A security interest arising under Section 70A-2-401 or 70A-2-505, or Subsection 70A-2-711(3) or 70A-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 Subsection 70A-9a-203(2)(c) has not been satisfied;
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Terms Used In Utah Code 70A-9a-110

  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
(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, Uniform Commercial Code – Sales or Chapter 2a, Uniform Commercial Code – Leases; and
(4) the security interest has priority over a conflicting security interest created by the debtor.

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