30-9A-110. Security interests arising under chapter 2 or 2A. A security interest arising under 30-2-401, 30-2-505, 30-2-711(3), or 30-2A-508(5) is subject to this chapter. However, until the debtor obtains possession of the goods:
     (1) the security interest is enforceable, even if the requirements of 30-9A-203(2)(c) have not been met;
     (2) filing is not required to perfect the security interest;
     (3) the rights of the secured party on default by the debtor are governed by chapter 2 or 2A, as applicable; and
     (4) the security interest has priority over a conflicting security interest created by the debtor.

     History: En. Sec. 9, Ch. 305, L. 1999; Sec. , MCA 1999; redes. by Code Commissioner, 2001.