reglab/housing_qa huggingface dataset:
810 ILCS 5/8-501
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 8 - Investment Securities

Sec. 8-501.         Securities account; acquisition of  security entitlement from securities intermediary.(a) "Securities account" means an account to which a financial asset  is or may be credited in accordance with an agreement under which the  person maintaining the account undertakes to treat the person for whom the  account is maintained as entitled to exercise the rights that comprise the  financial asset.(b) Except as otherwise provided in subsections (d) and (e), a  person acquires a security entitlement if a securities intermediary:(1) indicates by book entry that a financial asset     has been credited to the person's securities account;(2) receives a financial asset from the person or     acquires a financial asset for the person and, in either case, accepts it for credit to the person's securities account; or(3) becomes obligated under other law, regulation, or     rule to credit a financial asset to the person's securities account.(c) If a condition of subsection (b) has been met, a person has a  security entitlement even though the securities intermediary does not itself  hold the financial asset.(d) If a securities intermediary holds a financial asset for another  person, and the financial asset is registered in the name of, payable to the  order of, or specially indorsed to the other person, and has not been  indorsed to the securities intermediary or in blank, the other person is  treated as holding the financial asset directly rather than as having a  security entitlement with respect to the financial asset.(e) Issuance of a security is not establishment of a security  entitlement.    (Source: P.A. 89-364, eff. 1-1-96.)
810 ILCS 5/8-502
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 8 - Investment Securities

Sec. 8-502.         Assertion of adverse claim against  entitlement holder.  An action based on an adverse claim to a  financial asset, whether framed in conversion, replevin, constructive trust,  equitable lien, or other theory, may not be asserted against a person who  acquires a security entitlement under Section 8-501 for value and without  notice of the adverse claim.    (Source: P.A. 89-364, eff. 1-1-96.)
810 ILCS 5/8-503
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 8 - Investment Securities

Sec. 8-503.         Property interest of entitlement  holder in financial asset held by securities  intermediary.(a) To the extent necessary for a securities intermediary to satisfy  all security entitlements with respect to a particular financial asset, all  interests in that financial asset held by the securities intermediary are held  by the securities intermediary for the entitlement holders, are not property  of the securities intermediary, and are not subject to claims of creditors of  the securities intermediary, except as otherwise provided in Section 8-511.(b) An entitlement holder's property interest with respect to a  particular financial asset under subsection (a) is a pro rata property interest  in all interests in that financial asset held by the securities intermediary,  without regard to the time the entitlement holder acquired the security  entitlement or the time the securities intermediary acquired the interest in  that financial asset.(c) An entitlement holder's property interest with respect to a  particular financial asset under subsection (a) may be enforced against the  securities intermediary only by exercise of the entitlement holder's rights  under Sections 8-505 through 8-508.(d) An entitlement holder's property interest with respect to a  particular financial asset under subsection (a) may be enforced against a  purchaser of the financial asset or interest therein only if:(1) insolvency proceedings have been initiated by or     against the securities intermediary;(2) the securities intermediary does not have     sufficient interests in the financial asset to satisfy the security entitlements of all of its entitlement holders to that financial asset;(3) the securities intermediary violated its     obligations under Section 8-504 by transferring the financial asset or interest therein to the purchaser; and(4) the purchaser is not protected under subsection     (e). The trustee or other liquidator, acting on behalf of all entitlement holders having security entitlements with respect to a particular financial asset, may recover the financial asset, or interest therein, from the purchaser.  If the trustee or other liquidator elects not to pursue that right, an entitlement holder whose security entitlement remains unsatisfied has the right to recover its interest in the financial asset from the purchaser.(e) An action based on the entitlement holder's property interest  with respect to a particular financial asset under subsection (a), whether  framed in conversion, replevin, constructive trust, equitable lien, or other  theory, may not be asserted against any purchaser of a financial asset or  interest therein who gives value, obtains control, and does not act in  collusion with the securities intermediary in violating the securities  intermediary's obligations under Section 8-504.    (Source: P.A. 89-364, eff. 1-1-96.)
810 ILCS 5/8-504
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 8 - Investment Securities

Sec. 8-504.         Duty of securities intermediary to  maintain financial asset.(a) A securities intermediary shall promptly obtain and thereafter  maintain a financial asset in a quantity corresponding to the aggregate of all  security entitlements it has established in favor of its entitlement holders  with respect to that financial asset.  The securities intermediary may  maintain those financial assets directly or through one or more other  securities intermediaries.(b) Except to the extent otherwise agreed by its entitlement holder,  a securities intermediary may not grant any security interests in a financial  asset it is obligated to maintain pursuant to subsection (a).(c) A securities intermediary satisfies the duty in subsection (a) if:(1) the securities intermediary acts with respect to     the duty as agreed upon by the entitlement holder and the securities intermediary; or(2) in the absence of agreement, the securities     intermediary exercises due care in accordance with reasonable commercial standards to obtain and maintain the financial asset.(d) This Section does not apply to a clearing corporation that is  itself the obligor of an option or similar obligation to which its entitlement  holders have security entitlements.    (Source: P.A. 89-364, eff. 1-1-96.)
810 ILCS 5/8-505
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 8 - Investment Securities

Sec. 8-505.         Duty of securities intermediary with  respect to payments and distributions.(a) A securities intermediary shall take action to obtain a payment  or distribution made by the issuer of a financial asset.  A securities  intermediary satisfies the duty if:(1) the securities intermediary acts with respect to     the duty as agreed upon by the entitlement holder and the securities intermediary; or(2) in the absence of agreement, the securities     intermediary exercises due care in accordance with reasonable commercial standards to attempt to obtain the payment or distribution.(b) A securities intermediary is obligated to its entitlement holder  for a payment or distribution made by the issuer of a financial asset if the  payment or distribution is received by the securities intermediary.    (Source: P.A. 89-364, eff. 1-1-96.)
810 ILCS 5/8-506
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 8 - Investment Securities

Sec. 8-506.         Duty of securities intermediary to exercise rights as  directed by entitlement holder.  A securities intermediary shall exercise  rights with respect to a financial asset if directed to do so by an entitlement  holder.  A securities intermediary satisfies the duty if:(1) the securities intermediary acts with respect to     the duty as agreed upon by the entitlement holder and the securities intermediary; or(2) in the absence of agreement, the securities     intermediary either places the entitlement holder in a position to exercise the rights directly or exercises due care in accordance with reasonable commercial standards to follow the direction of the entitlement holder.   (Source: P.A. 89-364, eff. 1-1-96.)
810 ILCS 5/8-507
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 8 - Investment Securities

Sec. 8-507.         Duty of securities intermediary to  comply with entitlement order.(a) A securities intermediary shall comply with an entitlement order  if the entitlement order is originated by the appropriate person, the  securities intermediary has had reasonable opportunity to assure itself that  the entitlement order is genuine and authorized, and the securities  intermediary has had reasonable opportunity to comply with the entitlement  order.  A securities intermediary satisfies the duty if:(1) the securities intermediary acts with respect to     the duty as agreed upon by the entitlement holder and the securities intermediary; or(2) in the absence of agreement, the securities     intermediary exercises due care in accordance with reasonable commercial standards to comply with the entitlement order.(b) If a securities intermediary transfers a financial asset pursuant  to an ineffective entitlement order, the securities intermediary shall  reestablish a security entitlement in favor of the person entitled to it, and  pay or credit any payments or distributions that the person did not receive  as a result of the wrongful transfer.  If the securities intermediary does not  reestablish a security entitlement, the securities intermediary is liable to  the entitlement holder for damages.    (Source: P.A. 89-364, eff. 1-1-96.)
810 ILCS 5/8-508
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 8 - Investment Securities

Sec. 8-508.         Duty of securities intermediary to  change entitlement holder's position to other form of  security holding.  A securities intermediary shall act at the direction  of an entitlement holder to change a security entitlement into another  available form of holding for which the entitlement holder is eligible, or to  cause the financial asset to be transferred to a securities account of the  entitlement holder with another securities intermediary.  A securities  intermediary satisfies the duty if:(1) the securities intermediary acts as agreed upon     by the entitlement holder and the securities intermediary; or(2) in the absence of agreement, the securities     intermediary exercises due care in accordance with reasonable commercial standards to follow the direction of the entitlement holder.   (Source: P.A. 89-364, eff. 1-1-96.)
810 ILCS 5/8-509
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 8 - Investment Securities

Sec. 8-509.         Specification of duties of securities  intermediary by other statute or regulation; manner  of performance of duties of securities intermediary  and exercise of rights of entitlement holder.(a) If the substance of a duty imposed upon a securities  intermediary by Sections 8-504 through 8-508 is the subject of other statute,  regulation, or rule, compliance with that statute, regulation, or rule  satisfies the duty.(b) To the extent that specific standards for the performance of the  duties of a securities intermediary or the exercise of the rights of an  entitlement holder are not specified by other statute, regulation, or rule or  by agreement between the securities intermediary and entitlement holder,  the securities intermediary shall perform its duties and the entitlement  holder shall exercise its rights in a commercially reasonable manner.(c) The obligation of a securities intermediary to perform the duties  imposed by Sections 8-504 through 8-508 is subject to:(1) rights of the securities intermediary arising out     of a security interest under a security agreement with the entitlement holder or otherwise; and(2) rights of the securities intermediary under other     law, regulation, rule, or agreement to withhold performance of its duties as a result of unfulfilled obligations of the entitlement holder to the securities intermediary.(d) Sections 8-504 through 8-508 do not require a securities  intermediary to take any action that is prohibited by other statute,  regulation, or rule.    (Source: P.A. 89-364, eff. 1-1-96.)
810 ILCS 5/8-510
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 8 - Investment Securities

Sec. 8-510.         Rights of purchaser of security  entitlement from entitlement holder.(a) In a case not covered by the priority rules in Article 9 or the  rules stated in subsection (c), an  action based on an adverse claim to a financial asset or  security entitlement, whether framed in conversion, replevin, constructive  trust, equitable lien, or other theory, may not be asserted against a person  who purchases a security entitlement, or an interest therein, from an  entitlement holder if the purchaser gives value, does not have notice of the  adverse claim, and obtains control.(b) If an adverse claim could not have been asserted against an  entitlement holder under Section 8-502, the adverse claim cannot be asserted  against a person who purchases a security entitlement, or an interest therein,  from the entitlement holder.(c) In a case not covered by the priority rules in Article 9, a  purchaser for value of a security entitlement, or an interest therein, who  obtains control has priority over a purchaser of a security entitlement, or an  interest therein, who does not obtain control.  Except as otherwise provided  in subsection (d), purchasers who have control rank  according to priority in time of:(1) the purchaser's becoming the person for whom the     securities account, in which the security entitlement is carried, is maintained, if the purchaser obtained control under Section 8-106(d)(1);(2) the securities intermediary's agreement to comply     with the purchaser's entitlement orders with respect to security entitlements carried or to  be carried in the securities account in which the security entitlement is carried, if the purchaser obtained control under Section 8-106(d)(2); or(3) if the purchaser obtained control through another     person under Section 8-106(d)(3), the time on which priority would be based under this subsection if the other person were the secured party.(d) A securities intermediary as purchaser  has priority over a conflicting purchaser who has control unless otherwise  agreed by the securities intermediary.    (Source: P.A. 91-893, eff. 7-1-01.)
810 ILCS 5/8-511
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 8 - Investment Securities

Sec. 8-511.         Priority  among security interests and  entitlement holders.(a) Except as otherwise provided in subsections (b) and (c), if a  securities intermediary does not have sufficient interests in a particular  financial asset to satisfy both its obligations to entitlement holders who have  security entitlements to that financial asset and its obligation to a creditor  of the securities intermediary who has a security interest in that financial  asset, the claims of entitlement holders, other than the creditor, have  priority over the claim of the creditor.(b)  A claim of a creditor of a securities intermediary who has a  security interest in a financial asset held by a securities intermediary has  priority over claims of the securities intermediary's entitlement holders who  have security entitlements with respect to that financial asset if the creditor  has control over the financial asset.(c) If a clearing corporation does not have sufficient financial assets  to satisfy both its obligations to entitlement holders who have security  entitlements with respect to a financial asset and its obligation to a creditor  of the clearing corporation who has a security interest in that financial  asset, the claim of the creditor has priority over the claims of entitlement  holders.    (Source: P.A. 89-364, eff. 1-1-96.)
810 ILCS 5/Art. 8 Pt. 6 heading
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 8 - Investment Securities

 PART 6.      TRANSITION PROVISIONS FOR REVISED ARTICLE 8 AND CONFORMING AMENDMENTS TO ARTICLES 1, 5, 9, AND 10
810 ILCS 5/8-601
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 8 - Investment Securities

Sec. 8-601.     Effective date.     (Blank).    (Source: P.A. 89-364, eff. 1-1-96.)
810 ILCS 5/8-602
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 8 - Investment Securities

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.)
810 ILCS 5/8-603
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 8 - Investment Securities

(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.)
810 ILCS 5/Art. 9 heading
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 9 - Secured Transactions

 ARTICLE 9  SECURED TRANSACTIONS
810 ILCS 5/Art. 9 Pt. 1 heading
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 9 - Secured Transactions

 PART 1.      GENERAL PROVISIONS
810 ILCS 5/Art. 9 Pt. 1 Sub. 1 heading
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 9 - Secured Transactions

 SUBPART 1.      SHORT TITLE, DEFINITIONS, AND GENERAL CONCEPTS
810 ILCS 5/9-101
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 9 - Secured Transactions

 (from Ch. 26, par. 9-101)Sec. 9-101.     Short title.     This Article may be cited as Uniform Commercial  Code - Secured Transactions.    (Source: P.A. 91-893, eff. 7-1-01.)
810 ILCS 5/9-104
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 9 - Secured Transactions

 (from Ch. 26, par. 9-104)Sec. 9-104.     Control of deposit account.(a) Requirements for control.  A secured party has control of a deposit  account if:(1) the secured party is the bank with which the     deposit account is maintained;(2) the debtor, secured party, and bank have agreed     in an authenticated record that the bank will comply with instructions originated by the secured party directing disposition of the funds in the deposit account without further consent by the debtor; or(3) the secured party becomes the bank's customer     with respect to the deposit account.(b) Debtor's right to direct disposition.  A secured party that has  satisfied  subsection (a) has control, even if the debtor retains the right to direct the  disposition of funds from the deposit account.    (Source: P.A. 91-893, eff. 7-1-01.)
810 ILCS 5/9-105
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 9 - Secured Transactions

 (from Ch. 26, par. 9-105)Sec. 9-105. Control of electronic chattel paper.(a) General rule: Control of electronic chattel paper. A secured party has  control  of electronic chattel paper if a system employed for evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned.(b) Specific facts giving control. A system satisfies subsection (a) if the record or records comprising the chattel  paper are  created, stored, and assigned in such a manner that:(1) a single authoritative copy of the record or     records exists which is unique, identifiable and, except as otherwise provided in paragraphs (4), (5), and (6), unalterable;(2) the authoritative copy identifies the secured     party as the assignee of the record or records;(3) the authoritative copy is communicated to and     maintained by the secured party or its designated custodian;(4) copies or amendments that add or change an     identified assignee of the authoritative copy can be made only with the consent of the secured party;(5) each copy of the authoritative copy and any copy     of a copy is readily identifiable as a copy that is not the authoritative copy; and(6) any amendment of the authoritative copy is     readily identifiable as  authorized or unauthorized. (Source: P.A. 97-1034, eff. 7-1-13.)
810 ILCS 5/9-106
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 9 - Secured Transactions

 (from Ch. 26, par. 9-106)Sec. 9-106.     Control of investment property.(a) Control under Section 8-106.  A person has control of a certificated  security, uncertificated security, or security entitlement as provided in  Section  8-106.(b) Control of commodity contract.  A secured party has control of a  commodity contract if:(1) the secured party is the commodity intermediary     with which the commodity contract is carried; or(2) the commodity customer, secured party, and     commodity intermediary have agreed that the commodity intermediary will apply any value distributed on account of the commodity contract as directed by the secured party without further consent by the commodity customer.(c) Effect of control of securities account or commodity account.  A  secured party having control of all security entitlements or commodity  contracts  carried in a securities account or commodity account has control over the  securities  account or commodity account.    (Source: P.A. 90-665, eff. 7-30-98; 91-893, eff. 7-1-01.)
810 ILCS 5/9-107
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 9 - Secured Transactions

 (from Ch. 26, par. 9-107)Sec. 9-107.     Control of letter-of-credit right.     A secured party has  control of a  letter-of-credit right to the extent of any right to payment or performance by  the  issuer or any nominated person if the issuer or nominated person has consented  to  an assignment of proceeds of the letter of credit under Section 5-114(c) or  otherwise applicable law or practice.    (Source: P.A. 91-893, eff. 7-1-01.)