Sec. 9-310. When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply.

286 words·~1 min read·/il/chapter-810/act-5/9-310

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

(a)General rule: perfection by filing. Except as otherwise provided in subsection

(b)and Section 9-312(b), a financing statement must be filed to perfect all security interests and agricultural liens.

(b)Exceptions: filing not necessary. The filing of a financing statement is not necessary to perfect a security interest:

(1)that is perfected under Section 9-308(d), (e), (f), or (g);

(2)that is perfected under Section 9-309 when it attaches;

(3)in property subject to a statute, regulation, or treaty described in Section

9-311(a);

(4)in goods in possession of a bailee which is perfected under Section 9-312(d)(1) or

(2);

(5)in certificated securities, documents, goods, or instruments which is perfected

without filing, control, or possession under Section 9-312(e), (f), or (g);

(6)in collateral in the secured party's possession under Section 9-313;

(7)in a certificated security which is perfected by delivery of the security

certificate to the secured party under Section 9-313;

(8)in controllable accounts, controllable electronic records, controllable payment

intangibles, deposit accounts, electronic documents, investment property, letter-of-credit rights, or beneficial interests in Illinois land trusts which is perfected by control under Section 9-314;

(8.1) in chattel paper which is perfected by possession and control under Section

9-314A;

(9)in proceeds which is perfected under Section 9-315; or

(10)that is perfected under Section 9-316.

(c)Assignment of perfected security interest. If a secured party assigns a perfected security interest or agricultural lien, a filing under this Article is not required to continue the perfected status of the security interest against creditors of and transferees from the original debtor.