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(810 ILCS 5/9-304) (from Ch. 26, par. 9-304)
Sec. 9-304.
Law governing perfection and priority of security interests
in deposit accounts.
(a) Law of bank's jurisdiction governs. The local law of a bank's
jurisdiction governs perfection, the effect of perfection or nonperfection, and
the
priority of a security interest in a deposit account maintained with that bank.
(b) Bank's jurisdiction. The following rules determine a bank's
jurisdiction for purposes of this Part:
(1) If an agreement between the bank and the debtor |
| governing the deposit account expressly provides that a particular jurisdiction is the bank's jurisdiction for purposes of this Part, this Article, or the Uniform Commercial Code, that jurisdiction is the bank's jurisdiction.
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(2) If paragraph (1) does not apply and an agreement
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| between the bank and its customer governing the deposit account expressly provides that the agreement is governed by the law of a particular jurisdiction, that jurisdiction is the bank's jurisdiction.
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(3) If neither paragraph (1) nor paragraph (2)
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| applies and an agreement between the bank and its customer governing the deposit account expressly provides that the deposit account is maintained at an office in a particular jurisdiction, that jurisdiction is the bank's jurisdiction.
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(4) If none of the preceding paragraphs applies, the
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| bank's jurisdiction is the jurisdiction in which the office identified in an account statement as the office serving the customer's account is located.
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(5) If none of the preceding paragraphs applies, the
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| bank's jurisdiction is the jurisdiction in which the chief executive office of the bank is located.
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(Source: P.A. 91-893, eff. 7-1-01.)
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