A security interest arising under Section 36-2-401, 36-2-505, 36-2-711(3), or 36-2A-508(5) is subject to this chapter. However, until the debtor obtains possession of the goods: (1) the security interest is enforceable, even if Section 36-9-203(b)(3) 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 Chapter 2 or 2A; and (4) the security interest has priority over a conflicting security interest created by the debtor. HISTORY: 1962 Code Section 10.9-110; 1966 (54) 2716; 1988 Act No. 494, Section 5; 2001 Act No. 67, Section 12.
South Carolina Legal Code