Part 6 - Transition Provisions For Revised Article 8 And Conforming Amendments To Articles 1, 5, 9, And 10
(810 ILCS 5/Art. 8 Pt. 6 heading) PART 6. TRANSITION PROVISIONS FOR REVISED ARTICLE 8 AND CONFORMING AMENDMENTS TO ARTICLES 1, 5, 9, AND 10
(810 ILCS 5/8‑601)
Sec. 8‑601. Effective date. (Blank).
(Source: P.A. 89‑364, eff. 1‑1‑96.) |
(810 ILCS 5/8‑602)
Sec. 8‑602. Repeals. (See Section 60 of Public Act 89‑364 for repeal of certain Sections of Article 8 of the Uniform Commercial Code.)
(Source: P.A. 89‑364, eff. 1‑1‑96; 89‑626, eff. 8‑9‑96.) |
(810 ILCS 5/8‑603)
Sec. 8‑603. Savings clause.
(a) This amendatory Act of 1995 does not affect an action or proceeding commenced before this amendatory Act of 1995 takes effect.
(b) If a security interest in a security is perfected at the date this amendatory Act of 1995 takes effect, and the action by which the security interest was perfected would suffice to perfect a security interest under this amendatory Act of 1995, no further action is required to continue perfection. If a security interest in a security is perfected at the date this amendatory Act of 1995 takes effect but the action by which the security interest was perfected would not suffice to perfect a security interest under this amendatory Act of 1995, the security interest remains perfected for a period of 4 months after the effective date and continues perfected thereafter if appropriate action to perfect under this amendatory Act of 1995 is taken within that period. If a security interest is perfected at the date this amendatory Act of 1995 takes effect and the security interest can be perfected by filing under this amendatory Act of 1995, a financing statement signed by the secured party instead of the debtor may be filed within that period to continue perfection or thereafter to perfect.
(Source: P.A. 89‑364, eff. 1‑1‑96.) |