(810 ILCS 5/9‑102) (from Ch. 26, par. 9‑102)
Sec. 9‑102. Definitions and index of definitions.
(a) Article 9 definitions. In this Article:
(1) "Accession" means goods that are physically
| united with other goods in such a manner that the identity of the original goods is not lost. | |
(2) "Account", except as used in "account for", |
| means a right to payment of a monetary obligation, whether or not earned by performance, (i) for property that has been or is to be sold, leased, licensed, assigned, or otherwise disposed of, (ii) for services rendered or to be rendered, (iii) for a policy of insurance issued or to be issued, (iv) for a secondary obligation incurred or to be incurred, (v) for energy provided or to be provided, (vi) for the use or hire of a vessel under a charter or other contract, (vii) arising out of the use of a credit or charge card or information contained on or for use with the card, or (viii) as winnings in a lottery or other game of chance operated or sponsored by a State, governmental unit of a State, or person licensed or authorized to operate the game by a State or governmental unit of a State. The term includes health‑care‑insurance receivables. The term does not include (i) rights to payment evidenced by chattel paper or an instrument, (ii) commercial tort claims, (iii) deposit accounts, (iv) investment property, (v) letter‑of‑credit rights or letters of credit, or (vi) rights to payment for money or funds advanced or sold, other than rights arising out of the use of a credit or charge card or information contained on or for use with the card. | |
(3) "Account debtor" means a person obligated on an |
| account, chattel paper, or general intangible. The term does not include persons obligated to pay a negotiable instrument, even if the instrument constitutes part of chattel paper. | |
(4) "Accounting", except as used in "accounting |
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(A) authenticated by a secured party;
(B) indicating the aggregate unpaid secured |
| obligations as of a date not more than 35 days earlier or 35 days later than the date of the record; and | |
(C) identifying the components of the |
| obligations in reasonable detail. | |
(5) "Agricultural lien" means an interest, other |
| than a security interest, in farm products: | |
(A) which secures payment or performance of an |
| obligation for goods or services furnished in connection with a debtor's farming operation; | |
(B) which is created by statute in favor of a |
| person that in the ordinary course of its business furnished goods or services to a debtor in connection with a debtor's farming operation; and | |
(C) whose effectiveness does not depend on the |
| person's possession of the personal property. | |
(6) "As‑extracted collateral" means:
(A) oil, gas, or other minerals that are subject |
| to a security interest that: | |
(i) is created by a debtor having an |
| interest in the minerals before extraction; and | |
(ii) attaches to the minerals as extracted; |
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(B) accounts arising out of the sale at the |
| wellhead or minehead of oil, gas, or other minerals in which the debtor had an interest before extraction. | |
(7) "Authenticate" means:
(A) to sign; or
(B) to execute or otherwise adopt a symbol, or |
| encrypt or similarly process a record in whole or in part, with the present intent of the authenticating person to identify the person and adopt or accept a record. | |
(8) "Bank" means an organization that is engaged in |
| the business of banking. The term includes savings banks, savings and loan associations, credit unions, and trust companies. | |
(9) "Cash proceeds" means proceeds that are money, |
| checks, deposit accounts, or the like. | |
(10) "Certificate of title" means a certificate of |
| title with respect to which a statute provides for the security interest in question to be indicated on the certificate as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the collateral. | |
(11) "Chattel paper" means a record or records that |
| evidence both a monetary obligation and a security interest in specific goods, a security interest in specific goods and software used in the goods, a security interest in specific goods and license of software used in the goods, a lease of specific goods, or a lease of specified goods and a license of software used in the goods. In this paragraph, "monetary obligation" means a monetary obligation secured by the goods or owed under a lease of the goods and includes a monetary obligation with respect to software used in the goods. The term does not include (i) charters or other contracts involving the use or hire of a vessel or (ii) records that evidence a right to payment arising out of the use of a credit or charge card or information contained on or for use with the card. If a transaction is evidenced by records that include an instrument or series of instruments, the group of records taken together constitutes chattel paper. | |
(12) "Collateral" means the property subject to a |
| security interest or agricultural lien. The term includes: | |
(A) proceeds to which a security interest |
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(B) accounts, chattel paper, payment |
| intangibles, and promissory notes that have been sold; and | |
(C) goods that are the subject of a consignment.
(13) "Commercial tort claim" means a claim arising |
| in tort with respect to which: | |
(A) the claimant is an organization; or
(B) the claimant is an individual and the claim:
(i) arose in the course of the claimant's |
| business or profession; and | |
(ii) does not include damages arising out of |
| personal injury to or the death of an individual. | |
(14) "Commodity account" means an account maintained |
| by a commodity intermediary in which a commodity contract is carried for a commodity customer. | |
(15) "Commodity contract" means a commodity futures |
| contract, an option on a commodity futures contract, a commodity option, or another contract if the contract or option is: | |
(A) traded on or subject to the rules of a board |
| of trade that has been designated as a contract market for such a contract pursuant to federal commodities laws; or | |
(B) traded on a foreign commodity board of |
| trade, exchange, or market, and is carried on the books of a commodity intermediary for a commodity customer. | |
(16) "Commodity customer" means a person for which a |
| commodity intermediary carries a commodity contract on its books. | |
(17) "Commodity intermediary" means a person that:
(A) is registered as a futures commission |
| merchant under federal commodities law; or | |
(B) in the ordinary course of its business |
| provides clearance or settlement services for a board of trade that has been designated as a contract market pursuant to federal commodities law. | |
(18) "Communicate" means:
(A) to send a written or other tangible record;
(B) to transmit a record by any means agreed |
| upon by the persons sending and receiving the record; or | |
(C) in the case of transmission of a record to |
| or by a filing office, to transmit a record by any means prescribed by filing‑office rule. | |
(19) "Consignee" means a merchant to which goods are |
| delivered in a consignment. | |
(20) "Consignment" means a transaction, regardless |
| of its form, in which a person delivers goods to a merchant for the purpose of sale and: | |
(A) the merchant:
(i) deals in goods of that kind under a name |
| other than the name of the person making delivery; | |
(ii) is not an auctioneer; and
(iii) is not generally known by its |
| creditors to be substantially engaged in selling the goods of others; | |
(B) with respect to each delivery, the aggregate |
| value of the goods is $1,000 or more at the time of delivery; | |
(C) the goods are not consumer goods immediately |
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(D) the transaction does not create a security |
| interest that secures an obligation. | |
(21) "Consignor" means a person that delivers goods |
| to a consignee in a consignment. | |
(22) "Consumer debtor" means a debtor in a consumer |
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(23) "Consumer goods" means goods that are used or |
| bought for use primarily for personal, family, or household purposes. | |
(24) "Consumer‑goods transaction" means a consumer |
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(A) an individual incurs an obligation primarily |
| for personal, family, or household purposes; and | |
(B) a security interest in consumer goods |
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(25) "Consumer obligor" means an obligor who is an |
| individual and who incurred the obligation as part of a transaction entered into primarily for personal, family, or household purposes. | |
(26) "Consumer transaction" means a transaction in |
| which (i) an individual incurs an obligation primarily for personal, family, or household purposes, (ii) a security interest secures the obligation, and (iii) the collateral is held or acquired primarily for personal, family, or household purposes. The term includes consumer‑goods transactions. | |
(27) "Continuation statement" means an amendment of |
| a financing statement which: | |
(A) identifies, by its file number, the initial |
| financing statement to which it relates; and | |
(B) indicates that it is a continuation |
| statement for, or that it is filed to continue the effectiveness of, the identified financing statement. | |
(28) "Debtor" means:
(A) a person having an interest, other than a |
| security interest or other lien, in the collateral, whether or not the person is an obligor; | |
(B) a seller of accounts, chattel paper, payment |
| intangibles, or promissory notes; or | |
(C) a consignee.
(29) "Deposit account" means a demand, time, |
| savings, passbook, nonnegotiable certificates of deposit, uncertificated certificates of deposit, nontransferrable certificates of deposit, or similar account maintained with a bank. The term does not include investment property or accounts evidenced by an instrument. | |
(30) "Document" means a document of title or a |
| receipt of the type described in Section 7‑201(b) . | |
(31) "Electronic chattel paper" means chattel paper |
| evidenced by a record or records consisting of information stored in an electronic medium. | |
(32) "Encumbrance" means a right, other than an |
| ownership interest, in real property. The term includes mortgages and other liens on real property. | |
(33) "Equipment" means goods other than inventory, |
| farm products, or consumer goods. | |
(34) "Farm products" means goods, other than |
| standing timber, with respect to which the debtor is engaged in a farming operation and which are: | |
(A) crops grown, growing, or to be grown, |
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(i) crops produced on trees, vines, and |
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(ii) aquatic goods produced in aquacultural |
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(B) livestock, born or unborn, including aquatic |
| goods produced in aquacultural operations; | |
(C) supplies used or produced in a farming |
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(D) products of crops or livestock in their |
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(35) "Farming operation" means raising, cultivating, |
| propagating, fattening, grazing, or any other farming, livestock, or aquacultural operation. | |
(36) "File number" means the number assigned to an |
| initial financing statement pursuant to Section 9‑519(a). | |
(37) "Filing office" means an office designated in |
| Section 9‑501 as the place to file a financing statement. | |
(38) "Filing‑office rule" means a rule adopted |
| pursuant to Section 9‑526. | |
(39) "Financing statement" means a record or records |
| composed of an initial financing statement and any filed record relating to the initial financing statement. | |
(40) "Fixture filing" means the filing of a |
| financing statement covering goods that are or are to become fixtures and satisfying Section 9‑502(a) and (b). The term includes the filing of a financing statement covering goods of a transmitting utility which are or are to become fixtures. | |
(41) "Fixtures" means goods that have become so |
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