IC 26-1-9.1-110 : Security interests arising under IC 26-1-2 or IC 26-1-2.1

Sec. 110. A security interest arising under IC 26-1-2-401, IC 26-1-2-505, IC 26-1-2-711(3), or IC 26-1-2.1-508(5) is subject to IC 26-1-9.1. However, until the debtor obtains possession of the goods:

(1) the security interest is enforceable, even if IC 26-1-9.1-203(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 IC 26-1-2 or IC 26-1-2.1; and

(4) the security interest has priority over a conflicting security interest created by the debtor.

As added by P.L.57-2000, SEC.45.