12A:9-110. Security interests arising under Chapter 2 or 2A
12A:9-110. Security Interests Arising under Chapter 2 or 2A.
A security interest arising under 12A:2-401, 12A:2-505, 12A:2-711(3), or 12A:2A-508(5) is subject to this chapter. However, until the debtor obtains possession of the goods:
(1) the security interest is enforceable, even if 12A:9-203 b.(3) has not been satisfied;
(2) filing is not required to perfect the security interest;
(3) the rights of the secured party after default by the debtor are governed by Chapter 2 or 2A; and
(4) the security interest has priority over a conflicting security interest created by the debtor.
L.2001, c.117, s.1.
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