9-203. ATTACHMENT AND ENFORCEABILITY OF SECURITY INTEREST; PROCEEDS;
SUPPORTING OBLIGATIONS; FORMAL REQUISITES.

(A) A SECURITY INTEREST ATTACHES TO COLLATERAL WHEN IT BECOMES
ENFORCEABLE AGAINST THE DEBTOR WITH RESPECT TO THE COLLATERAL, UNLESS
AN AGREEMENT EXPRESSLY POSTPONES THE TIME OF ATTACHMENT.

(B) EXCEPT AS OTHERWISE PROVIDED IN SUBSECTIONS (C) THROUGH (I), A
SECURITY INTEREST IS ENFORCEABLE AGAINST THE DEBTOR AND THIRD PARTIES
WITH RESPECT TO THE COLLATERAL ONLY IF:

(1) VALUE HAS BEEN GIVEN;

(2) THE DEBTOR HAS RIGHTS IN THE COLLATERAL OR THE POWER TO
TRANSFER RIGHTS IN THE COLLATERAL TO A SECURED PARTY; AND

(3) ONE OF THE FOLLOWING CONDITIONS IS MET:

(A) THE DEBTOR HAS AUTHENTICATED A SECURITY AGREEMENT
THAT PROVIDES A DESCRIPTION OF THE COLLATERAL AND, IF THE SECURITY
INTEREST COVERS TIMBER TO BE CUT, A DESCRIPTION OF THE LAND CONCERNED;

(B) THE COLLATERAL IS NOT A CERTIFICATED SECURITY AND IS IN
THE POSSESSION OF THE SECURED PARTY UNDER § 9-313 PURSUANT TO THE
DEBTOR'S SECURITY AGREEMENT;

(C) THE COLLATERAL IS A CERTIFICATED SECURITY IN
REGISTERED FORM AND THE SECURITY CERTIFICATE HAS BEEN DELIVERED TO THE
SECURED PARTY UNDER § 8-301 OF THIS ARTICLE PURSUANT TO THE DEBTOR'S
SECURITY AGREEMENT; OR

(D) THE COLLATERAL IS DEPOSIT ACCOUNTS, ELECTRONIC
CHATTEL PAPER, INVESTMENT PROPERTY, OR LETTER-OF-CREDIT RIGHTS, AND THE
SECURED PARTY HAS CONTROL UNDER § 9-104, § 9-105, § 9-106, OR § 9-107 PURSUANT
TO THE DEBTOR'S SECURITY AGREEMENT.

(C) SUBSECTION (B) IS SUBJECT TO § 4-210 OF THIS ARTICLE ON THE
SECURITY INTEREST OF A COLLECTING BANK, § 5-118 OF THIS ARTICLE ON THE
SECURITY INTEREST OF A LETTER-OF-CREDIT ISSUER OR NOMINATED PERSON, §
9-110 ON A SECURITY INTEREST ARISING UNDER TITLE 2 OR TITLE 2A OF THIS
ARTICLE, AND § 9-206 ON SECURITY INTERESTS IN INVESTMENT PROPERTY.

(D) A PERSON BECOMES BOUND AS DEBTOR BY A SECURITY AGREEMENT
ENTERED INTO BY ANOTHER PERSON IF, BY OPERATION OF LAW OTHER THAN THIS
TITLE OR BY CONTRACT;

(1) THE SECURITY AGREEMENT BECOMES EFFECTIVE TO CREATE A
SECURITY INTEREST IN THE PERSON'S PROPERTY; OR

(2) THE PERSON BECOMES GENERALLY OBLIGATED FOR THE
OBLIGATIONS OF THE OTHER PERSON, INCLUDING THE OBLIGATION SECURED
UNDER THE SECURITY AGREEMENT, AND ACQUIRES OR SUCCEEDS TO ALL OR
SUBSTANTIALLY ALL OF THE ASSETS OF THE OTHER PERSON.