§12A-9-203.

§12A-9-203.
   
   Attachment and Enforceability of Security Interest; Proceeds, Formal
   Requisites.
   
   (1) Subject to the provisions of Section 4-210 of this title on the
   security interest of a collecting bank, Sections 9-115 and 9-116 of
   this title on security interests in investment property, and Section
   9-113 of this title on a security interest arising under the articles
   on Sales and Leases, a security interest is not enforceable against
   the debtor or third parties with respect to the collateral and does
   not attach unless:
   
   (a) the collateral is in the possession of the secured party pursuant
   to agreement, the collateral is investment property and the secured
   party has control pursuant to agreement, or the debtor has signed a
   security agreement which contains a description of the collateral, and
   in addition, when the security interest covers crops growing or to be
   grown or timber to be cut, a description of the land concerned;
   
   (b) value has been given; and
   
   (c) the debtor has rights in the collateral.
   
   (2) A security interest attaches when it becomes enforceable against
   the debtor with respect to the collateral. Attachment occurs as soon
   as all of the events specified in subsection (1) of this section have
   taken place unless explicit agreement postpones the time of attaching.
   
   (3) Unless otherwise agreed, a security agreement gives the secured
   party the rights to proceeds provided by Section 9-306 of this title.
   
   (4) A transaction, although subject to this article, may also be
   subject to the Uniform Consumer Credit Code, to the extent applicable,
   and in the case of conflict between the provisions of this article and
   any such statute, the provisions of such statute control. Failure to
   comply with any applicable statute has only the effect which is
   specified therein.