Ill. Admin. Code tit. 92, § 1010.130 - Exclusiveness of Lien on Certificate of Title and Removal of Lien
a) Liens and
security interests in any vehicle for which an Illinois certificate of title
has been issued, may only be perfected as provided for in the IVC, and any
other interests whether sought to be perfected by recording or under the
provisions of the Uniform Commercial Code [815 ILCS 5], as amended, shall not
supersede the notation of a lien on a certificate of title nor serve as a valid
lien or security interest if no lien is noted on such certificate of
title.
b) A lien recorded on a
certificate of title may be removed from a title record and the certificate of
title may be issued to either the vehicle owner or a secondary lienholder
listed on a title without notice of the lien release being provided to the
Secretary when the Secretary determines that:
1) the lien is more than seven years
old;
2) the vehicle is more than 10
years old; and
3) the lienholder is
out of business according to Secretary of State records or other actions
undertaken by the Secretary of State to verify the status of the
lienholder.
c) In
accordance with IVC Sections 3-104 and 3-116, all applicable forms must be
completed and fees paid in order to complete the transaction specified under
subsection (b).
Notes
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