Illinois Compiled Statutes 625 ILCS 5/1-186 – Security interest
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Illinois Compiled Statutes 625 ILCS 5/1-186
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
An interest in a vehicle reserved or created by agreement and which secures payment or performance of an obligation. The term includes the interest of a lessor under a lease intended as security. A security interest is “perfected” when it is valid against third parties generally, subject only to specific statutory exceptions.