§490:9-203 Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites. (a) A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpones the time of attachment.
(b) Except as otherwise provided in subsections (c) through (i), a security interest is enforceable against the debtor and third parties with respect to the collateral only if:
(c) Subsection (b) is subject to section 490:4-210 on the security interest of a collecting bank, section 490:5-118 on the security interest of a letter-of-credit issuer or nominated person, section 490:9-110 on a security interest arising under article 2 or 2A, and section 490:9-206 on security interests in investment property.
(d) A person becomes bound as debtor by a security agreement entered into by another person if, by operation of law other than this article or by contract:
(e) If a new debtor becomes bound as debtor by a security agreement entered into by another person:
(f) The attachment of a security interest in collateral gives the secured party the rights to proceeds provided by section 490:9-315 and is also attachment of a security interest in a supporting obligation for the collateral.
(g) The attachment of a security interest in a right to payment or performance secured by a security interest or other lien on personal or real property is also attachment of a security interest in the security interest, mortgage, or other lien.
(h) The attachment of a security interest in a securities account is also attachment of a security interest in the security entitlements carried in the securities account.
(i) The attachment of a security interest in a commodity account is also attachment of a security interest in the commodity contracts carried in the commodity account. [L 2000, c 241, pt of §1; am L 2004, c 163, §22; am L 2023, c 132, §38]