Illinois Compiled Statutes 770 ILCS 45/4 – The lien created by this Act shall be subject to the lien of any bona …
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Terms Used In Illinois Compiled Statutes 770 ILCS 45/4
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
The lien created by this Act shall be subject to the lien of any bona fide security interest as defined in the Uniform Commercial Code upon the same chattel recorded prior to the commencement of any lien herein created, but the lien herein created shall be in addition to, and shall not exclude, any lien now existing at common law, and any lien existing by virtue of “An Act concerning liens for labor, services, skill, or materials expended upon chattels,” filed July 24, 1941.