625 ILCS 5/1-186

in effect

(625 ILCS 5/1-186) (from Ch. 95 1/2, par. 1-186) Sec. 1-186. Security interest. 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. (Source: P.A. 76-1586.)

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.ilga.gov/legislation/ilcs/ilcs.aspFetched: 10/17/2026