(C) WITH RESPECT TO COLLATERAL OTHER THAN CERTIFICATED SECURITIES
AND GOODS COVERED BY A DOCUMENT, A SECURED PARTY TAKES POSSESSION OF
COLLATERAL IN THE POSSESSION OF A PERSON OTHER THAN THE DEBTOR, THE
SECURED PARTY, OR A LESSEE OF THE COLLATERAL FROM THE DEBTOR IN THE
ORDINARY COURSE OF THE DEBTOR'S BUSINESS, WHEN:

(1) THE PERSON IN POSSESSION AUTHENTICATES A RECORD
ACKNOWLEDGING THAT IT HOLDS POSSESSION OF THE COLLATERAL FOR THE
SECURED PARTY'S BENEFIT, OR

(2) THE PERSON TAKES POSSESSION OF THE COLLATERAL AFTER
HAVING AUTHENTICATED A RECORD ACKNOWLEDGING THAT IT WILL HOLD
POSSESSION OF COLLATERAL FOR THE SECURED PARTY'S BENEFIT.

(D) IF PERFECTION OF A SECURITY INTEREST DEPENDS UPON POSSESSION
OF THE COLLATERAL BY A SECURED PARTY, PERFECTION OCCURS NO EARLIER THAN
THE TIME THE SECURED PARTY TAKES POSSESSION AND CONTINUES ONLY WHILE
THE SECURED PARTY RETAINS POSSESSION.

(E) A SECURITY INTEREST IN A CERTIFICATED SECURITY IN REGISTERED
FORM IS PERFECTED BY DELIVERY WHEN DELIVERY OF THE CERTIFICATED
SECURITY OCCURS UNDER § 8-301 OF THIS ARTICLE AND REMAINS PERFECTED BY
DELIVERY UNTIL THE DEBTOR OBTAINS POSSESSION OF THE SECURITY
CERTIFICATE.

(F) A PERSON IN POSSESSION OF COLLATERAL IS NOT REQUIRED TO
ACKNOWLEDGE THAT IT HOLDS POSSESSION FOR A SECURED PARTY'S BENEFIT.

(G) IF A PERSON ACKNOWLEDGES THAT IT HOLDS POSSESSION FOR THE
SECURED PARTY'S BENEFIT:

(1) THE ACKNOWLEDGMENT IS EFFECTIVE UNDER SUBSECTION (C) OR §
8-301(A) OF THIS ARTICLE, EVEN IF THE ACKNOWLEDGMENT VIOLATES THE RIGHTS
OF A DEBTOR; AND

(2) UNLESS THE PERSON OTHERWISE AGREES OR LAW OTHER THAN
THIS ARTICLE OTHERWISE PROVIDES, THE PERSON DOES NOT OWE ANY DUTY TO
THE SECURED PARTY AND IS NOT REQUIRED TO CONFIRM THE ACKNOWLEDGMENT
TO ANOTHER PERSON.

(H) A SECURED PARTY HAVING POSSESSION OF COLLATERAL DOES NOT
RELINQUISH POSSESSION BY DELIVERING THE COLLATERAL TO A PERSON OTHER
THAN THE DEBTOR OR A LESSEE OF THE COLLATERAL FROM THE DEBTOR IN THE
ORDINARY COURSE OF THE DEBTOR'S BUSINESS IF THE PERSON WAS INSTRUCTED
BEFORE THE DELIVERY OR IS INSTRUCTED CONTEMPORANEOUSLY WITH THE
DELIVERY:

(1) TO HOLD POSSESSION OF THE COLLATERAL FOR THE SECURED
PARTY'S BENEFIT; OR

(2) TO REDELIVER THE COLLATERAL TO THE SECURED PARTY.