(810 ILCS 5/9-709)
Sec. 9-709.
Priority.
(a) Law governing priority. This Act determines the priority of
conflicting claims to collateral. However, if the relative priorities of the
claims
were established before the effective date of this amendatory Act of the 91st
General Assembly, Article 9 as it existed before the effective date of this
amendatory Act of the 91st General Assembly determines priority.
(b) Priority if security interest becomes enforceable under
Section 9-203. For purposes of Section 9-322(a), the priority of a security
interest
that becomes enforceable under Section 9-203 of this Act dates from the
effective
date of this amendatory Act of the 91st General Assembly if the security
interest is
perfected under this Act by the filing of a financing statement before the
effective
date of this amendatory Act of the 91st General Assembly which would not have
been effective to perfect the security interest under Article 9 as it existed
before the
effective date of this amendatory Act of the 91st General Assembly. This
subsection does not apply to conflicting security interests each of which is
perfected by the filing of such a financing statement.
(Source: P.A. 91-893, eff. 7-1-01.)
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