2005 Illinois 810 ILCS 5/ Uniform Commercial Code. Part 6 - Transition Provisions For Revised Article 8 And Conforming Amendments To Articles 1, 5, 9, And 10
(810 ILCS 5/Art. 8 Pt. 6 heading)
PART 6.
TRANSITION PROVISIONS FOR REVISED ARTICLE 8 AND
CONFORMING AMENDMENTS TO ARTICLES 1, 5, 9, AND 10
(810 ILCS 5/8‑601)
Sec. 8‑601.
Effective date.
(Blank).
(Source: P.A. 89‑364, eff. 1‑1‑96.)
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(810 ILCS 5/8‑602)
Sec. 8‑602.
Repeals.
(See Section 60 of Public Act 89‑364 for repeal of
certain Sections of Article 8 of the Uniform Commercial Code.)
(Source: P.A. 89‑364, eff. 1‑1‑96; 89‑626, eff. 8‑9‑96.)
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(810 ILCS 5/8‑603)
Sec. 8‑603.
Savings clause.
(a) This amendatory Act of 1995 does not affect an action or proceeding
commenced
before this amendatory Act of 1995 takes effect.
(b) If a security interest in a security is perfected at the date this
amendatory Act of 1995 takes effect, and the action by which the security
interest was
perfected would suffice to perfect a security interest under this amendatory
Act of 1995, no
further action is required to continue perfection. If a security interest in a
security is perfected at the date this amendatory Act of 1995 takes effect but
the action by
which the security interest was perfected would not suffice to perfect a
security interest under this amendatory Act of 1995, the security interest
remains perfected
for a period of 4 months after the effective date and continues perfected
thereafter if appropriate action to perfect under this amendatory Act of 1995
is taken within
that period. If
a security interest is perfected at the date this amendatory Act of 1995 takes
effect and the
security interest can be perfected by filing under this amendatory Act of 1995,
a financing
statement signed by the secured party instead of the debtor may be filed
within that period to continue perfection or thereafter to perfect.
(Source: P.A. 89‑364, eff. 1‑1‑96.)
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