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(810 ILCS 5/9-301) (from Ch. 26, par. 9-301)
Sec. 9-301. Law governing perfection and priority of security interests. Except as otherwise provided in Sections 9-303 through 9-306.1,
the following
rules
determine the law governing perfection, the effect of perfection or
nonperfection,
and the priority of a security interest in collateral:
(1) Except as otherwise provided in this Section, |
| while a debtor is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral.
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(2) While collateral is located in a jurisdiction,
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| the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a possessory security interest in that collateral.
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(3) Except as otherwise provided in paragraph (4),
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| while tangible negotiable documents, goods, instruments, money, or tangible chattel paper is located in a jurisdiction, the local law of that jurisdiction governs:
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(A) perfection of a security interest in the
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| goods by filing a fixture filing;
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(B) perfection of a security interest in timber
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(C) the effect of perfection or nonperfection and
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| the priority of a nonpossessory security interest in the collateral.
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(4) The local law of the jurisdiction in which the
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| wellhead or minehead is located governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in as-extracted collateral.
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(Source: P.A. 95-895, eff. 1-1-09.)
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