Article 9 - Effectiveness of Security Agreement
(1) Except as otherwise provided in these
Regulations, a Security Agreement is effective according to its terms.
Security Agreement is enforceable as between the Secured Party and the Debtor when the Security Interest attaches to the Collateral.
Security Agreement is enforceable as between the Secured Party and a third party when:
Security Interest has attached to the Collateral; and
(B) one of the following applies:
Secured Party has possession of the Collateral (other than possession as a result of seizure or repossession);
Secured Party has control of the Collateral;
Collateral is identified in the Security Agreement and the Security Agreement is signed by the Debtor.