Sec. 9-309. Security interest perfected upon attachment.

246 words·~1 min read·/il/chapter-810/act-5/9-309

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 9-309. Security interest perfected upon attachment. The following security interests are perfected when they attach:

(1)a purchase-money security interest in consumer goods, except as otherwise provided

in Section 9-311(b) with respect to consumer goods that are subject to a statute or treaty described in Section 9-311(a);

(2)an assignment of accounts or payment intangibles which does not by itself or in

conjunction with other assignments to the same assignee transfer a significant part of the assignor's outstanding accounts or payment intangibles;

(3)a sale of a payment intangible;

(4)a sale of a promissory note;

(5)a security interest created by the assignment of a health-care-insurance receivable

to the provider of the health-care goods or services;

(6)a security interest arising under Section 2-401, 2-505, 2-711(3), or 2A-508(5),

until the debtor obtains possession of the collateral;

(7)a security interest of a collecting bank arising under Section 4-210;

(8)a security interest of an issuer or nominated person arising under Section 5-118;

(9)a security interest arising in the delivery of a financial asset under Section

9-206(c);

(10)a security interest in investment property created by a broker or securities

intermediary;

(11)a security interest in a commodity contract or a commodity account created by a

commodity intermediary;

(12)an assignment for the benefit of all creditors of the transferor and subsequent

transfers by the assignee thereunder; and

(13)a security interest created by an assignment of a beneficial interest in a

decedent's estate.