810 ILCS 5/9-705
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 9 - Secured Transactions

Sec. 9-705.     Effectiveness of action taken before effective date.(a) Pre-effective-date action; one-year perfection period unless  reperfected.  If action, other than the filing of a financing statement, is  taken  before the effective date of this amendatory Act of the 91st General Assembly  and  the action would have resulted in priority of a security interest over the  rights of a  person that becomes a lien creditor had the security interest become  enforceable  before the effective date of this amendatory Act of the 91st General Assembly, the  action is effective to perfect a security interest that attaches under this Act within  one year after the effective date of this amendatory Act of the 91st General  Assembly.  An attached security interest becomes unperfected one year after the  effective date of this amendatory Act of the 91st General Assembly unless the  security interest becomes a perfected security interest under this Act before the  expiration of that period.(b) Pre-effective-date filing.  The filing of a financing statement  before the effective date of this amendatory Act of the 91st General Assembly is  effective to perfect a security interest to the extent the filing would satisfy the  applicable requirements for perfection under this Act.(c) Pre-effective-date filing in jurisdiction formerly governing  perfection.  This Act does not render ineffective an effective financing statement  that, before the effective date of this amendatory Act of the 91st General  Assembly,  is filed and satisfies the applicable requirements for perfection under the law  of the  jurisdiction governing perfection as provided in Section 9-103  of the Uniform Commercial Code as it existed before the effective date of  this amendatory Act of the 91st General Assembly.  However,  except as otherwise provided in subsections (d) and (e) and Section 9-706, the  financing statement ceases to be effective at the earlier of:(1) the time the financing statement would have     ceased to be effective under the law of the jurisdiction in which it is filed; or(2) June 30, 2006.(d) Continuation statement.  The filing of a continuation statement  after the effective date of this amendatory Act of the 91st General Assembly  does  not continue the effectiveness of the financing statement filed before the  effective  date of this amendatory Act of the 91st General Assembly.  However, upon the  timely filing of a continuation statement after the effective date of this  amendatory  Act of the 91st General Assembly and in accordance with the law of the  jurisdiction governing perfection as provided in Part 3, the effectiveness of a  financing statement filed in the same office in that jurisdiction before the effective  date of this amendatory Act of the 91st General Assembly continues for the period  provided by the law of that jurisdiction.(e) Application of subsection (c)(2) to transmitting utility  financing statement.  Subsection (c)(2) applies to a financing statement that,  before the effective date of this amendatory Act of the 91st General Assembly,  is  filed against a transmitting utility and satisfies the applicable requirements  for  perfection under the law of the jurisdiction governing perfection as provided  in Section 9-103, as that Section existed before the effective date of this  amendatory Act of the 91st General Assembly, only to the extent that Part 3  provides that the law of  a  jurisdiction other than jurisdiction in which the financing statement is filed  governs  perfection of a security interest in collateral covered by the financing  statement.(f) Application of Part 5.  A financing statement that includes a  financing statement filed before the effective date of this amendatory Act of  the  91st General Assembly and a continuation statement filed after the effective  date of  this amendatory Act of the 91st General Assembly is effective only to the  extent  that it satisfies the requirements of Part 5 for an initial financing  statement.    (Source: P.A. 91-893, eff. 7-1-01.)