Sec. 40. Assignability; liens.
125 words·~1 min read·
/il/chapter-815/act-121/40A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 40. Assignability; liens.
(a)The contingent right to receive an amount of the potential proceeds of a legal claim is assignable by a consumer.
(b)Only liens related to the legal claim, including attorney's liens, Medicare, or other statutory liens, shall take priority over any lien of the consumer legal funding company. All other liens shall take priority by normal operation of law.
(c)A consumer legal funding transaction does not constitute an assignment of a personal injury claim or chose in action.
(d)A consumer legal funding transaction does not constitute the assignment of any present right; the transaction constitutes the transfer of an unvested, contingent future interest in an amount of the potential proceeds of a legal claim or cause of action.