270

LAWS OF MARYLAND

[Ch. 49

9—202. Title to collateral immaterial.

Each provision of this [subtitle] TITLE with regard
to rights, obligations and remedies applies whether title
to collateral is in the secured party or in the debtor.

9—203. Enforceability of security interest; proceeds,
formal requisites.

(1)   Subject to the provisions of § 4—208 on the
security interest of a collecting bank and § 9—113 on a
security interest arising under the [subtitle] TITLE on
sales, a security interest is not enforceable against the
debtor or third parties unless

(a)    The collateral is in the possession of
the secured party; or

(b)    The debtor has signed a security
agreement which contains a description of the collateral
and in addition, when the security interest covers crops
or oil, gas or Minerals to be extracted or timber to be
cut, a description of the land concerned. In describing
collateral, the word "proceeds" is sufficient without
further description to cover proceeds of any character.

(2)      A transaction, although subject to this
[subtitle] TITLE, may also be subject to other statutes
regulating loans and retail installment sales such as
Article 58A, §§ 1 through 23, Small Loan Act, Article 11,
§§ 163 through 205, Industrial Finance Companies, Article
83, §§ 128 through 153, Retail Installment Sales, and the
like, and in the case of conflict between the provisions
of this [subtitle] TITLE and any such statutes, the
provisions of such statute control. Failure to comply
with any applicable statute has only the effect which is
specified therein.

9—204. When security interest attaches; after—acquired
property; future advances.

(1)    A security interest cannot attach until there
is agreement (subsection (3) of § 1—201) that it attach
and value is given and the debtor has rights in the
collateral. It attaches as soon as all of the events in
the preceding sentence have taken place unless explicit
agreement postpones the time of attaching.

(2)   For the purposes of this section the debtor has
no rights

(a) In crops until they are planted or
otherwise become growing crops, in the young of livestock
until they are conceived;