(810 ILCS 5/9-705)
Sec. 9-705.
Effectiveness of action taken before effective date.
(a) Pre-effective-date action; one-year perfection period unless
reperfected. If action, other than the filing of a financing statement, is
taken
before the effective date of this amendatory Act of the 91st General Assembly
and
the action would have resulted in priority of a security interest over the
rights of a
person that becomes a lien creditor had the security interest become
enforceable
before the effective date of this amendatory Act of the 91st General Assembly, the
action is effective to perfect a security interest that attaches under this Act within
one year after the effective date of this amendatory Act of the 91st General
Assembly. An attached security interest becomes unperfected one year after the
effective date of this amendatory Act of the 91st General Assembly unless the
security interest becomes a perfected security interest under this Act before the
expiration of that period.
(b) Pre-effective-date filing. The filing of a financing statement
before the effective date of this amendatory Act of the 91st General Assembly is
effective to perfect a security interest to the extent the filing would satisfy the
applicable requirements for perfection under this Act.
(c) Pre-effective-date filing in jurisdiction formerly governing
perfection. This Act does not render ineffective an effective financing statement
that, before the effective date of this amendatory Act of the 91st General
Assembly,
is filed and satisfies the applicable requirements for perfection under the law
of the
jurisdiction governing perfection as provided in Section 9-103
of the Uniform Commercial Code as it existed before the effective date of
this amendatory Act of the 91st General Assembly.
However,
except as otherwise provided in subsections (d) and (e) and Section 9-706, the
financing statement ceases to be effective at the earlier of:
(1) the time the financing statement would have |
(2) June 30, 2006.
(d) Continuation statement. The filing of a continuation statement
after the effective date of this amendatory Act of the 91st General Assembly
does
not continue the effectiveness of the financing statement filed before the
effective
date of this amendatory Act of the 91st General Assembly. However, upon the
timely filing of a continuation statement after the effective date of this
amendatory
Act of the 91st General Assembly and in accordance with the law of the
jurisdiction governing perfection as provided in Part 3, the effectiveness of a
financing statement filed in the same office in that jurisdiction before the effective
date of this amendatory Act of the 91st General Assembly continues for the period
provided by the law of that jurisdiction.
(e) Application of subsection (c)(2) to transmitting utility
financing statement. Subsection (c)(2) applies to a financing statement that,
before the effective date of this amendatory Act of the 91st General Assembly,
is
filed against a transmitting utility and satisfies the applicable requirements
for
perfection under the law of the jurisdiction governing perfection as provided
in Section 9-103, as that Section existed before the effective date of this
amendatory Act of the 91st General Assembly, only to the extent that Part 3
provides that the law of
a
jurisdiction other than jurisdiction in which the financing statement is filed
governs
perfection of a security interest in collateral covered by the financing
statement.
(f) Application of Part 5. A financing statement that includes a
financing statement filed before the effective date of this amendatory Act of
the
91st General Assembly and a continuation statement filed after the effective
date of
this amendatory Act of the 91st General Assembly is effective only to the
extent
that it satisfies the requirements of Part 5 for an initial financing
statement.
(Source: P.A. 91-893, eff. 7-1-01.)
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