810 ILCS 5/9-312
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 9 - Secured Transactions

 (from Ch. 26, par. 9-312)Sec. 9-312. Perfection of security interests in chattel paper, deposit  accounts, documents, goods covered by documents, instruments, investment  property, letter-of-credit rights, and money; perfection by permissive filing;  temporary perfection without filing or transfer of possession.(a) Perfection by filing permitted.  A security interest in chattel  paper, negotiable documents, instruments,  beneficial interests in Illinois land trusts,  or investment property may be  perfected  by filing.(b) Control or possession of certain collateral.  Except as  otherwise provided in Section 9-315(c) and (d) for proceeds:(1) a security interest in a deposit account may be     perfected only by control under Section 9-314;(2) and except as otherwise provided in Section     9-308(d), a security interest in a letter-of-credit right may be perfected only by control under Section 9-314; and(3) a security interest in money may be perfected     only by the secured party's taking possession under Section 9-313.(c) Goods covered by negotiable document.  While goods are in  the possession of a bailee that has issued a negotiable document covering the  goods:(1) a security interest in the goods may be perfected     by perfecting a security interest in the document; and(2) a security interest perfected in the document has     priority over any security interest that becomes perfected in the goods by another method during that time.(d) Goods covered by nonnegotiable document.  While goods are  in the possession of a bailee that has issued a nonnegotiable document covering the  goods, a security interest in the goods may be perfected by:(1) issuance of a document in the name of the secured     party;(2) the bailee's receipt of notification of the     secured party's interest; or(3) filing as to the goods.(e) Temporary perfection:  new value.  A security interest in  certificated securities, negotiable documents, or instruments is perfected without  filing or the taking of possession or control for a period of 20 days from the time it attaches to  the extent that it arises for new value given under an authenticated security  agreement.(f) Temporary perfection:  goods or documents made available  to debtor.  A perfected security interest in a negotiable document or goods in  possession of a bailee, other than one that has issued a negotiable document for the  goods, remains perfected for 20 days without filing if the secured party makes  available to the debtor the goods or documents representing the goods for the  purpose of:(1) ultimate sale or exchange; or(2) loading, unloading, storing, shipping,     transshipping, manufacturing, processing, or otherwise dealing with them in a manner preliminary to their sale or exchange.(g) Temporary perfection:  delivery of security certificate or  instrument to debtor.  A perfected security interest in a certificated security  or  instrument remains perfected for 20 days without filing if the secured party  delivers  the security certificate or instrument to the debtor for the purpose of:(1) ultimate sale or exchange; or(2) presentation, collection, enforcement, renewal,     or registration of transfer.(h) Expiration of temporary perfection.  After the 20-day period  specified in subsection (e), (f), or (g) expires, perfection depends upon  compliance  with this Article.  (Source: P.A. 95-895, eff. 1-1-09.)