Section 11-9-110. Security interests arising under Article 2 or 2A of this title.

   A security interest arising under Code Section 11-2-401 or 11-2-505, subsection (3) of Code Section 11-2-711, or subsection (5) of Code Section 11-2A-508 is subject to this article. However, until the debtor obtains possession of the goods:

   (1) The security interest is enforceable, even if paragraph (3) of subsection (b) of Code Section 11-9-203 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 of this title; and

   (4) The security interest has priority over a conflicting security interest created by the debtor.

Code 1981, § 11-9-110, enacted by Ga. L. 2001, p. 362, § 1.