(810 ILCS 5/9-405) (from Ch. 26, par. 9-405)
Sec. 9-405.
Modification of assigned contract.
(a) Effect of modification on assignee. A modification of or
substitution for an assigned contract is effective against an assignee if made
in good
faith. The assignee acquires corresponding rights under the modified or
substituted
contract. The assignment may provide that the modification or substitution is
a
breach of contract by the assignor. This subsection is subject to subsections
(b)
through (d).
(b) Applicability of subsection (a). Subsection (a) applies to the
extent that:
(1) the right to payment or a part thereof under an | ||
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(2) the right to payment or a part thereof has been | ||
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(c) Rule for individual under other law. This Section is subject
to law other than this Article which establishes a different rule for an
account
debtor who is an individual and who incurred the obligation primarily for
personal,
family, or household purposes.
(d) Inapplicability to health-care-insurance receivable. This
Section does not apply to an assignment of a health-care-insurance
receivable.
(Source: P.A. 91-893, eff. 7-1-01.)
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