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Illinois Compiled Statutes

810 ILCS 5/9-505 (2026)

Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions

✓ current as of May 2026
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(810 ILCS 5/9-505) (from Ch. 26, par. 9-505)
    Sec. 9-505. Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions.
    (a) Use of terms other than "debtor" and "secured party." A consignor, lessor, or other bailor of goods, a licensor, or a buyer of a payment intangible or promissory note may file a financing statement, or may comply with a statute or treaty described in Section 9-311(a), using the terms "consignor", "consignee", "lessor", "lessee", "bailor", "bailee", "licensor", "licensee", "owner", "registered owner", "buyer", "seller", or words of similar import, instead of the terms "secured party" and "debtor".
    (b) Effect of financing statement under subsection (a). This part applies to the filing of a financing statement under subsection (a) and, as appropriate, to compliance that is equivalent to filing a financing statement under Section 9-311(b), but the filing or compliance is not of itself a factor in determining whether the collateral secures an obligation. If it is determined for another reason that the collateral secures an obligation, a security interest held by the consignor, lessor, bailor, licensor, owner, or buyer which attaches to the collateral is perfected by the filing or compliance.
(Source: P.A. 91-893, eff. 7-1-01.)

    
Notes of Decisions
Cited in 1 case, 1998–1998 · leading case: Munao v. Lagattuta (Ill. App. Ct. 1998).
Sort: Relevance Newest Treatment
Munao v. Lagattuta (Ill. App. Ct. 1998). · cites it 2× “" Defendants argue on appeal that plaintiffs should be barred from a deficiency judgment because their actions after defendants returned the keys established one of the following: (1) an election to retain the collateral in full satisfaction of the debt under section 9-505(2) of…”
— 810 ILCS 5/9-505(2) — 1 case
Munao v. Lagattuta (Ill. App. Ct. 1998). “" Defendants argue on appeal that plaintiffs should be barred from a deficiency judgment because their actions after defendants returned the keys established one of the following: (1) an election to retain the collateral in full satisfaction of the debt under section 9-505(2) of…”
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