Illinois Administrative Code
Title 14 - COMMERCE
Part 140 - REGULATIONS UNDER THE ILLINOIS BUSINESS BROKERS ACT OF 1995
Subpart G - PROCEDURES FOR BUSINESS BROKER LIENS
Section 140.1152 - Procedures to Terminate a Notice of Lien Prior to the Two Year Expiration
Universal Citation: 14 IL Admin Code ยง 140.1152
Current through Register Vol. 48, No. 12, March 22, 2024
a) A business broker may terminate a Notice of Lien that was filed prior to January 1, 2001 with the Securities Department or after January 1, 2001 with the Uniform Commercial Code Division prior to the two year termination by filing Form UCC 3 with the Uniform Commercial Code Division. This form must contain the following information:
1) Name of business broker and
business broker file number;
2)
Name of purchaser;
3) Name of
seller;
4) Name of
business;
5) Date Notice of Lien
was filed with the Illinois Securities Department or Uniform Commercial Code
Division; and
6) Reason for release
and date of such occurrence.
b) The form shall be signed by the business broker or a person authorized to sign on the behalf of the business broker.
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