810 ILCS 5/ Uniform Commercial Code.

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    (810 ILCS 5/Art. 12A heading)
ARTICLE 12A
TRANSITIONAL PROVISIONS FOR UNIFORM COMMERCIAL
CODE AMENDMENTS OF THE 103RD GENERAL ASSEMBLY
(Source: P.A. 103-1036, eff. 1-1-25.)


 
    (810 ILCS 5/Art. 12A Pt. 1 heading)
PART 1
GENERAL PROVISIONS AND DEFINITIONS
(Source: P.A. 103-1036, eff. 1-1-25.)

    (810 ILCS 5/12A-101)
    Sec. 12A-101. Title. This Article may be cited as Transitional Provisions for Uniform Commercial Code Amendments of the 103rd General Assembly.
(Source: P.A. 103-1036, eff. 1-1-25.)

    (810 ILCS 5/12A-102)
    Sec. 12A-102. Definitions.
    (a) In this Article:
        (1) "Adjustment date" means July 1, 2025, or the date
    
that is one year after the effective date of this amendatory Act of the 103rd General Assembly, whichever is later.
        (2) "Article 12" means Article 12 of the Uniform
    
Commercial Code.
        (3) "Article 12 property" means a controllable
    
account, controllable electronic record, or controllable payment intangible.
    (b) Definitions in other Articles. The following definitions in other Articles of the Uniform Commercial Code apply to this Article.
    "Controllable account". Section 9-102.
    "Controllable electronic record". Section 12-102.
    "Controllable payment intangible". Section 9-102.
    "Electronic money". Section 9-102.
    "Financing statement". Section 9-102.
    (c) Article 1 definitions and principles. Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article.
(Source: P.A. 103-1036, eff. 1-1-25.)


 
    (810 ILCS 5/Art. 12A Pt. 2 heading)
PART 2
GENERAL TRANSITIONAL PROVISION
(Source: P.A. 103-1036, eff. 1-1-25.)

    (810 ILCS 5/12A-201)
    Sec. 12A-201. Saving clause. Except as provided in Part 3, a transaction validly entered into before the effective date of this amendatory Act of the 103rd General Assembly and the rights, duties, and interests flowing from the transaction remain valid thereafter and may be terminated, completed, consummated, or enforced as required or permitted by law other than the Uniform Commercial Code or, if applicable, the Uniform Commercial Code, as though this amendatory Act of the 103rd General Assembly had not taken effect.
(Source: P.A. 103-1036, eff. 1-1-25.)


 
    (810 ILCS 5/Art. 12A Pt. 3 heading)
PART 3
TRANSITIONAL PROVISIONS FOR ARTICLES 9 AND 12
(Source: P.A. 103-1036, eff. 1-1-25.)

    (810 ILCS 5/12A-301)
    Sec. 12A-301. Saving clause.
    (a) Pre-effective-date transaction, lien, or interest. Except as provided in this Part, Article 9 as amended by this amendatory Act of the 103rd General Assembly and Article 12 apply to a transaction, lien, or other interest in property, even if the transaction, lien, or interest was entered into, created, or acquired before the effective date of this amendatory Act of the 103rd General Assembly.
    (b) Continuing validity. Except as provided in subsection (c) and Sections 12A-302 through 12A-306:
        (1) a transaction, lien, or interest in property that
    
was validly entered into, created, or transferred before the effective date of this amendatory Act of the 103rd General Assembly and was not governed by the Uniform Commercial Code, but would be subject to Article 9 as amended by this amendatory Act of the 103rd General Assembly or Article 12 if it had been entered into, created, or transferred on or after the effective date of this amendatory Act of the 103rd General Assembly, including the rights, duties, and interests flowing from the transaction, lien, or interest, remains valid on and after the effective date of this amendatory Act of the 103rd General Assembly; and
        (2) the transaction, lien, or interest may be
    
terminated, completed, consummated, and enforced as required or permitted by this amendatory Act of the 103rd General Assembly or by the law that would apply if this amendatory Act of the 103rd General Assembly had not taken effect.
    (c) Pre-effective-date proceeding. This amendatory Act of the 103rd General Assembly does not affect an action, case, or proceeding commenced before the effective date of this amendatory Act of the 103rd General Assembly.
(Source: P.A. 103-1036, eff. 1-1-25.)

    (810 ILCS 5/12A-302)
    Sec. 12A-302. Security interest perfected before effective date.
    (a) Continuing perfection: perfection requirements satisfied. A security interest that is enforceable and perfected immediately before the effective date of this amendatory Act of the 103rd General Assembly is a perfected security interest under this amendatory Act of the 103rd General Assembly if, on the effective date of this amendatory Act of the 103rd General Assembly, the requirements for enforceability and perfection under this amendatory Act of the 103rd General Assembly are satisfied without further action.
    (b) Continuing perfection: enforceability or perfection requirements not satisfied. If a security interest is enforceable and perfected immediately before the effective date of this amendatory Act of the 103rd General Assembly, but the requirements for enforceability or perfection under this amendatory Act of the 103rd General Assembly are not satisfied on the effective date of this amendatory Act of the 103rd General Assembly, the security interest:
        (1) is a perfected security interest until the
    
earlier of the time perfection would have ceased under the law in effect immediately before the effective date of this amendatory Act of the 103rd General Assembly or the adjustment date;
        (2) remains enforceable thereafter only if the
    
security interest satisfies the requirements for enforceability under Section 9-203, as amended by this amendatory Act of the 103rd General Assembly, before the adjustment date; and
        (3) remains perfected thereafter only if the
    
requirements for perfection under this amendatory Act of the 103rd General Assembly are satisfied before the time specified in paragraph (1).
(Source: P.A. 103-1036, eff. 1-1-25.)

    (810 ILCS 5/12A-303)
    Sec. 12A-303. Security interest unperfected before effective date. A security interest that is enforceable immediately before the effective date of this amendatory Act of the 103rd General Assembly but is unperfected at that time:
        (1) remains an enforceable security interest until
    
the adjustment date;
        (2) remains enforceable thereafter if the security
    
interest becomes enforceable under Section 9-203, as amended by this amendatory Act of the 103rd General Assembly, on the effective date of this amendatory Act of the 103rd General Assembly or before the adjustment date; and
        (3) becomes perfected:
            (A) without further action, on the effective date
        
of this amendatory Act of the 103rd General Assembly if the requirements for perfection under this amendatory Act of the 103rd General Assembly are satisfied before or at that time; or
            (B) when the requirements for perfection are
        
satisfied if the requirements are satisfied after that time.
(Source: P.A. 103-1036, eff. 1-1-25.)

    (810 ILCS 5/12A-304)
    Sec. 12A-304. Effectiveness of actions taken before effective date.
    (a) Pre-effective-date action; attachment and perfection before adjustment date. If action, other than the filing of a financing statement, is taken before the effective date of this amendatory Act of the 103rd General Assembly and the action would have resulted in perfection of the security interest had the security interest become enforceable before the effective date of this amendatory Act of the 103rd General Assembly, the action is effective to perfect a security interest that attaches under this amendatory Act of the 103rd General Assembly before the adjustment date. An attached security interest becomes unperfected on the adjustment date unless the security interest becomes a perfected security interest under this amendatory Act of the 103rd General Assembly before the adjustment date.
    (b) Pre-effective-date filing. The filing of a financing statement before the effective date of this amendatory Act of the 103rd General Assembly is effective to perfect a security interest on the effective date of this amendatory Act of the 103rd General Assembly to the extent the filing would satisfy the requirements for perfection under this amendatory Act of the 103rd General Assembly.
    (c) Pre-effective-date enforceability action. The taking of an action before the effective date of this amendatory Act of the 103rd General Assembly is sufficient for the enforceability of a security interest on the effective date of this amendatory Act of the 103rd General Assembly if the action would satisfy the requirements for enforceability under this amendatory Act of the 103rd General Assembly.
(Source: P.A. 103-1036, eff. 1-1-25.)

    (810 ILCS 5/12A-305)
    Sec. 12A-305. Priority.
    (a) Determination of priority. Subject to subsections (b) and (c), this amendatory Act of the 103rd General Assembly determines the priority of conflicting claims to collateral.
    (b) Established priorities. Subject to subsection (c), if the priorities of claims to collateral were established before the effective date of this amendatory Act of the 103rd General Assembly, Article 9 as in effect before the effective date of this amendatory Act of the 103rd General Assembly determines priority.
    (c) Determination of certain priorities on adjustment date. On the adjustment date, to the extent the priorities determined by Article 9 as amended by this amendatory Act of the 103rd General Assembly modify the priorities established before the effective date of this amendatory Act of the 103rd General Assembly, the priorities of claims to Article 12 property and electronic money established before the effective date of this amendatory Act of the 103rd General Assembly cease to apply.
(Source: P.A. 103-1036, eff. 1-1-25.)

    (810 ILCS 5/12A-306)
    Sec. 12A-306. Priority of claims when priority rules of Article 9 do not apply.
    (a) Determination of priority. Subject to subsections (b) and (c), Article 12 determines the priority of conflicting claims to Article 12 property when the priority rules of Article 9 as amended by this amendatory Act of the 103rd General Assembly do not apply.
    (b) Established priorities. Subject to subsection (c), when the priority rules of Article 9 as amended by this amendatory Act of the 103rd General Assembly do not apply and the priorities of claims to Article 12 property were established before the effective date of this amendatory Act of the 103rd General Assembly, law other than Article 12 determines priority.
    (c) Determination of certain priorities on adjustment date. When the priority rules of Article 9 as amended by this amendatory Act of the 103rd General Assembly do not apply, to the extent the priorities determined by this amendatory Act of the 103rd General Assembly modify the priorities established before the effective date of this amendatory Act of the 103rd General Assembly, the priorities of claims to Article 12 property established before the effective date of this amendatory Act of the 103rd General Assembly cease to apply on the adjustment date.
(Source: P.A. 103-1036, eff. 1-1-25.)