14-9-113. SECURITY INTERESTS ARISING UNDER CHAPTER ON SALES.

A security interest arising under the Chapter on Sales 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; and
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 by the Chapter on Sales.