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Illinois Compiled Statutes

810 ILCS 5/9-304 (2026)

Law governing perfection and priority of security interests in deposit accounts

✓ current as of May 2026
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(810 ILCS 5/9-304) (from Ch. 26, par. 9-304)
    Sec. 9-304. Law governing perfection and priority of security interests in deposit accounts.
    (a) Law of bank's jurisdiction governs. The local law of a bank's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a deposit account maintained with that bank even if the transaction does not bear any relation to the bank's jurisdiction.
    (b) Bank's jurisdiction. The following rules determine a bank's jurisdiction for purposes of this Part:
        (1) If an agreement between the bank and the debtor
    
governing the deposit account expressly provides that a particular jurisdiction is the bank's jurisdiction for purposes of this Part, this Article, or the Uniform Commercial Code, that jurisdiction is the bank's jurisdiction.
        (2) If paragraph (1) does not apply and an agreement
    
between the bank and its customer governing the deposit account expressly provides that the agreement is governed by the law of a particular jurisdiction, that jurisdiction is the bank's jurisdiction.
        (3) If neither paragraph (1) nor paragraph (2)
    
applies and an agreement between the bank and its customer governing the deposit account expressly provides that the deposit account is maintained at an office in a particular jurisdiction, that jurisdiction is the bank's jurisdiction.
        (4) If none of the preceding paragraphs applies, the
    
bank's jurisdiction is the jurisdiction in which the office identified in an account statement as the office serving the customer's account is located.
        (5) If none of the preceding paragraphs applies, the
    
bank's jurisdiction is the jurisdiction in which the chief executive office of the bank is located.
(Source: P.A. 103-1036, eff. 1-1-25.)

    
Notes of Decisions
Cited in 3 cases, 1998–2015 · leading case: Joseph Stephens & Co., Inc. v. Cikanek, 588 F. Supp. 2d 870 (N.D. Ill. 2008).
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Joseph Stephens & Co., Inc. v. Cikanek, 588 F. Supp. 2d 870 (N.D. Ill. 2008). “” 810 ILCS 5/9-304(a); N.Y. U.C.C. Law § 9-304 (a).”
Am. Home Assurance Co. v. Weaver Aggregate Transp., Inc., 84 F. Supp. 3d 1314 (M.D. Fla. 2015). “§ 9-304; 810 ILCS 5/9-304(a). In addition, § 9-304 provides rules for determining the bank’s jurisdiction.”
Spina v. Toyota Motor Credit Corp. (Ill. App. Ct. 1998). “ssuming arguendo section 9-207 of the Illinois UCC can be interpreted as plaintiffs urge, namely, that money given as a security deposit in connection with an automobile lease may constitute "collateral" creating a "security interest" within the meaning of the UCC (see 810 ILCS…”
— 810 ILCS 5/9-304(1) — 1 case
Spina v. Toyota Motor Credit Corp. (Ill. App. Ct. 1998). “ssuming arguendo section 9-207 of the Illinois UCC can be interpreted as plaintiffs urge, namely, that money given as a security deposit in connection with an automobile lease may constitute "collateral" creating a "security interest" within the meaning of the UCC (see 810 ILCS…”
— 810 ILCS 5/9-304(a) — 2 cases
Joseph Stephens & Co., Inc. v. Cikanek, 588 F. Supp. 2d 870 (N.D. Ill. 2008). “” 810 ILCS 5/9-304(a); N.Y. U.C.C. Law § 9-304 (a).”
Am. Home Assurance Co. v. Weaver Aggregate Transp., Inc., 84 F. Supp. 3d 1314 (M.D. Fla. 2015). “§ 9-304; 810 ILCS 5/9-304(a). In addition, § 9-304 provides rules for determining the bank’s jurisdiction.”
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