A security interest arising solely under the article on sales (Article 2) or the article on leases (Article 2A) is subject to the provisions of this article except that to the extent that and so long as the debtor does not have or does not lawfully obtain possession of the goods:
(a) no security agreement is necessary to make the security interest enforceable;
(b) no filing is required to perfect the security interest; and
(c) the rights of the secured party on default by the debtor are governed (i) by the article on sales (Article 2) in the case of a security interest arising solely under such article or (ii) by the article on leases (Article 2A) in the case of a security interest arising solely under such article.
CREDIT(S)
(Dec. 30, 1963, 77 Stat. 751, Pub. L. 88-243, § 1; July 22, 1992, D.C. Law 9-128, § 2(d)(2), 39 DCR 3830.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 28:9-113.
1973 Ed., § 28:9-113.
Legislative History of Laws
Law 9-128, the “Uniform Commercial Code, Leases, Act of 1992,” was introduced in Council and assigned Bill No. 9-19, which was referred to the Committee on Consumer and Regulatory Affairs. The Bill was adopted on first and second readings on April 7, 1992, and May 6, 1992, respectively. Signed by the Mayor on May 28, 1992, it was assigned Act No. 9-212 and transmitted to both Houses of Congress for its review. D.C. Law 9-128 became effective on July 22, 1992.
For Law 13-201, see notes following § 28:9-101.