A security interest arising under section 4-2-401, 4-2-505, 4-2-711 (3), or 4-2.5-508 (5) is subject to this article. However, until the debtor obtains possession of the goods:

1. (1) The security interest is enforceable, even if section 4-9-203 (b)(3) has not been satisfied;
2. (2) Filing is not required to perfect the security interest;
3. (3) The rights of the secured party after default by the debtor are governed by article 2 or 2.5 of this title; and
4. (4) The security interest has priority over a conflicting security interest created by the debtor.

Source: L. 2001: Entire article R&RE, p. 1333, § 1, effective July 1.

Editor's note: This section is similar to former § 4-9-113 as it existed prior to 2001.