(810 ILCS 5/9-306.1)
Sec. 9-306.1.
Law Governing Perfection and Priority of Collateral
Assignments
of
Beneficial Interests in Illinois Land Trusts. The local law of the State of
Illinois governs perfection, the effect of perfection or nonperfection, and the
priority of a collateral assignment of, or other security interest in, a
beneficial interest in an Illinois
land
trust. This Section implements the important interest of this State in matters
associated with the administration of Illinois land trusts created for the
principal purpose of owning an interest in Illinois land and the regulation of
restrictions on the transfer of beneficial interests in, and of the power of
appointments under, such trusts.
(Source: P.A. 92-234, eff. 1-1-02.)
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