(625 ILCS 5/1-186)
(from Ch. 95 1/2, par. 1-186)
An interest in a vehicle reserved or created by agreement and which
secures payment or performance of an obligation. The term includes the
interest of a lessor under a lease intended as security. A security
interest is "perfected" when it is valid against third parties generally,
subject only to specific statutory exceptions.
(Source: P.A. 76-1586.)