(1) A security agreement must —
(a) be in writing and signed by the grantor;
(b) identify the secured creditor and the grantor;
(c) except in the case of an agreement that provides for the transfer of receivables, describe the secured obligation; and
(d) describe the encumbered property in accordance with section 10.
(2) Notwithstanding subsection (1), a security agreement may —
(a) be oral, if the secured creditor has possession of the encumbered property;
(b) provide for —
(i) the creation of a security interest in future property and in such a case, the security interest in that property is created in accordance with section 6 at the time when the grantor acquires a right in property or the power to encumber the property, and
(ii) the appointment, rights, and duties of a receiver;
(c) be made in accordance with the credit-sale agreement requirements under section 4 of the Consumer Credit Act.
(3) Without prejudice to subsections (1) and (2) and sections 6, 73, 74, 91, Part VII and section 117, the parties may create a security interest in movable property.
(4) A security agreement under subsection (3) does not affect the rights or obligations of a person that is not a party to the security agreement.