HB4355 94TH GENERAL ASSEMBLY

LRB094 16475 LCT 51735 b

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.

A BILL FOR

AN ACT concerning business.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Uniform Commercial Code is amended by changing Section 9-309 as follows:

(810 ILCS 5/9-309) (from Ch. 26, par. 9-309)

Sec. 9-309. Security interest perfected upon attachment. The following security interests are are perfected when they attach:

(1) a purchase-money security interest in consumer goods, except as otherwise provided in Section 9-311(b) with respect to consumer goods that are subject to a statute or treaty described in Section 9-311(a);

(2) an assignment of accounts or payment intangibles which does not by itself or in conjunction with other assignments to the same assignee transfer a significant part of the assignor's outstanding accounts or payment intangibles;

(3) a sale of a payment intangible;

(4) a sale of a promissory note;

(5) a security interest created by the assignment of a health-care-insurance receivable to the provider of the health-care goods or services;

(6) a security interest arising under Section 2-401, 2-505, 2-711(3), or 2A-508(5), until the debtor obtains possession of the collateral;

(7) a security interest of a collecting bank arising under Section 4-210;

(8) a security interest of an issuer or nominated person arising under Section 5-118;

(9) a security interest arising in the delivery of a financial asset under Section 9-206(c);

(10) a security interest in investment property created by a broker or securities intermediary;

(11) a security interest in a commodity contract or a commodity account created by a commodity intermediary;

(12) an assignment for the benefit of all creditors of the transferor and subsequent transfers by the assignee thereunder; and

(13) a security interest created by an assignment of a beneficial interest in a decedent's estate.

(Source: P.A. 91-893, eff. 7-1-01.)