Sec. 9-704. Security interest unperfected before effective date.
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/il/chapter-810/act-5/9-704A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 9-704. Security interest unperfected before effective date. A security interest that is enforceable immediately before the effective date of this amendatory Act of the 91st General Assembly but which would be subordinate to the rights of a person that becomes a lien creditor at that time:
(1)remains an enforceable security interest for one year after the effective date of
this amendatory Act of the 91st General Assembly;
(2)remains enforceable thereafter if the security interest becomes enforceable under
Section 9-203 on the effective date of this amendatory Act of the 91st General Assembly or within one year thereafter; and
(3)becomes perfected:
(A)without further action, on the effective date of this amendatory Act of the 91st
General Assembly if the applicable requirements for perfection under this Act are satisfied before or at that time; or
(B)when the applicable requirements for perfection are satisfied if the
requirements are satisfied after that time.