12A:9-110 - Security interests arising under Chapter 2 or 2A - New Jersey Statutes

12A:9-110.  Security interests arising under Chapter 2 or 2A12A:9-110.  Security Interests Arising under Chapter 2 or 2A.

A security interest arising under 12A:2-401, 12A:2-505, 12A:2-711(3), or 12A: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 12A: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 Chapter 2 or 2A; and

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

L.2001, c.117, s.1.