Section 400.9-110

Title XXVI TRADE AND COMMERCE

Chapter 400

Effective - 01 Jul 2001, see footnote   

  400.9-110.  Security interests arising under Article 2 or 2A. — A security interest arising under sections 400.2-401, 400.2-505, 400.2-711(3) or 400.2A-508(5) is subject to this article.  However, until the debtor obtains possession of the goods:

  (1)  The security interest is enforceable, even if section 400.9-203(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 article 2 or 2A; and

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

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(L. 1963 p. 503 § 9-110, A.L. 2001 S.B. 288)

Effective 7-01-01