(1) Any person may give and take a security interest under this Act, subject to Sub-section (2) while giving and taking a security interest, the security interest may also be given and taken in a manner that more than
one person can get the security interest in any collateral.
(2) No security interest other than a purchase money security interest
may be created in consumer goods of a security giver.
(3) A security interest shall not be deemed to be invalid by the reason
only that the security giver retains the right to use, possess, sell, exchange,
commingle, or otherwise transfer the title to, the collateral.