Illinois Compiled Statutes 810 ILCS 5/9-509 – Persons entitled to file a record
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(a) Person entitled to file record. A person may file an initial financing statement, amendment that adds collateral covered by a financing statement, or amendment that adds a debtor to a financing statement only if:
(1) the debtor authorizes the filing in an
(1) the debtor authorizes the filing in an
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authenticated record or pursuant to subsection (b) or (c); or
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(2) the person holds an agricultural lien that has
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become effective at the time of filing and the financing statement covers only collateral in which the person holds an agricultural lien.
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(b) Security agreement as authorization. By authenticating or becoming bound as debtor by a security agreement, a debtor or new debtor authorizes the filing of an initial financing statement, and an amendment, covering:
(1) the collateral described in the security
Terms Used In Illinois Compiled Statutes 810 ILCS 5/9-509
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Lien: A claim against real or personal property in satisfaction of a debt.
(1) the collateral described in the security
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agreement; and
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(2) property that becomes collateral under Section
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9-315(a)(2), whether or not the security agreement expressly covers proceeds.
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(c) Acquisition of collateral as authorization. By acquiring collateral in which a security interest or agricultural lien continues under Section 9-315(a)(1), a debtor authorizes the filing of an initial financing statement, and an amendment, covering the collateral and property that becomes collateral under Section 9-315(a)(2).
(d) Person entitled to file certain amendments. A person may file an amendment other than an amendment that adds collateral covered by a financing statement or an amendment that adds a debtor to a financing statement only if:
(1) the secured party of record authorizes the
(d) Person entitled to file certain amendments. A person may file an amendment other than an amendment that adds collateral covered by a financing statement or an amendment that adds a debtor to a financing statement only if:
(1) the secured party of record authorizes the
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filing; or
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(2) the amendment is a termination statement for a
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financing statement as to which the secured party of record has failed to file or send a termination statement as required by Section 9-513(a) or (c), the debtor authorizes the filing, and the termination statement indicates that the debtor authorized it to be filed.
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(e) Multiple secured parties of record. If there is more than one secured party of record for a financing statement, each secured party of record may authorize the filing of an amendment under subsection (d).