554.9113  Security interests arising under Article on Sales or under Article on Leases.

A security interest arising solely under the Article on Sales (Article 2) or the Article on Leases (Article 13) is subject to the provisions of this Article except that to the extent that and so long as the debtor does not have or does not lawfully obtain possession of the goods

a.  no security agreement is necessary to make the security interest enforceable; and

b.  no filing is required to perfect the security interest; and

c.  the rights of the secured party on default by the debtor are governed (i) by the Article on Sales (Article 2) in the case of a security interest arising solely under such Article or (ii) by the Article on Leases (Article 13) in the case of a security interest arising solely under such Article.

Section History: Early form

  [C66, 71, 73, 75, 77, 79, 81, § 554.9113]

Section History: Recent form

  94 Acts, ch 1052, §4

Internal References

  Referred to in § 15E.91, 16.26, 16A.9, 554.9203, 554.9302

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