A security interest arising under § 4-2-401, § 4-2-505, § 4-2-711(3), or § 4-2A-508(5) is subject to this chapter. However, until the debtor obtains possession of the goods:
the security interest is enforceable, even if § 4-9-203(b)(3) has not been satisfied;
filing is not required to perfect the security interest;
the rights of the secured party after default by the debtor are governed by Chapter 2 or Chapter 2A; and
the security interest has priority over a conflicting security interest created by the debtor.
History.
Acts 2001, No. 1439, § 1.
Case Notes
Cited:
Wawak v. Stewart, 247 Ark. 1093, 449 S.W.2d 922 (1970); Cullipher v. Lindsey Rice Mill, Inc., 730 F. Supp. 970 (W.D. Ark. 1990) (decisions under prior law).
Part 2
— Effectiveness of Security Agreement; Attachment of Security Interest; Rights of Parties to Security Agreement
Publisher's Notes.
For Comments regarding the Uniform Commercial Code, see Commentaries Volume A.
Research References
ALR.
Sufficiency of debtor's signature on security agreement or financing statement under UCC § 9-203 and § 9-402. 3 A.L.R.4th 502.
Improper sale, removal, concealment, or disposal of property subject to security interest under UCC. 48 A.L.R.4th 819.
Pedersen, Crop Financing: A Guide to Arkansas Law, 1988 Ark. L. Notes 31.
Laurence, The Shortest Article Ever on Secured Transactions, 1989 Ark. L. Notes 77.
Ark. L. Rev.
Secured Transactions: Article IX: Part 2, 16 Ark. L. Rev. 131.
McDermott, Standard Leasing Corp. v. Schmidt Aviation: Analysis of Contract Choice of Law in Usury Cases, 34 Ark. L. Rev. 297.
Leflar, Conflict of Laws: Arkansas, 1978-82, 36 Ark. L. Rev. 191.
Mortgage Provisions Extending the Lien to Future Advances and Antecedent Indebtedness, 26 Ark. L. Rev. 423.
C.J.S.
79 C.J.S., Secured Trans., § 27 et seq.
U. Ark. Little Rock L.J.
Martin, An Arkansas Practitioner's Guide to Perfecting Security Interests in Securities, Brokerage Accounts, and Other Forms of Investment Property under Revised Article 8 and Amended Article 9, 19 U. Ark. Little Rock L.J. 1.
Tyler, Survey of Business Law, 3 U. Ark. Little Rock L.J. 149.
Adams, “Clear Title” for Farm Products: Congress and the Arkansas Legislature Attempt to Solve a Troublesome Problem, 10 U. Ark. Little Rock L.J. 619.
Survey, Debtor/Creditor Relations, 14 U. Ark. Little Rock L.J. 353.
Womack v. Newman Fixture Co., 766 S.W.2d 949 (Ark. Ct. App. 1989). · cites it 14ד(emphasis supplied) Pursuant to Ark. Code Ann. § 4-9-110 (1987), any description of the personal property or real estate is sufficient, whether or not it is specific, if it reasonably identifies what is described.”
Lawhon Farm Supply, Inc. v. Hayes, 870 S.W.2d 729 (Ark. 1994). · cites it 4דFrancis County [4] Section 4-9-110 provides that any description of personal property or real estate is sufficient whether or not it is specific if it reasonably identifies what is described.”
Womack v. Newman Fixture Co., 785 S.W.2d 226 (Ark. Ct. App. 1990). · cites it 8ד1961) (now Ark. Code Ann. § 4-9-110 (1987)), which makes this specific provision.”
Schieffler v. First Nat'l Bank of Wynne (In Re Peeler), 145 B.R. 973 (Bankr. E.D. Ark. 1992). · cites it 2ד” Ark.Code Ann. § 4-9-110 (Repl.1991) provides that “[f]or the purposes of this chapter any description of .”
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