(A) § 9-340 APPLIES WITH RESPECT TO THE EFFECTIVENESS OF
RIGHTS OF RECOUPMENT OR SET-OFF AGAINST DEPOSIT ACCOUNTS; AND

(B) § 9-404 APPLIES WITH RESPECT TO DEFENSES OR CLAIMS OF AN
ACCOUNT DEBTOR;

(11) THE CREATION OR TRANSFER OF AN INTEREST IN OR LIEN ON REAL
PROPERTY, INCLUDING A LEASE OR RENTS THEREUNDER, EXCEPT TO THE EXTENT
THAT PROVISION IS MADE FOR:

(A) LIENS ON REAL PROPERTY IN §§ 9-203 AND 9-308;

(B) FIXTURES IN § 9-334;

(C) FIXTURE FILINGS IN §§ 9-501, 9-502, 9-512, 9-516, AND 9-519;

AND

(D) SECURITY AGREEMENTS COVERING PERSONAL AND REAL
PROPERTY IN § 9-604;

(12) AN ASSIGNMENT OF A CLAIM ARISING IN TORT, OTHER THAN A
COMMERCIAL TORT CLAIM, BUT §§ 9-315 AND 9-322 APPLY WITH RESPECT TO
PROCEEDS AND PRIORITIES IN PROCEEDS; OR

(13) AN ASSIGNMENT OF A DEPOSIT ACCOUNT IN A CONSUMER
TRANSACTION, BUT 9-315 AND 9-322 APPLY WITH RESPECT TO PROCEEDS AND
PRIORITIES IN PROCEEDS.

9-110. SECURITY INTERESTS ARISING UNDER TITLE 2 OR 2A.

A SECURITY INTEREST ARISING UNDER § 2-401, § 2-505, § 2-711(3), OR § 2A-508(5)
OF THIS ARTICLE IS SUBJECT TO THIS TITLE. HOWEVER, UNTIL THE DEBTOR
OBTAINS POSSESSION OF THE GOODS:

(1) THE SECURITY INTEREST IS ENFORCEABLE, EVEN IF § 9-203(B)(3)
HAS NOT BEEN SATISFIED;

(2) FILING IS NOT REQUIRED TO PERFECT THE SECURITY INTEREST;

(3) THE RIGHTS OF THE SECURED PARTY AFTER DEFAULT BY THE
DEBTOR ARE GOVERNED BY TITLE 2 OR 2A OF THIS ARTICLE; AND

(4) THE SECURITY INTEREST HAS PRIORITY OVER A CONFLICTING
SECURITY INTEREST CREATED BY THE DEBTOR.

SUBTITLE 2. EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF
SECURITY AGREEMENT; RIGHTS OF PARTIES TO SECURITY AGREEMENT.

9-201. GENERAL EFFECTIVENESS OF SECURITY AGREEMENT.

(A) EXCEPT AS OTHERWISE PROVIDED BY TITLES 1 THROUGH 10 OF THIS
ARTICLE, A SECURITY AGREEMENT IS EFFECTIVE ACCORDING TO ITS TERMS
BETWEEN THE PARTIES, AGAINST PURCHASERS OF THE COLLATERAL, AND AGAINST
CREDITORS.