Security interests arising under Article 2 or 2a A security interest arising under section 2—401, or 2—505, or subsection 2—711(3) or 2A—508(5) of this title is subject to this article. However, until the debtor obtains possession of the goods: (1) the security interest is enforceable, even if subdivision 9—203(b)(3) of this title 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 Article 2 or 2A; and (4) the security interest has priority over a conflicting security interest created by the debtor. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
Vermont Legal Code