Illinois Compiled Statutes 815 ILCS 375/20 – Unless otherwise limited by this Act, the parties shall have the …
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Terms Used In Illinois Compiled Statutes 815 ILCS 375/20
- Contract: A legal written agreement that becomes binding when signed.
- 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
Unless otherwise limited by this Act, the parties shall have the rights and remedies provided in Article 9 of the Uniform Commercial Code with respect to default and disposition and redemption of collateral. If the holder of a retail installment contract repossesses a motor vehicle that was used as collateral, the holder shall be subject to the requirements of and shall transfer the certificate of title pursuant to § 3-114 of the Illinois Vehicle Code.