Sec. 12-102. Definitions.
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/il/chapter-810/act-5/12-102A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 12-102. Definitions.
(a)In this Article:
(1)"Controllable electronic record" means a record stored in an electronic medium that
can be subjected to control under Section 12-105. The term does not include a controllable account, a controllable payment intangible, a deposit account, an electronic copy of a record evidencing chattel paper, an electronic document of title, electronic money, investment property, or a transferable record.
(2)"Qualifying purchaser" means a purchaser of a controllable electronic record or an
interest in a controllable electronic record that obtains control of the controllable electronic record for value, in good faith, and without notice of a claim of a property right in the controllable electronic record.
(3)"Transferable record" has the meaning provided for that term in:
(A)Section 201(a)(1) of the Electronic Signatures in Global and National Commerce
Act, 15 U.S.C. Section 7021(a)(1), as amended; or
(B)Section 16(a) of the Uniform Electronic Transactions Act.
(4)"Value" has the meaning provided in Section 3-303(a), as if references in that
subsection to an "instrument" were references to a controllable account, controllable electronic record, or controllable payment intangible.
(b)Definitions in Article 9. The definitions in Article 9 of "account debtor", "controllable account", "controllable payment intangible", "chattel paper", "deposit account", "electronic money", and "investment property" apply to this Article.
(c)Article 1 definitions and principles. Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article.