94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4355

 

Introduced 01/03/06, by Rep. Lou Lang

 

SYNOPSIS AS INTRODUCED:
 
810 ILCS 5/9-309   from Ch. 26, par. 9-309

    Amends the Uniform Commercial Code. Makes a technical change in a Section concerning perfecting a security interest.


LRB094 16475 LCT 51735 b

 

 

A BILL FOR

 

HB4355 LRB094 16475 LCT 51735 b

1     AN ACT concerning business.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Uniform Commercial Code is amended by
5 changing Section 9-309 as follows:
 
6     (810 ILCS 5/9-309)  (from Ch. 26, par. 9-309)
7     Sec. 9-309. Security interest perfected upon attachment.
8 The following security interests are are perfected when they
9 attach:
10         (1) a purchase-money security interest in consumer
11     goods, except as otherwise provided in Section 9-311(b)
12     with respect to consumer goods that are subject to a
13     statute or treaty described in Section 9-311(a);
14         (2) an assignment of accounts or payment intangibles
15     which does not by itself or in conjunction with other
16     assignments to the same assignee transfer a significant
17     part of the assignor's outstanding accounts or payment
18     intangibles;
19         (3) a sale of a payment intangible;
20         (4) a sale of a promissory note;
21         (5) a security interest created by the assignment of a
22     health-care-insurance receivable to the provider of the
23     health-care goods or services;
24         (6) a security interest arising under Section 2-401,
25     2-505, 2-711(3), or 2A-508(5), until the debtor obtains
26     possession of the collateral;
27         (7) a security interest of a collecting bank arising
28     under Section 4-210;
29         (8) a security interest of an issuer or nominated
30     person arising under Section 5-118;
31         (9) a security interest arising in the delivery of a
32     financial asset under Section 9-206(c);

 

 

HB4355 - 2 - LRB094 16475 LCT 51735 b

1         (10) a security interest in investment property
2     created by a broker or securities intermediary;
3         (11) a security interest in a commodity contract or a
4     commodity account created by a commodity intermediary;
5         (12) an assignment for the benefit of all creditors of
6     the transferor and subsequent transfers by the assignee
7     thereunder; and
8         (13) a security interest created by an assignment of a
9     beneficial interest in a decedent's estate.
10 (Source: P.A. 91-893, eff. 7-1-01.)