(1) A secured creditor with a security interest in receivables, a negotiable instrument, or other right to payment or performance, has the benefit of a personal or property right that secures or supports payment or other performance of the encumbered property.
(2) This Act does not impose a requirement of a separate act of transfer of the personal or property right referred to under subsection (1).
(3) Where under another law, the personal or property right referred to under subsection (1) is transferable with a new act of transfer, the grantor shall transfer the benefit of that right to the secured creditor.