2023 Illinois Compiled Statutes › Chapter 810 - COMMERCIAL CODE › 810 ILCS 5/ - Uniform Commercial Code. › Article 11 - Effective Date And Transition; Amendatory Act Of 1972

(810 ILCS 5/Art. 11 heading)
ARTICLE 11
EFFECTIVE DATE AND TRANSITION
AMENDATORY ACT OF 1972
(810 ILCS 5/11-101) (from Ch. 26, par. 11-101)
Sec. 11-101. 
		Effective Date.
This amendatory Act of 1972 shall take effect at 12:01 A.M. on July 1,
1973.
(Source: P.A. 77-2810.)
(810 ILCS 5/11-102) (from Ch. 26, par. 11-102)
Sec. 11-102. 
		Preservation of Old Transition Provision.
The provisions of Article 10 of the "Uniform Commercial Code", approved
July 31, 1961, as amended, shall continue to apply to this amendatory Act
of 1972 and for this purpose the Uniform Commercial Code, approved July 31,
1961, as amended, and this amendatory Act of 1972 shall be considered one
continuous statute.
(Source: P.A. 77-2810.)
(810 ILCS 5/11-103) (from Ch. 26, par. 11-103)
Sec. 11-103. 
		Transition to Amendatory Act of 1972; General Rule.
Transactions validly entered into after July 1, 1962 and before July 1,
1973 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 1972 if they had been entered into after July 1,
1973 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
1972. Security interests arising out of such transactions which are
perfected when this amendatory Act of 1972 becomes effective shall remain
perfected until they lapse as provided in this amendatory Act of 1972, and
may be continued as permitted by this amendatory Act of 1972, except as
stated in Section 11-105.
(Source: P.A. 78-238.)
(810 ILCS 5/11-104) (from Ch. 26, par. 11-104)
Sec. 11-104. 
		Transition Provision on Change or Requirement of Filing.
A security interest for the perfection of which filing or the taking of
possession was required under the Uniform Commercial Code, approved July
31, 1961, as amended, and which attached prior to July 1, 1973, but was not
perfected shall be deemed perfected on July 1, 1973 if this amendatory Act
of 1972 permits perfection without filing or authorizes filing in the
office or offices where a prior ineffective filing was made.
(Source: P.A. 77-2810.)
(810 ILCS 5/11-105) (from Ch. 26, par. 11-105)
Sec. 11-105. 
		Transition Provision on Change of Place of Filing.
(1) A financing statement or continuation statement filed prior to July
1, 1973 which shall not have lapsed prior to July 1, 1973 shall remain
effective for the period provided in the Uniform Commercial Code, approved
July 31, 1961, as amended, but not less than 5 years after the filing.
(2) With respect to any collateral acquired by the debtor subsequent to
July 1, 1973 any effective financing statement or continuation statement
described in this Section shall apply only if the filing or filings are in
the office or offices that would be appropriate to perfect the security
interests in the new collateral under this amendatory Act of 1972.
(3) The effectiveness of any financing statement or continuation
statement filed prior to July 1, 1973 may be continued by a continuation
statement as permitted by this amendatory Act of 1972, except that if this
amendatory Act of 1972 requires a filing in an office where there was no
previous financing statement, a new financing statement conforming to
Section 11-106 shall be filed in that office.
(4) If the record of a mortgage of real estate would have been effective
as a fixture filing of goods described therein if this amendatory Act of
1972 had been in effect on the date of recording the mortgage, the mortgage
shall be deemed effective as a fixture filing as to such goods under
subsection (6) of Section 9-402 of this amendatory Act of 1972 on the
effective date of this amendatory Act of 1972.
(Source: P.A. 77-2810.)
(810 ILCS 5/11-106) (from Ch. 26, par. 11-106)
Sec. 11-106. 
		Required Refilings.
(1) If a security interest is perfected or has priority when this
amendatory Act of 1972 takes effect as to all persons or as to certain
persons without any filing or recording, and if the filing of a financing
statement would be required for the perfection or priority of the security
interest against those persons under this amendatory Act of 1972, the
perfection and priority rights of the security interest continue until 3
years after July 1, 1973. The perfection will then lapse unless a financing
statement is filed as provided in subsection (4) or unless the security
interest is perfected otherwise than by filing.
(2) If a security interest is perfected when this amendatory Act of 1972
takes effect under a law other than the Uniform Commercial Code which
requires no further filing, refiling or recording to continue its
perfection, perfection continues until and will lapse 3 years after this
amendatory Act of 1972 takes effect, unless a financing statement is filed
as provided in subsection (4) or unless the security interest is perfected
otherwise than by filing, or unless under subsection (3) of Section 9-302
the other law continues to govern filing.
(3) If a security interest is perfected by a filing, refiling or
recording under a law repealed by this amendatory Act of 1972 which
required further filing, refiling or recording to continue its perfection,
perfection continues and will lapse on the date provided by the law so
repealed for such further filing, refiling or recording unless a financing
statement is filed as provided in subsection (4) or unless the security
interest is perfected otherwise than by filing.
(4) A financing statement may be filed within 6 months before the
perfection of a security interest would otherwise lapse. Any such financing
statement may be signed by either the debtor or the secured party. It must
identify the security agreement, statement or notice (however denominated
in any statute or other law repealed or modified by this amendatory Act of
1972), state the office where and the date when the last filing, refiling
or recording, if any, was made with respect thereto, and the filing number,
if any, or book and page, if any, of recording and further state that the
security agreement, statement or notice, however denominated, in another
filing office under the Uniform Commercial Code or under any statute or
other law repealed or modified by this amendatory Act of 1972 is still
effective. Section 9-401 and Section 9-103 determine the proper place to
file such a financing statement. Except as specified in this subsection,
the provisions of Section 9-403 (3) for continuation statements apply to
such a financing statement.
(Source: P.A. 77-2810.)
(810 ILCS 5/11-107) (from Ch. 26, par. 11-107)
Sec. 11-107. 
		Transition Provisions as to Priorities.
Except as otherwise provided in Article 11, the Uniform Commercial Code,
approved July 31, 1961, as amended, shall apply to any questions of
priority if the positions of the parties were fixed prior to July 1, 1973.
In other cases questions of priority shall be determined by this amendatory
Act of 1972.
(Source: P.A. 77-2810.)
(810 ILCS 5/11-108) (from Ch. 26, par. 11-108)
Sec. 11-108. 
		Presumption that Rule of Law Continues Unchanged.
Unless a change in law has clearly been made, the provisions of this
amendatory Act of 1972 shall be deemed declaratory of the meaning of the
Uniform Commercial Code, approved July 31, 1961, as amended.
(Source: P.A. 77-2810.)