Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process.
Recent laws may not yet be included in the ILCS database, but they are found on this site as
Public
Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the
Guide.
Because the statute database is maintained primarily for legislative drafting purposes,
statutory changes are sometimes included in the statute database before they take effect.
If the source note at the end of a Section of the statutes includes a Public Act that has
not yet taken effect, the version of the law that is currently in effect may have already
been removed from the database and you should refer to that Public Act to see the changes
made to the current law.
(810 ILCS 5/9-513)
Sec. 9-513.
Termination statement.
(a) Consumer goods. A secured party shall cause the secured party
of record for a financing statement to file a termination statement for the
financing
statement if the financing statement covers consumer goods and:
(1) there is no obligation secured by the collateral |
| covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value; or
|
|
(2) the debtor did not authorize the filing of the
|
| initial financing statement.
|
|
(b) Time for compliance with subsection (a). To comply with
subsection (a), a secured party shall cause the secured party of record to file the
termination statement:
(1) within one month after there is no obligation
|
| secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value; or
|
|
(2) if earlier, within 20 days after the secured
|
| party receives an authenticated demand from a debtor.
|
|
(c) Other collateral. In cases not governed by subsection (a),
within 20 days after a secured party receives an authenticated demand from a
debtor, the secured party shall cause the secured party of record for a financing
statement to send to the debtor a termination statement for the financing statement
or file the termination statement in the filing office if:
(1) except in the case of a financing statement
|
| covering accounts or chattel paper that has been sold or goods that are the subject of a consignment, there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value;
|
|
(2) the financing statement covers accounts or
|
| chattel paper that has been sold but as to which the account debtor or other person obligated has discharged its obligation;
|
|
(3) the financing statement covers goods that were
|
| the subject of a consignment to the debtor but are not in the debtor's possession; or
|
|
(4) the debtor did not authorize the filing of the
|
| initial financing statement.
|
|
(d) Effect of filing termination statement. Except as otherwise
provided in Section 9-510, upon the filing of a termination statement with the
filing
office, the financing statement to which the termination statement relates
ceases to
be
effective. Except
as otherwise provided in Section 9-510, for purposes of Sections 9-519(g),
9-522(a), and 9-523(c) the filing with the filing office of a termination
statement relating to a financing statement that indicates that the debtor is a
transmitting utility also causes the effectiveness of the financing statement
to lapse.
(Source: P.A. 91-893, eff. 7-1-01.)
|
