Illinois General Assembly - Illinois Compiled Statutes

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810 ILCS 5/12A-303

(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.)