California Code, Commercial Code - COM § 9110

A security interest arising under Section 2401 or 2505 , or under subdivision (3) of Section 2711 , or subdivision (e) of Section 10508 is subject to this division.  However, until the debtor obtains possession of the goods, all of the following apply:

(1) The security interest is enforceable, even if paragraph (3) of subdivision (b) of Section 9203 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 Division 2 (commencing with Section 2101 ) or Division 10 (commencing with Section 10101 ).

(4) The security interest has priority over a conflicting security interest created by the debtor.

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