Illinois General Assembly - Illinois Compiled Statutes

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625 ILCS 5/3-203

(625 ILCS 5/3-203) (from Ch. 95 1/2, par. 3-203)

Sec. 3-203.

Security interest.

If an owner creates a security interest in a vehicle:

(a) The owner shall immediately execute the application, in the
space provided therefor on the certificate of title or on a separate
form the Secretary of State prescribes, to name the lienholder on the
certificate, showing the name and address of the lienholder and cause the
certificate, application and
the required fee to be delivered to the lienholder.

(b) The lienholder shall immediately cause the certificate,
application and the required fee to be mailed or delivered to the
Secretary of State.

(c) Upon request of the owner or subordinate lienholder, a
lienholder in possession of the certificate of title shall either mail
or deliver the certificate to the subordinate lienholder for delivery to
the Secretary of State or, upon receipt from the subordinate lienholder
of the owner's application and the required fee, mail or deliver them to
the Secretary of State with the certificate. The delivery of the
certificate does not affect the rights of the first lienholder under his
security agreement.

(d) Upon receipt of the certificate of title, application and the
required fee, the Secretary of State shall issue a new certificate containing
the name and address
of the new lienholder, and mail the certificate to the first lienholder
named in it.

(Source: P.A. 85-511.)