Sec. 1-186. Security interest.
56 words·~1 min read·
/il/chapter-625/act-5/1-186A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 1-186. Security interest.
An interest in a vehicle reserved or created by agreement and which secures payment or performance of an obligation. The term includes the interest of a lessor under a lease intended as security. A security interest is "perfected" when it is valid against third parties generally, subject only to specific statutory exceptions.