A security interest arising under Section 36-2-401, 36-2-505, 36-2-711(3), or 36-2A-508(5) is subject to this chapter. However, until the debtor obtains possession of the goods:

1. (1) the security interest is enforceable, even if Section 36-9-203(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 Chapter 2 or 2A; and
4. (4) the security interest has priority over a conflicting security interest created by the debtor.

HISTORY: 1962 Code Section 10.9-110; 1966 (54) 2716; 1988 Act No. 494, Section 5; 2001 Act No. 67, Section 12. "Debtor" Section 36-9-102(a)(28) "Secured party" Section 36-9-102(a)(72) "Security interest" Section 36-1-201(37) [see now Section 36-1-203]