MARVIN MANDEL, Governor

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receive from the secured party any surplus under § 9—502
(2) or under § 9-504 (1), and is not liable for the debt
or for any deficiency after resale, and he has the same
right as the debtor

(a)   To receive statements under § 9—208;

(b)    To receive notice of and to object to a
secured party's proposal to retain the collateral in
satisfaction of the indebtedness under § 9—505;

(c)   To redeem the collateral under § 9—506;

(d) To obtain injunctive or other relief
under § 9—507 (1); and

(e) To recover losses caused to him under §
9-208 (2).

9—113. Security interests arising under [subtitle] TITLE
on sales.

A security interest arising solely under the
[subtitle] TITLE on sales ([subtitle] TITLE 2) is subject
to the provisions of this [subtitle] TITLE except that to
the extent that and so long as the debtor does not have
or does not lawfully obtain possession of the goods

(a)    No security agreement is necessary to
sake the security interest enforceable; and

(b)   No filing is required to perfect the
security interest; and

(c)    The rights of the secured party on
default by the debtor are governed by the [subtitle]
TITLE on sales ([subtitle] TITLE 2).

SUBTITLE 2. VALIDITY OF SECURITY AGREEMENT AND RIGHTS OF
PARTIES THERETO.

9-201. General validity of security agreement.

Except as otherwise provided by TITLES 1 THROUGH 10
OF this article a security agreement is effective
according to its tens between the parties, against
purchasers of the collateral and against creditors.
nothing in this [subtitle] TITLE validates any charge or
practice illegal under any statute or regulation
thereunder governing usury, small loans, retail
installment sales, or the like, or extends the
application of any such statute or regulation to any
transaction not otherwise subject thereto.