3. Security Agreement; Authentication. Under subsection (b)(3) [Maine cite subsection (2)], enforceability requires the debtor's security agreement and compliance with an evidentiary requirement in the nature of a Statute of Frauds. Paragraph (3)(A) [Maine cite paragraph (c), subparagraph (i)] represents the most basic of the evidentiary alternatives, under which the debtor must authenticate a security agreement that provides a description of the collateral. Under Section 9-102 [Maine cite section 9-1102], a "security agreement" is "an agreement that creates or provides for a security interest." Neither that definition nor the requirement of paragraph (3)(A) [Maine cite paragraph (c), subparagraph (i)] rejects the deeply rooted doctrine that a bill of sale, although absolute in form, may be shown in fact to have been given as security. Under this Article, as under prior law, a debtor may show by parol evidence that a transfer purporting to be absolute was in fact for security. Similarly, a self-styled "lease" may serve as a security agreement if the agreement creates a security interest. See Section 1-201(37) (distinguishing security interest from lease).

4. Possession, Delivery, or Control Pursuant to Security Agreement. The other alternatives in subsection (b)(3) [Maine cite subsection (2), paragraph (c)] dispense with the requirement of an authenticated security agreement and provide alternative evidentiary tests. Under paragraph (3)(B) [Maine cite paragraph (c), subparagraph (ii)], the secured party's possession substitutes for the debtor's authentication under paragraph (3)(A) [Maine cite paragraph (c), subparagraph (i)] if the secured party's possession is "pursuant to the debtor's security agreement." That phrase refers to the debtor's agreement to the secured party's possession for the purpose of creating a security interest. The phrase should not be confused with the phrase "debtor has authenticated a security agreement," used in paragraph (3)(A) [Maine cite paragraph (c), subparagraph (i)], which contemplates the debtor's authentication of a record. In the unlikely event that possession is obtained without the debtor's agreement, possession would not suffice as a substitute