Illinois Compiled Statutes
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810 ILCS 5/9-610
(810 ILCS 5/9-610)
Disposition of collateral after default.
(a) Disposition after default. After default, a secured party may
sell, lease, license, or otherwise dispose of any or all of the collateral in
condition or following any commercially reasonable preparation or processing.
(b) Commercially reasonable disposition. Every aspect of a
disposition of collateral, including the method, manner, time, place, and other
terms, must be commercially reasonable. If commercially reasonable, a secured
party may dispose of collateral by public or private proceedings, by one or
contracts, as a unit or in parcels, and at any time and place and on any terms.
(c) Purchase by secured party. A secured party may purchase
(1) at a public disposition; or
(2) at a private disposition only if the collateral
is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations.
(d) Warranties on disposition. A contract for sale, lease, license,
or other disposition includes the warranties relating to title, possession, quiet
enjoyment, and the like which by operation of law accompany a voluntary
disposition of property of the kind subject to the contract.
(e) Disclaimer of warranties. A secured party may disclaim or
modify warranties under subsection (d):
(1) in a manner that would be effective to disclaim
or modify the warranties in a voluntary disposition of property of the kind subject to the contract of disposition; or
(2) by communicating to the purchaser a record
evidencing the contract for disposition and including an express disclaimer or modification of the warranties.
(f) Record sufficient to disclaim warranties. A record is
sufficient to disclaim warranties under subsection (e) if it indicates "There
warranty relating to title, possession, quiet enjoyment, or the like in this
disposition" or uses words of similar import.
(g) The provisions of this Section are subject to Section 26.5 of the Retail Installment Sales Act.
(Source: P.A. 97-913, eff. 1-1-13.)