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Terms Used In Illinois Compiled Statutes 810 ILCS 5/2A-306
Contract: A legal written agreement that becomes binding when signed.
Goods: means all things that are movable at the
time of identification to the lease contract, or are fixtures (Section 2A-309), but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles, or minerals or the like, including oil and gas, before extraction. See Illinois Compiled Statutes 810 ILCS 5/2A-103
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
Lease: means a transfer of the right to
possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See Illinois Compiled Statutes 810 ILCS 5/2A-103
If a person in the ordinary course of his or her business furnishes services or materials with respect to goods subject to a leasecontract, a lien upon those goods in the possession of that person given by statute or rule of law for those materials or services takes priority over any interest of the lessor or lessee under the lease contract or this Article unless the lien is created by statute and the statute provides otherwise or unless the lien is created by rule of law and the rule of law provides otherwise.
