810 ILCS 5/12-102
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 12 - Effective Date And Transition; Amendatory Act Of 1987

(810 ILCS 5/12-102) (from Ch. 26, par. 12-102)Sec. 12-102.     Transition to Amendatory Act of 1987.     (1) Transactions validly entered into after July 1, 1962 and  before January 1, 1988 and which were subject to the provisions of the  "Uniform Commercial Code", approved July 31, 1961, as amended, and which  would be subject to this amendatory Act of 1987 if they had been entered  into after December 31, 1987 and the rights, duties and interest flowing  from such transactions remain valid after the latter date, and may be  terminated, completed, consummated or enforced  as required or permitted by this amendatory Act of 1987.  Security  interests arising out of such transactions which are perfected when this  amendatory Act of 1987 becomes effective shall remain perfected until they  lapse as provided in this amendatory Act of 1987, and may be continued as  permitted by this amendatory Act of 1987.(2) The persons shown on the books of the issuer as the holders of  uncertificated securities outstanding when this amendatory Act of 1987  becomes effective shall be deemed to be the registered owners thereof.  Prior to the 90th day after this amendatory Act of 1987 takes effect, the  issuer of any uncertificated security outstanding when this amendatory Act  of 1987 takes effect shall send to the registered owner a written statement containing:(a) A description of the issue of which the uncertificated security is a part;(b) The number of shares or other units owned by the registered owner;(c) The name and address and (if known to the issuer) any taxpayer  identification number of the registered owner;(d) A notation of any liens or restrictions of the issuer and any  adverse claims (as to which the issuer has a duty under Section 8-403(4) to  which the uncertificated security is or may be subject at the time when the  statement is prepared or a statement that there are no such liens,  restrictions or adverse claims; and(e) The date the statement was prepared.Statements sent pursuant to this subsection shall be signed by or on  behalf of the issuer; shall be identified as "initial transaction  statement"; and shall be deemed to be initial transaction statements for  the purposes of Article 8 as amended by this amendatory Act of 1987.(3) If a security interest in an uncertificated security outstanding  prior to January 1, 1988, is perfected or has priority as to all persons or  as to certain persons when this amendatory Act of 1987 takes effect by  virtue of the previous filing of a financing statement, and if other acts  would be required for the perfection or priority of the security interest  against those persons under this amendatory Act of 1987, the perfection and  priority rights of the security interest shall continue and shall lapse on  the date provided by the "Uniform Commercial Code", approved July 31, 1961,  as amended prior to this amendatory Act of 1987,  (whether or not a continuation statement is filed with respect to such  security interest) unless the security interest is perfected in accordance  with this amendatory Act of 1987.(4) If an issuer's lien or restriction on an uncertificated security  outstanding prior to January 1, 1988, or a term of such a security is valid  and effective against all persons or against certain persons when this  amendatory Act of 1987 takes effect, and if the notation of such lien,  restriction or term on an initial transaction statement would be required  for its validity or effectiveness against those persons under this  amendatory Act of 1987, such lien, restriction or term shall remain valid  and effective until the earlier of (i) the time when an initial transaction  statement is sent by the issuer to the registered  owner (after which the validity and effectiveness of the lien, restriction  or term shall be governed by this amendatory Act of 1987), or (ii) 3 years  from the effective date of this amendatory Act of 1987.  If an initial  transaction statement regarding an  uncertificated security outstanding on the effective date of this  amendatory Act of 1987 is not sent to the registered owner thereof within 3  years after that date, any  issuer's lien required to be noted thereon shall cease to be valid, and any  restriction or term required to be noted thereon shall cease to be  effective except as to those persons against whom an unnoted restriction or  term would be effective under Article 8 as amended by this amendatory Act of 1987.    (Source: P.A. 85-997.)