(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recording under a law repealed by this amendatory Act of 1972 which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repealed for such further filing, refiling or recording unless a financing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in any statute or other law repealed or modified by this amendatory Act of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other law repealed or modified by this amendatory Act of 1972 is still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.)
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