J. MILLARD TAWES, Governor                      927

(c)  a purchase money security interest in farm equipment having
a purchase price not in excess of $500; but filing is required for a
fixture under Section 9—313 or for a motor vehicle required to be
licensed;

(d)  a purchase money security interest in consumer goods having
a purchase price not in excess of $500; but filing is required for a
fixture under Section 9—313 or for a motor vehicle required to be
licensed;

(e)  an assignment of accounts or contract rights which does not
alone or in conjunction with other assignments to the same assignee
transfer a significant part of the outstanding accounts or contract
rights of the assignor;

(f)  a security interest of a collecting bank (Section 4—208) or
arising under the Sub-title on Sales (see Section 9—113) or covered
in subsection (3) of this section.

(2)  If a secured party assigns a perfected security interest, no
filing under this Sub-title is required in order to continue the per-
fected status of the security interest against creditors of and trans-
ferees from the original debtor.

(3)   The filing provisions of this Sub-title do not apply to a security
interest in property subject to a statute

(a)  of the United States which provides for a national registration
or filing of all security interests in such property; or

(b)  of this State which provides for central filing of such security
interests in such property.

(4)  A security interest in property covered by a statute described
in subsection (3) can be perfected only by registration or filing
under that statute.

9—303. When Security Interest is Perfected; Continuity of Per-
fection.

(1)  A security interest is perfected when it has attached and
when all of the applicable steps required for perfection have been
taken. Such steps are specified in Sections 9—302, 9—304, 9—305
and 9—306. If such steps are taken before the security interest
attaches, it is perfected at the time when it attaches.

(2)  If a security interest is originally perfected in any way per-
mitted under this Sub-title and is subsequently perfected in some
other way under this Sub-title, without an intermediate period when
it was unperfected, the security interest shall be deemed to be per-
fected continuously for the purposes of this Sub-title.

9—304. Perfection of Security Interest in Instruments, Documents
and Goods Covered by Documents; Perfection by Permis-
sive Filing; Temporary Perfection Without Filing or
Transfer of Possession.

(1) A security interest in chattel paper or negotiable documents
may be perfected by filing. A security interest in instruments (other
than instruments which constitute part of chattel paper) can be
perfected only by the secured party's taking possession, except as
provided in subsections (4) and (5).