N.Y. U.C.C. 9-110

Section 9--110. Security Interests Arising Under Article 2 or 2-A.\n A security interest arising under Section 2--401, 2--505, 2--711(3),\nor 2-A-508(5) is subject to this article. However, until the debtor\nobtains possession of the goods:\n (1) the security interest is enforceable, even if Section\n 9--203(b)(3) has not been satisfied;\n (2) filing is not required to perfect the security interest;\n (3) the rights of the secured party after default by the debtor\n are governed by Article 2 or 2-A; and\n (4) the security interest has priority over a conflicting\n security interest created by the debtor.\n