Article 9 - Effectiveness of Security Agreement

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