UCC Financing Statements, Fixture Filings, and Amendments (IL)

Summary

This practice note discusses the procedures for preparing and filing a Uniform Commercial Code (UCC) financing statement, fixture filing, and amendment based on the UCC in effect in the state of Illinois, as amended on July 16, 2014. Pursuant to 810 Ill. Comp. Stat. Ann. 5/9-102 (40), a fixture filing is the filing of a financing statement covering goods that are or are to become fixtures. Fixtures are defined by 810 Ill. Comp. Stat. Ann. 5/9-102 (41) to mean goods that have become so related to particular real property than an interest in them arises under real property law. The UCC allows creditors, including mortgage lenders, to easily perfect their security interests in most types of personal property, including fixtures, with a filing referred to as a UCC financing statement. This practice note includes detailed instructions for preparing and filing both a UCC-1, a UCC-3 amendment and related forms in Illinois and provides guidance for both the secured party and the debtor.