2023 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/Art. 12 heading)
ARTICLE 12
EFFECTIVE DATE AND TRANSITION
AMENDATORY ACT OF 1987
(810 ILCS 5/12-101) (from Ch. 26, par. 12-101)
Sec. 12-101. 
		Effective Date. 
		This amendatory Act of 1987 shall take
effect on January 1, 1988.
(Source: P.A. 85-997.)
(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.)