Bill Status of HB2415  93rd General Assembly

Short Description:  UCC-GUARANTEED PREPAYMENT AGR

House Sponsors
Rep. Richard P. Myers

Last Action
DateChamber Action
  1/11/2005HouseSession Sine Die

Statutes Amended In Order of Appearance
810 ILCS 5/Article 2B heading new
810 ILCS 5/Article 2B, Part 1 heading new
810 ILCS 5/2B-101 new
810 ILCS 5/2B-102 new
810 ILCS 5/2B-103 new
810 ILCS 5/Article 2B, Part 2 heading new
810 ILCS 5/2B-201 new
810 ILCS 5/9-102from Ch. 26, par. 9-102
810 ILCS 5/9-103A new
810 ILCS 5/9-324A new


Synopsis As Introduced
Amends the Uniform Commercial Code by adding a new Article with the short title of Uniform Commercial Code-Guaranteed Prepayments of Agricultural Goods. Provides that "in the event that the recipient of monies for agricultural goods becomes insolvent, the purchaser shall receive a payment equal to the monies paid for agricultural goods not delivered" and "in the event that the recipient of monies for agricultural goods enters into insolvency proceedings, the purchaser shall serve as the first secured creditor in the insolvency proceedings". Amends the Secured Transactions Article of the Uniform Commercial Code. Creates a production-money security interest in production-money crops. Effective immediately.

Actions 
DateChamber Action
  2/20/2003HouseFiled with the Clerk by Rep. Richard P. Myers
  2/20/2003HouseFirst Reading
  2/20/2003HouseReferred to Rules Committee
  2/26/2003HouseAssigned to Executive Committee
  3/5/2003HouseRe-assigned to Judiciary I - Civil Law Committee
  3/13/2003HouseRule 19(a) / Re-referred to Rules Committee
  1/11/2005HouseSession Sine Die