94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4356


 
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.
















LRB094 16476 LCT 51736 b

















 


 


A BILL FOR









 











HB4356

LRB094 16476 LCT 51736 b






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    AN ACT concerning business.

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


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



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



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


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


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

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    intangibles;


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        (3) a sale of a payment intangible;


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        (4) a sale of a promissory note;


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        (5) a security interest created by the assignment of a

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    health-care-insurance receivable to the provider of the 
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    health-care goods or
services;


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


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


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


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


 


 






HB4356
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LRB094 16476 LCT 51736 b




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


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


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


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

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