Illinois Compiled Statutes 810 ILCS 5/9-333 – Priority of certain liens arising by operation of law
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(a) “Possessory lien.” In this Section, “possessory lien” means an interest, other than a security interest or an agricultural lien:
(1) which secures payment or performance of an
(1) which secures payment or performance of an
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obligation for services or materials furnished with respect to goods by a person in the ordinary course of the person’s business;
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(2) which is created by statute or rule of law in
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favor of the person; and
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(3) whose effectiveness depends on the person’s
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possession of the goods.
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(b) Priority of possessory lien. A possessory lien on goods has priority over a security interest in the goods unless the lien is created by a statute that expressly provides otherwise.
Terms Used In Illinois Compiled Statutes 810 ILCS 5/9-333
- Lien: A claim against real or personal property in satisfaction of a debt.
- Statute: A law passed by a legislature.