30-9-113. Security interests arising under chapter on sales or under chapter on leases. A security interest arising solely under the chapter on sales (chapter 2) or the chapter on leases (chapter 2A) is subject to the provisions of this chapter except that to the extent that and so long as the debtor does not have or does not lawfully obtain possession of the goods:
     (1) no security agreement is necessary to make the security interest enforceable;
     (2) no filing is required to perfect the security interest; and
     (3) the rights of the secured party on default by the debtor are governed:
     (a) by the chapter on sales (chapter 2) in the case of a security interest arising solely under that chapter; or
     (b) by the chapter on leases (chapter 2A) in the case of a security interest arising solely under that chapter.

     History: En. Sec. 9-113, Ch. 264, L. 1963; R.C.M. 1947, 87A-9-113; amd. Sec. 228, Ch. 410, L. 1991.