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| [ Conference Committee Report 002 ] |
90_SB0465ham001
LRB9003092KDksam02
1 AMENDMENT TO SENATE BILL 465
2 AMENDMENT NO. . Amend Senate Bill 465 by replacing
3 everything after the enacting clause with the following:
4 "Section 5. The Code of Civil Procedure is amended by
5 changing Section 12-112 as follows:
6 (735 ILCS 5/12-112) (from Ch. 110, par. 12-112)
7 Sec. 12-112. What liable to enforcement. All the lands,
8 tenements, real estate, goods and chattels (except such as is
9 by law declared to be exempt) of every person against whom
10 any judgment has been or shall be hereafter entered in any
11 court, for any debt, damages, costs, or other sum of money,
12 shall be liable to be sold upon such judgment. Any real
13 property, or any beneficial interest in a land trust, held in
14 tenancy by the entirety shall not be liable to be sold upon
15 judgment entered on or after October 1, 1990 against only one
16 of the tenants, except if the property was transferred into
17 tenancy by the entirety with the actual intent to hinder,
18 delay, or defraud creditors. However, any income from such
19 property shall be subject to garnishment as provided in Part
20 7 of this Article XII, whether judgment has been entered
21 against one or both of the tenants.
22 This amendatory Act of 1995 is declarative of existing
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1 law.
2 This amendatory Act of 1997 is intended as a
3 clarification of existing law and not as a new enactment.
4 (Source: P.A. 89-88, eff. 6-30-95; 89-438, eff. 12-15-95.)
5 Section 10. The Uniform Commercial Code is amended by
6 changing Section 9-301 as follows:
7 (810 ILCS 5/9-301) (from Ch. 26, par. 9-301)
8 Sec. 9-301. Persons Who Take Priority Over Unperfected
9 Security Interests; Rights of "Lien Creditor".
10 (1) Except as otherwise provided in subsection (2), an
11 unperfected security interest is subordinate to the rights of
12 (a) persons entitled to priority under Section
13 9-312;
14 (b) a person who becomes a lien creditor before the
15 security interest is perfected;
16 (c) in the case of goods, instruments, documents,
17 and chattel paper, a person who is not a secured party
18 and who is a transferee in bulk or other buyer not in
19 ordinary course of business or is a buyer of farm
20 products in ordinary course of business, to the extent
21 that he gives value and receives delivery of the
22 collateral without knowledge of the security interest and
23 before it is perfected;
24 (d) in the case of accounts, general intangibles,
25 and investment property, a person who is not a secured
26 party and who is a transferee to the extent that he gives
27 value without knowledge of the security interest and
28 before it is perfected;.
29 provided, however, that an unperfected security interest
30 shall take priority over the rights of a lien creditor if (i)
31 the lien creditor is a trustee or receiver of a state or
32 federally chartered financial institution acting in
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1 furtherance of its supervisory authority over the financial
2 institution and (ii) a security interest is granted by the
3 financial institution to secure a deposit of public funds
4 with the financial institution or a repurchase agreement with
5 the financial institution pursuant to the Government
6 Securities Act of 1986, as amended.
7 (2) If the secured party files with respect to a
8 purchase money security interest before or within 20 days
9 after the debtor receives possession of the collateral, he
10 takes priority over the rights of a transferee in bulk or of
11 a lien creditor which arise between the time the security
12 interest attaches and the time of filing.
13 (3) A "lien creditor" means a creditor who has acquired
14 a lien on the property involved by attachment, levy or the
15 like and includes an assignee for benefit of creditors from
16 the time of assignment, and a trustee in bankruptcy from the
17 date of the filing of the petition or a receiver in equity
18 from the time of appointment.
19 (4) A person who becomes a lien creditor while a
20 security interest is perfected takes subject to the security
21 interest only to the extent that it secures advances made
22 before he becomes a lien creditor or within 45 days
23 thereafter or made without knowledge of the lien or pursuant
24 to a commitment entered into without knowledge of the lien.
25 (Source: P.A. 89-364, eff. 1-1-96.)
26 Section 99. Effective date. This Act takes effect upon
27 becoming law.".