Personal Property Secured Transactions Act Article 5

A written contract shall be entered into for a personal property secured transaction. Unless registered, a personal property secured transaction shall not be effective against a bona fide third party.When a creditor takes possession of or retrieves the subject property of a personal property secured transaction in accordance with this Act, a bona fide lienholder's expenditures for repair or addition of work to the subject property of the personal property secured transaction, when the value of the personal property is increased thereby, shall be given precedence of satisfaction, to the extent of the increase in value, over any personal property secured rights that were previously established in accordance with this Act.