The law governing the rights and obligations between a debtor of receivables, an obligor under a negotiable instrument or an issuer of a document of title and the grantor of a security interest in that type of movable property is the law applicable to —
(a) the rights and obligations between the secured creditor and the debtor, obligor or issuer;
(b) the conditions under which the security interest may be invoked against the debtor, obligor or issuer, including whether an agreement limiting the right of the grantor to create a security interest may be asserted by the debtor, obligor or issuer; and
(c) determining whether the obligations of the debtor, obligor or issuer have been discharged.