(2) THE BAILEE'S RECEIPT OF NOTIFICATION OF THE SECURED PARTY'S
INTEREST; OR

(3) FILING AS TO THE GOODS.

(E) A SECURITY INTEREST IN CERTIFICATED SECURITIES, NEGOTIABLE
DOCUMENTS, OR INSTRUMENTS IS PERFECTED WITHOUT FILING OR THE TAKING OF
POSSESSION FOR A PERIOD OF 20 DAYS FROM THE TIME IT ATTACHES TO THE
EXTENT THAT IT ARISES FOR NEW VALUE GIVEN UNDER AN AUTHENTICATED
SECURITY AGREEMENT.

(F) A PERFECTED SECURITY INTEREST IN A NEGOTIABLE DOCUMENT OR
GOODS IN POSSESSION OF A BAILEE, OTHER THAN ONE THAT HAS ISSUED A
NEGOTIABLE DOCUMENT FOR THE GOODS, REMAINS PERFECTED FOR 20 DAYS
WITHOUT FILING IF THE SECURED PARTY MAKES AVAILABLE TO THE DEBTOR THE
GOODS OR DOCUMENTS REPRESENTING THE GOODS FOR THE PURPOSE OF.

(1) ULTIMATE SALE OR EXCHANGE; OR

(2) LOADING, UNLOADING, STORING, SHIPPING, TRANSSHIPPING,
MANUFACTURING, PROCESSING, OR OTHERWISE DEALING WITH THEM IN A MANNER
PRELIMINARY TO THEIR SALE OR EXCHANGE.

(G) A PERFECTED SECURITY INTEREST IN A CERTIFICATED SECURITY OR
INSTRUMENT REMAINS PERFECTED FOR 20 DAYS WITHOUT FILING IF THE SECURED
PARTY DELIVERS THE SECURITY CERTIFICATE OR INSTRUMENT TO THE DEBTOR FOR
THE PURPOSE OF:

(1) ULTIMATE SALE OR EXCHANGE; OR

(2) PRESENTATION, COLLECTION, ENFORCEMENT, RENEWAL, OR
REGISTRATION OF TRANSFER

(H) AFTER THE 20-DAY PERIOD SPECIFIED IN SUBSECTION (E), SUBSECTION
(F), OR SUBSECTION (G) EXPIRES, PERFECTION DEPENDS UPON COMPLIANCE WITH
THIS TITLE.

9-313. WHEN POSSESSION BY OR DELIVERY TO SECURED PARTY PERFECTS
SECURITY INTEREST WITHOUT FILING.

(A) EXCEPT AS OTHERWISE PROVIDED IN SUBSECTION (B), A SECURED PARTY
MAY PERFECT A SECURITY INTEREST IN NEGOTIABLE DOCUMENTS, GOODS,
INSTRUMENTS, MONEY, OR TANGIBLE CHATTEL PAPER BY TAKING POSSESSION OF
THE COLLATERAL. A SECURED PARTY MAY PERFECT A SECURITY INTEREST IN
CERTIFICATED SECURITIES BY TAKING DELIVERY OF THE CERTIFICATED
SECURITIES UNDER § 8-301 OF THIS ARTICLE.

(B) WITH RESPECT TO GOODS COVERED BY A CERTIFICATE OF TITLE ISSUED
BY THIS STATE, A SECURED PARTY MAY PERFECT A SECURITY INTEREST IN THE
GOODS BY TAKING POSSESSION OF THE GOODS ONLY IN THE CIRCUMSTANCES
DESCRIBED IN § 9-316(D).