29. Perfection of a security right

Subject to the provisions of section 4 of this Act, possession of the collateral by the secured party or by any other person on behalf of the secured party, shall perfect a security right in-

The registration of a security right under Part VI of this Act, shall perfect any type of collateral.

For the purposes of subsection (1), the collateral shall be actually delivered into the possession and custody of the secured party or his authorized representative, and continue to remain actually, ostensibly and bona fide in such possession, until such time as the secured party seeks to enforce its rights in respect of such collateral.