(810 ILCS 5/9-110) (from Ch. 26, par. 9-110)
    Sec. 9-110. Security interests arising under Article 2 or 2A. A security interest arising under Section 2-401, 2-505, 2-711(3), or 2A-508(5) is subject to this Article. However, until the debtor obtains possession of the goods:
        (1) the security interest is enforceable, even if Section 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 Article
    
2 or 2A; and
        (4) the security interest has priority over a conflicting security interest created by
    
the debtor.
(Source: P.A. 91-893, eff. 7-1-01.)