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.