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(810 ILCS 5/12-102) (from Ch. 26, par. 12-102) Sec. 12-102. Definitions. (a) In this Article: (1) "Controllable electronic record" means a record |
| stored in an electronic medium that can be subjected to control under Section 12-105. The term does not include a controllable account, a controllable payment intangible, a deposit account, an electronic copy of a record evidencing chattel paper, an electronic document of title, electronic money, investment property, or a transferable record.
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(2) "Qualifying purchaser" means a purchaser of a
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| controllable electronic record or an interest in a controllable electronic record that obtains control of the controllable electronic record for value, in good faith, and without notice of a claim of a property right in the controllable electronic record.
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(3) "Transferable record" has the meaning provided
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(A) Section 201(a)(1) of the Electronic
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| Signatures in Global and National Commerce Act, 15 U.S.C. Section 7021(a)(1), as amended; or
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(B) Section 16(a) of the Uniform Electronic
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(4) "Value" has the meaning provided in Section
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| 3-303(a), as if references in that subsection to an "instrument" were references to a controllable account, controllable electronic record, or controllable payment intangible.
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(b) Definitions in Article 9. The definitions in Article 9 of "account debtor", "controllable account", "controllable payment intangible", "chattel paper", "deposit account", "electronic money", and "investment property" apply to this Article.
(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.)
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