(625 ILCS 5/3-204)
(from Ch. 95 1/2, par. 3-204)
Assignment by lienholder.
(a) A lienholder may assign, absolutely or otherwise, his security
interest in the vehicle to a person other than the owner without
affecting the interest of the owner or the validity of the security
interest, but any person without notice of the assignment is protected
in dealing with the lienholder as the holder of the security interest
and the lienholder remains liable for any obligations as lienholder
until the assignee is named as lienholder on the certificate.
(b) The assignee may, but need not to perfect the assignment, have
the certificate of title issued with the assignee named as
lienholder, upon delivering to the Secretary of State the certificate
and an assignment by the lienholder named in the certificate in the form
the Secretary of State prescribes.
(Source: P.A. 85-511.)