Illinois General Assembly

  Bills & Resolutions  
  Compiled Statutes  
  Public Acts  
  Legislative Reports  
  IL Constitution  
  Legislative Guide  
  Legislative Glossary  

 Search By Number
 (example: HB0001)
Search Tips

Search By Keyword

Illinois Compiled Statutes

 ILCS Listing   Public Acts  Search   Guide   Disclaimer

Information maintained by the Legislative Reference Bureau
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

810 ILCS 5/9-208

    (810 ILCS 5/9-208) (from Ch. 26, par. 9-208)
    Sec. 9-208. Additional duties of secured party having control of collateral.
    (a) Applicability of Section. This Section applies to cases in which there is no outstanding secured obligation and the secured party is not committed to make advances, incur obligations, or otherwise give value.
    (b) Duties of secured party after receiving demand from debtor. Within 10 days after receiving an authenticated demand by the debtor:
        (1) a secured party having control of a deposit
    
account under Section 9-104(a)(2) shall send to the bank with which the deposit account is maintained an authenticated statement that releases the bank from any further obligation to comply with instructions originated by the secured party;
        (2) a secured party having control of a deposit
    
account under Section 9-104(a)(3) shall:
            (A) pay the debtor the balance on deposit in the
        
deposit account; or
            (B) transfer the balance on deposit into a
        
deposit account in the debtor's name;
        (3) a secured party, other than a buyer, having
    
control of electronic chattel paper under Section 9-105 shall:
            (A) communicate the authoritative copy of the
        
electronic chattel paper to the debtor or its designated custodian;
            (B) if the debtor designates a custodian that is
        
the designated custodian with which the authoritative copy of the electronic chattel paper is maintained for the secured party, communicate to the custodian an authenticated record releasing the designated custodian from any further obligation to comply with instructions originated by the secured party and instructing the custodian to comply with instructions originated by the debtor; and
            (C) take appropriate action to enable the debtor
        
or its designated custodian to make copies of or revisions to the authoritative copy which add or change an identified assignee of the authoritative copy without the consent of the secured party;
        (4) a secured party having control of investment
    
property under Section 8-106(d)(2) or 9-106(b) shall send to the securities intermediary or commodity intermediary with which the security entitlement or commodity contract is maintained an authenticated record that releases the securities intermediary or commodity intermediary from any further obligation to comply with entitlement orders or directions originated by the secured party;
        (5) a secured party having control of a
    
letter-of-credit right under Section 9-107 shall send to each person having an unfulfilled obligation to pay or deliver proceeds of the letter of credit to the secured party an authenticated release from any further obligation to pay or deliver proceeds of the letter of credit to the secured party; and
        (6) a secured party having control of an electronic
    
document shall:
            (A) give control of the electronic document to
        
the debtor or its designated custodian;
            (B) if the debtor designates a custodian that is
        
the designated custodian with which the authoritative copy of the electronic document is maintained for the secured party, communicate to the custodian an authenticated record releasing the designated custodian from any further obligation to comply with instructions originated by the secured party and instructing the custodian to comply with instructions originated by the debtor; and
            (C) take appropriate action to enable the debtor
        
or its designated custodian to make copies of or revisions to the authoritative copy which add or change an identified assignee of the authoritative copy without the consent of the secured party.
(Source: P.A. 95-895, eff. 1-1-09.)