Illinois General Assembly - Illinois Compiled Statutes

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810 ILCS 5/9-332

(810 ILCS 5/9-332)

Sec. 9-332.

Transfer of money; transfer of funds from deposit account.

(a) Transferee of money.  A transferee of money takes the money
free of a security interest unless the transferee acts in collusion with the
debtor in
violating the rights of the secured party.

(b) Transferee of funds from deposit account.  A transferee of
funds from a deposit account takes the funds free of a security interest in the
deposit account unless the transferee acts in collusion with the debtor in
violating
the rights of the secured party.

(Source: P.A. 91-893, eff. 7-1-01.)