Section 9--203. Attachment and Enforceability of Security Interest;\n Proceeds; Supporting Obligations; Formal Requisites.\n (a) Attachment. A security interest attaches to collateral when it\nbecomes enforceable against the debtor with respect to the collateral,\nunless an agreement expressly postpones the time of attachment.\n * (b) Enforceability. Except as otherwise provided in subsections (c)\nthrough (i), a security interest is enforceable against the debtor and\nthird parties with respect to the collateral only if:\n (1) value has been given;\n (2) the debtor has rights in the collateral or the power to\n transfer rights in the collateral to a secured party; and\n (3) one of the following conditions is met:\n (A) the debtor has authenticated a security agreement that\n provides a description of the collateral and, if the\n security interest covers timber to be cut, a description\n of the land concerned;\n (B) the collateral is not a certificated security and is in\n the possession of the secured party under Section 9--313\n pursuant to the debtor's security agreement;\n (C) the collateral is a certificated security in registered\n form and the security certificate has been delivered to\n the secured party under Section 8--301 pursuant to the\n debtor's security agreement; or\n (D) the collateral is deposit accounts, electronic chattel\n paper, investment property, letter-of-credit rights, or\n electronic documents, and the secured party has control\n under Section 7--106, 9--104, 9--105, 9--106, or 9--107\n pursuant to the debtor's security agreement.\n * NB Effective until June 3, 2026\n * (b) Enforceability. Except as otherwise provided in\n subsections (c) through (i), a security interest is\n enforceable against the debtor and third parties with respect\n to the collateral only if:\n (1) value has been given;\n (2) the debtor has rights in the collateral or the power to\n transfer rights in the collateral to a secured party; and\n (3) one of the following conditions is met:\n (A) the debtor has signed a security agreement that provides\n a description of the collateral and, if the security\n interest covers timber to be cut, a description of the\n land concerned;\n (B) the collateral is not a certificated security and is in\n the possession of the secured party under Section 9--313\n pursuant to the debtor's security agreement;\n (C) the collateral is a certificated security in registered\n form and the security certificate has been delivered to\n the secured party under Section 8--301 pursuant to the\n debtor's security agreement;\n (D) the collateral is controllable accounts, controllable\n electronic records, controllable payment intangibles,\n deposit accounts, electronic documents, electronic money,\n investment property or letter-of-credit rights, and the\n secured party has control under Section 7--106, 9--104,\n 9--105, 9--105A, 9--106, 9--107, or 9--107A pursuant to\n the debtor's security agreement; or\n (E) the collateral is chattel paper and the secured party has\n possession and control under Section 9--314A pursuant to\n the debtor's security agreement.\n * NB Effective June 3, 2026\n (c) Other UCC provisions. Subsection (b) is subject to Section 4--210\non the security interest of a collecting bank, Section 5--118 on the\nsecurity interest of a letter-of-credit issuer or nominated person,\
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