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Can you summarize 810 ILCS 5/Art. 9?
Uniform Commercial Code. > SECURED TRANSACTIONS
Short Summary
The provided legal document content consists of sections from the Illinois Compiled Statutes, specifically the Uniform Commercial Code (UCC), governing secured transactions. The sections cover definitions and index of definitions for Article 9, which applies to individuals and organizations involved in secured transactions. It defines terms such as ‘accession’, ‘account’, ‘account debtor’, ‘chattel paper’, ‘collateral’, ‘consumer goods’, and others, providing clarity on their scope and applicability. Another section focuses on purchase-money security interests, outlining the criteria for a security interest to be considered a purchase-money security interest, treatment of purchase-money security interests in software and consignor’s inventory, and the application of payments in non-consumer-goods transactions. Control of deposit accounts, electronic chattel paper, investment property, and letter-of-credit rights are also addressed in separate sections, specifying the requirements for a secured party to have control in each case. Additionally, the control of the beneficial interest in an Illinois land trust is discussed, highlighting the necessary steps for a secured party to establish control. Lastly, the sufficiency of description in secured transactions is covered, providing guidelines on what constitutes a reasonable identification of personal or real property, investment property, and other collateral. The documents apply to individuals and organizations involved in secured transactions, without specific exemptions or penalties mentioned.
Whom does it apply to?
Individuals and organizations involved in secured transactions, agricultural liens, and transactions related to deposit accounts
What does it govern?
Secured transactions, attachment and perfection of security interests, rights and obligations of parties involved in secured transactions, filing and effectiveness of financing statements
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Illinois