§12A-9-305.

§12A-9-305.
   
   When Possession by Secured Party Perfects Security Interest Without
   Filing.
   
   A security interest in goods, instruments, money, negotiable
   documents, or chattel paper may be perfected by the secured party's
   taking possession of the collateral. A security interest in the right
   to proceeds of a written letter of credit may be perfected by the
   secured party's taking possession of the letter of credit. If such
   collateral other than goods covered by a negotiable document is held
   by a bailee, the secured party is deemed to have possession from the
   time the bailee receives notification of the secured party's interest.
   A security interest is perfected by possession from the time
   possession is taken without relation back and continues only so long
   as possession is retained, unless otherwise specified in this article.
   The security interest may be otherwise perfected as provided for in
   this article before or after the period of possession by the secured
   party.