810 ILCS 5/9-320
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 9 - Secured Transactions

Sec. 9-320.     Buyer of goods and farm products.(a) Buyer in ordinary course of business.  Except as otherwise  provided in subsections (e) and (f), a buyer in the ordinary course of business  takes free of a  security interest created by the buyer's seller, even if the security  interest  is perfected and the buyer knows of its existence.(b) Buyer of consumer goods.  Except as otherwise provided in  subsection (e), a buyer of goods from a person who used or bought the goods for  use primarily for personal, family, or household purposes takes free of a  security  interest, even if perfected, if the buyer buys:(1) without knowledge of the security interest;(2) for value;(3) primarily for the buyer's personal, family, or     household purposes; and(4) before the filing of a financing statement     covering the goods.(c) Effectiveness of filing for subsection (b).  To the extent that it  affects the priority of a security interest over a buyer of goods under subsection (b),  the period of effectiveness of a filing made in the jurisdiction in which the  seller is  located is governed by Section 9-316(a) and (b).(d) Buyer in ordinary course of business at wellhead or  minehead. A buyer in ordinary course of business buying oil, gas, or other  minerals at the wellhead or minehead or after extraction takes free of an  interest  arising out of an encumbrance.(e) Possessory security interest not affected.  Subsections (a) and  (b) do not affect a security interest in goods in the possession of the secured  party  under Section 9-313.(f) Buyer of farm products.(1) A buyer of farm products takes subject to a     security interest created by the seller if:(A) within one year before the sale of the farm         products, the buyer has received from the secured party or the seller written notice of the security interest organized according to farm products that:(i) is an original or reproduced copy thereof;(ii) contains: (a) the name and address of             the secured party; (b) the name and address of the person indebted to the secured party; (c) the social security number of the debtor or, in the case of a debtor doing business other than as an individual, the Internal Revenue Service taxpayer identification number of such debtor; (d) a description of the farm products subject to the security interest created by the debtor, including the amount of such products where applicable, crop year, county, and a reasonable description of the property;(iii) must be amended in writing, within 3             months, similarly signed and transmitted, to reflect material changes;(iv) will lapse on either the expiration             period of the statement or the transmission of a notice signed by the secured party that the statement has lapsed, whichever occurs first; and(v) sets forth any payment obligations             imposed on the buyer by the secured party as conditions for waiver or release of the security interest; and(B) the buyer has failed to perform the payment         obligations.(2) For the purposes of this subsection (f), a buyer     of farm products has received notice from the secured party or seller when written notice of the security interest is sent to the buyer  by registered or certified mail.   (Source: P.A. 91-893, eff. 7-1-01.)