Illinois General Assembly - Illinois Compiled Statutes

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810 ILCS 5/9-307

(810 ILCS 5/9-307) (from Ch. 26, par. 9-307)

Sec. 9-307. Location of debtor.

(a) "Place of business."  In this Section, "place of business" means
a place where a debtor conducts its affairs.

(b) Debtor's location:  general rules.  Except as otherwise
provided in this Section, the following rules determine a debtor's location:

(1) A debtor who is an individual is located at the

individual's principal residence.

(2) A debtor that is an organization and has only one

place of business is located at its place of business.

(3) A debtor that is an organization and has more

than one place of business is located at its chief executive office.

(c) Limitation of applicability of subsection (b).  Subsection (b)
applies only if a debtor's residence, place of business, or chief executive
office, as applicable, is located in a jurisdiction whose law generally
requires information concerning the existence of a nonpossessory security
interest to be made generally available in a filing, recording, or registration
system as a condition or result of the security interest's obtaining priority
over the rights of a lien creditor with respect to the collateral.  If
subsection (b) does not apply, the debtor is located in the District of
Columbia.

(d) Continuation of location:  cessation of existence, etc.  A person that
ceases to exist, have a residence, or have a place of business continues
to be located in the jurisdiction specified by subsections (b) and (c).

(e) Location of registered organization organized under State
law.  A registered organization that is organized under the law of a State is
located in that State.

(f) Location of registered organization organized under federal law; bank
branches and agencies.  Except as otherwise provided in subsection (i), a
registered organization that is organized under the law of the United States
and a branch or agency of a bank that is not organized under the law of the
United States or a State are located:

(1) in the State that the law of the United States

designates, if the law designates a State of location;

(2) in the State that the registered organization,

branch, or agency designates, if the law of the United States authorizes the registered organization, branch, or agency to designate its State of location, including by designating its main office, home office, or other comparable office; or

(3) in the District of Columbia, if neither paragraph

(1) nor paragraph (2) applies.

(g) Continuation of location:  change in status of registered organization.
A registered organization continues to be located in the jurisdiction specified
by subsection (e) or (f) notwithstanding:

(1) the suspension, revocation, forfeiture, or lapse

of the registered organization's status as such in its jurisdiction of organization; or

(2) the dissolution, winding up, or cancellation of

the existence of the registered organization.

(h) Location of United States.  The United States is located in the
District of Columbia.

(i) Location of foreign bank branch or agency if licensed in only one
State.  A branch or agency of a bank that is not organized under the law
of the United States or a State is located in the State in which the branch
or agency is licensed, if all branches and agencies of the bank are licensed
in only one State.

(j) Location of foreign air carrier.  A foreign air carrier under the
Federal Aviation Act of 1958, as amended, is located at the designated office
of the agent upon which service of process may be made on behalf of the
carrier.

(k) Section applies only to this Part.  This Section applies only for
purposes of this Part.

(Source: P.A. 97-1034, eff. 7-1-13.)