(810 ILCS 5/9-110)
(from Ch. 26, par. 9-110)
Security interests arising under Article 2 or 2A.
interest arising under Section 2-401, 2-505, 2-711(3), or 2A-508(5) is subject
this Article. However, until the debtor obtains possession of the goods:
(1) the security interest is enforceable, even if
Section 9-203(b)(3) has not been satisfied;
(2) filing is not required to perfect the security
(3) the rights of the secured party after default by
the debtor are governed by Article 2 or 2A; and
(4) the security interest has priority over a
conflicting security interest created by the debtor.
(Source: P.A. 91-893, eff. 7-1-01.)