C.R.S. § 4-9-110

A security interest arising under section 4-2-401 , 4-2-505 , 4-2-711 (3), or 4-2.5-508 (5) is subject to this article. However, until the debtor obtains possession of the goods: (1) The security interest is enforceable, even if section 4-9-203 (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 2.5 of this title; and (4) The security interest has priority over a conflicting security interest created by the debtor.