(1) A security interest shall
be attached to a collateral and become enforceable against the security giver
and third parties with respect to the collateral only in the following
circumstances:
(a) where a security agreement has been entered into, providing a
description of the collateral;
(b) where the security holder has given value to the security giver;
and
(c) where the security giver has rights in the collateral or the power
to transfer such collateral to the security holder.
(2) Except as otherwise agreed, the attachment of security interest in
a collateral shall provide the security holder with the right to a security interest
in proceeds of such collateral as provided in this Act.