reglab/housing_qa huggingface dataset:
810 ILCS 5/9-502
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 9 - Secured Transactions

 (from Ch. 26, par. 9-502)Sec. 9-502. Contents of financing statement; record of mortgage as  financing statement; time of filing financing statement.(a) Sufficiency of financing statement.  Subject to subsection (b),  a financing statement is sufficient only if it:(1) provides the name of the debtor;(2) provides the name of the secured party or a     representative of the secured party; and(3) indicates the collateral covered by the financing     statement.(b) Real-property-related financing statements.  Except as  otherwise provided in Section 9-501(b), to be sufficient, a financing statement  that  covers as-extracted collateral or timber to be cut, or which is filed as a  fixture filing  and covers goods that are or are to become fixtures, must satisfy subsection (a) and  also:(1) indicate that it covers this type of collateral;(2) indicate that it is to be filed in the real     property records;(3) provide a description of the real property to     which the collateral is related sufficient to give constructive notice of a mortgage under the law of this State if the description were contained in a record of the mortgage of the real property; and(4) if the debtor does not have an interest of record     in the real property, provide the name of a record owner.(c) Record of mortgage as financing statement.  A record of a  mortgage is effective, from the date of recording, as a financing statement  filed as a  fixture filing or as a financing statement covering as-extracted collateral or  timber  to be cut only if:(1) the record indicates the goods or accounts that     it covers;(2) the goods are or are to become fixtures related     to the real property described in the record or the collateral is related to the real property described in the record and is as-extracted collateral or timber to be cut;(3) the record satisfies the requirements for a     financing statement in this Section, but:(A) the record need not indicate that it is to be         filed in the real property records; and(B) the record sufficiently provides the name of         a debtor who is an individual if it provides the individual name of the debtor or the surname and first personal name of the debtor, even if the debtor is an individual to whom Section 9-503(a)(4) applies; and(4) the record is recorded.(d) Filing before security agreement or attachment.  A financing  statement may be filed before a security agreement is made or a security  interest  otherwise attaches.  (Source: P.A. 97-1034, eff. 7-1-13.)
810 ILCS 5/9-504
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 9 - Secured Transactions

 (from Ch. 26, par. 9-504)Sec. 9-504.     Indication of collateral.     A financing statement sufficiently  indicates the collateral that it covers if the financing statement  provides:(1) a description of the collateral pursuant to     Section 9-108; or(2) an indication that the financing statement covers     all assets or all personal property.   (Source: P.A. 91-893, eff. 7-1-01.)
810 ILCS 5/9-505
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 9 - Secured Transactions

 (from Ch. 26, par. 9-505)Sec. 9-505.         Filing and compliance with other statutes and treaties for  consignments, leases, other bailments, and other transactions.(a) Use of terms other than "debtor" and "secured party."  A  consignor, lessor, or other bailor of goods, a licensor, or a buyer of a  payment  intangible or promissory note may file a financing statement, or may comply  with a  statute or treaty described in Section 9-311(a), using the terms "consignor",  "consignee", "lessor", "lessee", "bailor", "bailee", "licensor", "licensee",  "owner",  "registered owner", "buyer", "seller", or words of similar import, instead of  the  terms "secured party" and "debtor".(b) Effect of financing statement under subsection (a).  This part  applies to the filing of a financing statement under subsection (a) and, as  appropriate, to compliance that is equivalent to filing a financing statement  under  Section 9-311(b), but the filing or compliance is not of itself a factor in  determining  whether the collateral secures an obligation.  If it is determined for another  reason  that the collateral secures an obligation, a security interest held by the  consignor,  lessor, bailor, licensor, owner, or buyer which attaches to the collateral is  perfected  by the filing or compliance.    (Source: P.A. 91-893, eff. 7-1-01.)
810 ILCS 5/9-506
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 9 - Secured Transactions

 (from Ch. 26, par. 9-506)Sec. 9-506.     Effect of errors or omissions.(a) Minor errors and omissions.  A financing statement  substantially satisfying the requirements of this Part is effective, even if it  has  minor errors or omissions, unless the errors or omissions make the financing  statement seriously misleading.(b) Financing statement seriously misleading.  Except as  otherwise provided in subsection (c), a financing statement that fails  sufficiently to  provide the name of the debtor in accordance with Section 9-503(a) is seriously  misleading.(c) Financing statement not seriously misleading.  If a search of  the records of the filing office under the debtor's correct name, using the  filing  office's standard search logic, if any, would disclose a financing statement  that fails  sufficiently to provide the name of the debtor in accordance with Section  9-503(a),  the name provided does not make the financing statement seriously misleading.(d) "Debtor's correct name."  For purposes of Section 9-508(b),  the "debtor's correct name" in subsection (c) means the correct name of the new  debtor.    (Source: P.A. 91-893, eff. 7-1-01.)
810 ILCS 5/9-507
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 9 - Secured Transactions

 (from Ch. 26, par. 9-507)Sec. 9-507. Effect of certain events on effectiveness of financing  statement.(a) Disposition.  A filed financing statement remains effective with  respect to collateral that is sold, exchanged, leased, licensed, or otherwise  disposed  of and in which a security interest or agricultural lien continues, even if the  secured  party knows of or consents to the disposition.(b) Information becoming seriously misleading.  Except as  otherwise provided in subsection (c) and Section 9-508, a financing statement  is not  rendered ineffective if, after the financing statement is filed, the  information  provided in the financing statement becomes seriously misleading under Section  9-506.(c) Change in debtor's name.  If the name that  a filed financing statement provides for a debtor becomes insufficient as the name of the debtor under Section 9-503(a) so that the financing statement becomes seriously misleading under Section 9-506:(1) the financing statement is effective to perfect a     security interest in collateral acquired by the debtor before, or within four months after, the filed financing statement becomes seriously misleading; and(2) the financing statement is not effective to     perfect a security interest in collateral acquired by the debtor more than four months after the filed financing statement becomes seriously misleading, unless an amendment to the financing statement which renders the financing statement not seriously misleading is filed within four months after the filed financing statement becomes seriously misleading. (Source: P.A. 97-1034, eff. 7-1-13.)
810 ILCS 5/9-508
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 9 - Secured Transactions

Sec. 9-508.         Effectiveness of financing statement if new debtor becomes  bound by security agreement.(a) Financing statement naming original debtor.  Except as  otherwise provided in this Section, a filed financing statement naming an  original  debtor is effective to perfect a security interest in collateral in which a new  debtor  has or acquires rights to the extent that the financing statement would have  been  effective had the original debtor acquired rights in the collateral.(b) Financing statement becoming seriously misleading.  If the  difference between the name of the original debtor and that of the new debtor  causes a filed financing statement that is effective under subsection (a) to be  seriously misleading under Section 9-506:(1) the financing statement is effective to perfect a     security interest in collateral acquired by the new debtor before, and within four months after, the new debtor becomes bound under Section 9-203(d); and(2) the financing statement is not effective to     perfect a security interest in collateral acquired by the new debtor more than four months after the new debtor becomes bound under Section 9-203(d) unless an initial financing statement providing the name of the new debtor is filed before the expiration of that time.(c) When Section not applicable.  This Section does not apply to  collateral as to which a filed financing statement remains effective against  the new  debtor under Section 9-507(a).    (Source: P.A. 91-893, eff. 7-1-01.)
810 ILCS 5/9-509
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 9 - Secured Transactions

Sec. 9-509.     Persons entitled to file a record.(a) Person entitled to file record.  A person may file an initial  financing statement, amendment that adds collateral covered by a financing  statement, or amendment that adds a debtor to a financing statement only if:(1) the debtor authorizes the filing in an     authenticated record or pursuant to subsection (b) or (c); or(2) the person holds an agricultural lien that has     become effective at the time of filing and the financing statement covers only collateral in which the person holds an agricultural lien.(b) Security agreement as authorization.  By authenticating or  becoming bound as debtor by a security agreement, a debtor or new debtor  authorizes the filing of an initial financing statement, and an amendment,  covering:(1) the collateral described in the security     agreement; and(2) property that becomes collateral under Section     9-315(a)(2), whether or not the security agreement expressly covers proceeds.(c) Acquisition of collateral as authorization.  By acquiring  collateral in which a security interest or agricultural lien continues under Section  9-315(a)(1), a debtor authorizes the filing of an initial financing statement, and an  amendment, covering the collateral and property that becomes collateral under  Section 9-315(a)(2).(d) Person entitled to file certain amendments.  A person may  file an amendment other than an amendment that adds collateral covered by a  financing statement or an amendment that adds a debtor to a financing statement  only if:(1) the secured party of record authorizes the     filing; or(2) the amendment is a termination statement for a     financing statement as to which the secured party of record has failed to file or send a termination statement as required by Section 9-513(a) or (c), the debtor authorizes the filing, and the termination statement indicates that the debtor authorized it to be filed.(e) Multiple secured parties of record.  If there is more than one  secured party of record for a financing statement, each secured party of record  may  authorize the filing of an amendment under subsection (d).    (Source: P.A. 91-893, eff. 7-1-01.)
810 ILCS 5/9-510
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 9 - Secured Transactions

Sec. 9-510. Effectiveness of filed record.(a) Filed record effective if authorized.  A filed record is effective  only to the extent that it was filed by a person that may file it under Section  9-509.(b) Authorization by one secured party of record.  A record  authorized by one secured party of record does not affect the financing  statement  with respect to another secured party of record.(c) Continuation statement not timely filed.  A continuation  statement that is not filed within the six-month period prescribed by Section  9-515(d) is ineffective.(d) A filed record ceases to be effective if the filing office terminates the record pursuant to Section 9-501.1. (Source: P.A. 97-836, eff. 7-20-12.)
810 ILCS 5/9-511
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 9 - Secured Transactions

Sec. 9-511.     Secured party of record.(a) Secured party of record.  A secured party of record with  respect to a financing statement is a person whose name is provided as the name  of  the secured party or a representative of the secured party in an initial  financing  statement that has been filed.  If an initial financing statement is filed  under Section  9-514(a), the assignee named in the initial financing statement is the secured  party  of record with respect to the financing statement.(b) Amendment naming secured party of record.  If an  amendment of a financing statement which provides the name of a person as a  secured party or a representative of a secured party is filed, the person named  in the  amendment is a secured party of record.  If an amendment is filed under Section  9-514(b), the assignee named in the amendment is a secured party of record.(c) Amendment deleting secured party of record.  A person  remains a secured party of record until the filing of an amendment of the  financing  statement which deletes the person.    (Source: P.A. 91-893, eff. 7-1-01.)
810 ILCS 5/9-512
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 9 - Secured Transactions

Sec. 9-512.     Amendment of financing statement.(a) Amendment of information in financing statement.  Subject  to Section 9-509, a person may add or delete collateral covered by, continue or  terminate the effectiveness of, or, subject to subsection (e), otherwise amend  the  information provided in, a financing statement by filing an amendment that:(1) identifies, by its file number, the initial     financing statement to which the amendment relates; and(2) if the amendment relates to an initial financing     statement filed or recorded in a filing office described in Section 9-501(a)(1), provides the date and time that the initial financing statement was filed and the information specified in Section 9-502(b).(b) Period of effectiveness not affected.  Except as otherwise  provided in Section 9-515, the filing of an amendment does not extend the  period  of effectiveness of the financing statement.(c) Effectiveness of amendment adding collateral.  A financing  statement that is amended by an amendment that adds collateral is effective as  to  the added collateral only from the date of the filing of the amendment.(d) Effectiveness of amendment adding debtor.  A financing  statement that is amended by an amendment that adds a debtor is effective as to  the  added debtor only from the date of the filing of the amendment.(e) Certain amendments ineffective.  An amendment is ineffective  to the extent it:(1) purports to delete all debtors and fails to     provide the name of a debtor to be covered by the financing statement; or(2) purports to delete all secured parties of record     and fails to provide the name of a new secured party of record.   (Source: P.A. 91-893, eff. 7-1-01.)
810 ILCS 5/9-513
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 9 - Secured Transactions

Sec. 9-513.     Termination statement.(a) Consumer goods.  A secured party shall cause the secured party  of record for a financing statement to file a termination statement for the  financing  statement if  the financing statement covers consumer goods and:(1) there is no obligation secured by the collateral     covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value; or(2) the debtor did not authorize the filing of the     initial financing statement.(b) Time for compliance with subsection (a).  To comply with  subsection (a), a secured party shall cause the secured party of record to file the  termination statement:(1) within one month after there is no obligation     secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value; or(2) if earlier, within 20 days after the secured     party receives an authenticated demand from a debtor.(c) Other collateral.  In cases not governed by subsection (a),  within 20 days after a secured party receives an authenticated demand from a  debtor, the secured party shall cause the secured party of record for a financing  statement to send to the debtor a termination statement for the financing statement  or file the termination statement in the filing office if:(1) except in the case of a financing statement     covering accounts or chattel paper that has been sold or goods that are the subject of a consignment, there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value;(2) the financing statement covers accounts or     chattel paper that has been sold but as to which the account debtor or other person obligated has discharged its obligation;(3) the financing statement covers goods that were     the subject of a consignment to the debtor but are not in the debtor's possession; or(4) the debtor did not authorize the filing of the     initial financing statement.(d) Effect of filing termination statement.  Except as otherwise  provided in Section 9-510, upon the filing of a termination statement with the  filing  office, the financing statement to which the termination statement relates  ceases to  be  effective.  Except  as otherwise provided in Section 9-510, for purposes of Sections 9-519(g),  9-522(a), and 9-523(c) the filing with the filing office of a termination  statement relating to a financing statement that indicates that the debtor is a  transmitting utility also causes the effectiveness of the financing statement  to lapse.    (Source: P.A. 91-893, eff. 7-1-01.)
810 ILCS 5/9-514
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 9 - Secured Transactions

Sec. 9-514.     Assignment of powers of secured party of record.(a) Assignment reflected on initial financing statement.  Except  as otherwise provided in subsection (c), an initial financing statement may  reflect  an assignment of all of the secured party's power to authorize an amendment to  the  financing statement by providing the name and mailing address of the assignee  as  the name and address of the secured party.(b) Assignment of filed financing statement.  Except as otherwise  provided in subsection (c), a secured party of record may assign of record all or part  of its power to authorize an amendment to a financing statement by filing in the  filing office an amendment of the financing statement which:(1) identifies, by its file number, the initial     financing statement to which it relates;(2) provides the name of the assignor; and(3) provides the name and mailing address of the     assignee.(c) Assignment of record of mortgage.  An assignment of record  of a security interest in a fixture covered by a record of a mortgage which is  effective as a financing statement filed as a fixture filing under Section  9-502(c)  may be made only by an assignment of record of the mortgage in the manner  provided by law of this State other than the Uniform Commercial Code.    (Source: P.A. 91-893, eff. 7-1-01.)
810 ILCS 5/9-515
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 9 - Secured Transactions

Sec. 9-515. Duration and effectiveness of financing statement; effect of  lapsed financing statement.(a) Five-year effectiveness.  Except as otherwise provided in  subsections (b), (e), (f), and (g), a filed financing statement is effective  for a period  of five years after the date of filing.(b) Public-finance or manufactured-home transaction.  Except  as otherwise provided in subsections (e), (f), and (g), an initial financing  statement  filed in connection with a public-finance transaction or manufactured-home  transaction is effective for a period of 30 years after the date of filing if it indicates  that it is filed in connection with a public-finance transaction or  manufactured-home transaction.(c) Lapse and continuation of financing statement.  The  effectiveness of a filed financing statement lapses on the expiration of the period of  its effectiveness unless before the lapse a continuation statement is filed pursuant to  subsection (d).  Upon lapse, a financing statement ceases to be effective and any  security interest or agricultural lien that was perfected by the financing statement  becomes unperfected, unless the security interest is perfected otherwise.  If the  security interest or agricultural lien becomes unperfected upon lapse, it is deemed  never to have been perfected as against a purchaser of the collateral for value.(d) When continuation statement may be filed.  A continuation  statement may be filed only within six months before the expiration of the five-year  period specified in subsection (a) or the 30-year period specified in subsection (b),  whichever is applicable.(e) Effect of filing continuation statement.  Except as otherwise  provided in Section 9-510, upon timely filing of a continuation statement, the  effectiveness of the initial financing statement continues for a period of five years  commencing on the day on which the financing statement would have become  ineffective in the absence of the filing.  Upon the expiration of the five-year period,  the financing statement lapses in the same manner as provided in subsection (c),  unless, before the lapse, another continuation statement is filed pursuant to  subsection (d).  Succeeding continuation statements may be filed in the same  manner to continue the effectiveness of the initial financing statement.(f) Transmitting utility financing statement.  If a debtor is a  transmitting utility and a filed initial financing statement so indicates, the financing  statement is effective until a termination statement is filed.(g) Record of mortgage as financing statement.  A record of a  mortgage that is effective as a financing statement filed as a fixture filing under  Section 9-502(c) remains effective as a financing statement filed as a fixture  filing  until the mortgage is released or satisfied of record or its effectiveness  otherwise  terminates as to the real property.  (Source: P.A. 97-1034, eff. 7-1-13.)
810 ILCS 5/9-517
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 9 - Secured Transactions

Sec. 9-517.     Effect of indexing errors.     The failure of the filing office  to index a record correctly does not affect the effectiveness of the filed  record.    (Source: P.A. 91-893, eff. 7-1-01.)