
   changes made to the Code in conformance with  recommendations  of  the      
   National Conference of Commissioners on Uniform State Laws to make the      
   office  of the Secretary of State the proper place to file a financing      
   statement described in these provisions.   Provides  that  failure  to      
   file  with  the recorder does  not affect the validity of the security      
   interest.  Amends the Counties Code to  reflect changes to the Uniform      
   Commercial Code.  Effective January 1, 1998.                                
Last action on Bill: PUBLIC ACT.............................. 90-0300

   Last action date: 97-08-01

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   0


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