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(810 ILCS 5/9-311) (from Ch. 26, par. 9-311)
Sec. 9-311. Perfection of security interests in property subject to
certain
statutes, regulations, and treaties.
(a) Security interest subject to other law. Except as otherwise
provided in subsection (d), the filing of a financing statement is not
necessary or
effective to perfect a security interest in property subject to:
(1) a statute, regulation, or treaty of the United |
| States whose requirements for a security interest's obtaining priority over the rights of a lien creditor with respect to the property preempt Section 9-310(a);
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(2) the Illinois Vehicle Code or the Boat
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| Registration and Safety Act; or
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(3) a statute of another jurisdiction which provides
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| for a security interest to be indicated on a certificate of title as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the property.
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(b) Compliance with other law. Compliance with the
requirements of a statute, regulation, or treaty described in subsection (a)
for
obtaining priority over the rights of a lien creditor is equivalent to the
filing of a
financing statement under this Article. Except as otherwise provided in subsection
(d) and Sections 9-313 and 9-316(d) and (e) for goods covered by a certificate of
title, a security interest in property subject to a statute, regulation, or treaty
described in subsection (a) may be perfected only by compliance with those
requirements, and a security interest so perfected remains perfected
notwithstanding a change in the use or transfer of possession of the collateral.
(c) Duration and renewal of perfection. Except as otherwise
provided in subsection (d) and Section 9-316(d) and (e), duration and renewal
of
perfection of a security interest perfected by compliance with the requirements
prescribed by a statute, regulation, or treaty described in subsection (a) are
governed by the statute, regulation, or treaty. In other respects, the
security interest
is subject to this Article.
(d) Inapplicability to certain inventory. During any period in
which
collateral subject to a
statute specified in subsection (a)(2)
is inventory held for sale or lease by a person or leased by
that
person as lessor and that person is in the business of selling or leasing goods
of that
kind, this Section does not apply to a security interest in that collateral
created by
that person as debtor.
(Source: P.A. 97-1034, eff. 7-1-13.)
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