(810 ILCS 5/9-315.01)
Sec. 9-315.01.
Debtor disposing of collateral and failing to pay secured
party
amount due under security agreement; penalties for violation.
(1) It is unlawful for a debtor under the terms of a security agreement
(a)
who has
no right of sale or other disposition of the collateral or (b) who has a right
of sale or other
disposition of the collateral and is to account to the secured party for the
proceeds of any
sale or other disposition of the collateral, to sell or otherwise dispose of
the collateral and
willfully and wrongfully to fail to pay the secured party the amount of said
proceeds due
under the security agreement. Failure to pay such proceeds to the secured
party within 10
days after the sale or other disposition of the collateral is prima facie
evidence of a willful
and wanton failure to pay.
(2) An individual convicted of a violation of this Section shall be guilty
of
a Class
3 felony.
(3) A corporation convicted of a violation of this Section shall be guilty
of
a
business offense and shall be fined not less than $2,000 nor more than $10,000.
(4) In the event the debtor under the terms of a security agreement is a
corporation
or a partnership, any officer, director, manager, or managerial agent of the
debtor who
violates this Section or causes the debtor to violate this Section shall be
guilty of a Class
3 felony.
(Source: P.A. 91-893, eff. 7-1-01.)
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