32. Perfection where the goods are held by a bailee

Subject to the provisions of section 4 of this Act, a security right in goods in the possession of a bailee who has issued a negotiable document of title covering it, is perfected by perfecting a security right in the document, and any security right in such goods otherwise perfected while they are so covered, shall become subject to the perfected security right in such negotiable document of title.

A security right in collateral in the possession of a person other than the debtor, the debtor’s agent or a bailee referred to in subsection (1), may be perfected by-