UCC 9-110. Security interests arising under ORS chapter 72 or 72A. A security interest arising under ORS 72.4010, 72.5050, 72.7110 (3) or 72A.5080 (5) is subject to this chapter. However, until the debtor obtains possession of the goods

(1) The security interest is enforceable, even if ORS 79A.2030 (2)(c) 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 ORS chapter 72 or 72A; and

(4) The security interest has priority over a conflicting security interest created by the debtor. [Formerly 79.0110]

EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT

(Effectiveness and Attachment)