HARRY HUGHES, Governor

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(9) EACH STATEMENT SENT PURSUANT TO THIS SECTION MUST BEAR
A CONSPICUOUS LEGEND READING SUBSTANTIALLY AS FOLLOWS: "THIS
STATEMENT IS MERELY A RECORD OF THE RIGHTS OF THE ADDRESSEE AS OF
THE TIME OF ITS ISSUANCE. DELIVERY OF THIS STATEMENT, OF ITSELF,
CONFERS NO RIGHTS ON THE RECIPIENT. THIS STATEMENT IS NEITHER A
NEGOTIABLE INSTRUMENT NOR A SECURITY".

9-103.

(3)(a) This subsection applies to accounts (other than an
account described in subsection (5) on minerals) and general
intangibles (OTHER THAN UNCERTIFICATED SECURITIES) and to goods
which are mobile and which are of a type normally used in more
than one jurisdiction, such as motor vehicles, trailers, rolling
stock, airplanes, shipping containers, road building and
construction machinery and commercial harvesting machinery and
the like, if the goods are equipment or are inventory leased or
held for lease by the debtor to others, and are not covered by a
certificate of title described in subsection (2).

(6) THE LAW (INCLUDING THE CONFLICT OF LAWS RULES) OF THE
JURISDICTION OF ORGANIZATION OF THE ISSUER GOVERNS THE PERFECTION
AND THE EFFECT OF PERFECTION OR NONPERFECTION OF A SECURITY
INTEREST IN UNCERTIFICATED SECURITIES.

9-105.

(1) In this title unless the context otherwise requires:

(i) "Instrument" means a negotiable instrument
(defined in § 3-104), or a CERTIFICATED security (defined in §
8-102) or any other writing which evidences a right to the
payment of money and is not itself a security agreement or lease
and is of a type which is in ordinary course of business
transferred by delivery with any necessary indorsement or
assignment;

9-203.

(1) Subject to the provisions of § 4-208 on the security
interest of a collecting bank, § 8-321 ON SECURITY INTERESTS IN
SECURITIES and § 9-113 on a security interest arising under the
title on sales, a security interest is not enforceable against
the debtor or third parties with respect to the collateral and
does not attach unless:

(a)  The collateral is in the possession of the
secured party pursuant to agreement, or the debtor has signed a
security agreement which contains a description of the collateral
and in addition, when the security interest covers crops growing
or to be grown or timber to be cut, a description of the land
concerned; [and]

(b)  Value has been given; and