Maine Statute | Act | Code |Title 11. Uniform Commercial Code| US Code - US Statute | Article 9-a. Transactions (heading. Pl 1999, C. 699, Pt. A, @2 (new))

Title 11 - §9-1101. Short title
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 1: GENERAL PROVISIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 1: SHORT TITLE, DEFINITIONS AND GENERAL CONCEPTS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1101. Short title

This Article may be cited as "Uniform Commercial Code-Secured Transactions." [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
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Augusta, Maine 04333-0007Title 11 - §9-1102. Definitions and index of definitions
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 1: GENERAL PROVISIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 1: SHORT TITLE, DEFINITIONS AND GENERAL CONCEPTS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1102. Definitions and index of definitions

As used in this Article, unless the context otherwise indicates, the following terms have the following meanings. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(1) "Accession" means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) "Account," except as used in "account for," means a right to payment of a monetary obligation, whether or not earned by performance:

(a) For property that has been or is to be sold, leased, licensed, assigned or otherwise disposed of; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) For services rendered or to be rendered; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) For a policy of insurance issued or to be issued; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(d) For a secondary obligation incurred or to be incurred; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(e) For energy provided or to be provided; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(f) For the use or hire of a vessel under a charter or other contract; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(g) Arising out of the use of a credit or charge card or information contained on or for use with the card; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(h) As winnings in a lottery or other game of chance operated or sponsored by a state, governmental unit of a state or person licensed or authorized to operate the game by a state or governmental unit of a state. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

"Account" includes health-care-insurance receivables. "Account" does not include: rights to payment evidenced by chattel paper or an instrument; commercial tort claims; deposit accounts; investment property; letter-of-credit rights or letters of credit; or rights to payment for money or funds advanced or sold, other than rights arising out of the use of a credit or charge card or information contained on or for use with the card. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) "Account debtor" means a person obligated on an account, chattel paper or general intangible. "Account debtor" does not include persons obligated to pay a negotiable instrument, even if the instrument constitutes part of chattel paper. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(4) "Accounting," except as used in "accounting for," means a record:

(a) Authenticated by a secured party; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Indicating the aggregate unpaid secured obligations as of a date not more than 35 days earlier or 35 days later than the date of the record; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) Identifying the components of the obligations in reasonable detail. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(5) "Agricultural lien" means an interest, other than a security interest, in farm products:

(a) That secures payment or performance of an obligation for:

(i) Goods or services furnished in connection with a debtor's farming operation; or

(ii) Rent on real property leased by a debtor in connection with its farming operation;
[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) That is created by statute in favor of a person that:

(i) In the ordinary course of its business furnished goods or services to a debtor in connection with a debtor's farming operation; or

(ii) Leased real property to a debtor in connection with the debtor's farming operation; and
[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) Whose effectiveness does not depend on the person's possession of the personal property. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(6) "As-extracted collateral" means:

(a) Oil, gas or other minerals that are subject to a security interest that:

(i) Is created by a debtor having an interest in the minerals before extraction; and

(ii) Attaches to the minerals as extracted; or
[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Accounts arising out of the sale at the wellhead or minehead of oil, gas or other minerals in which the debtor had an interest before extraction. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(7) "Authenticate" means:

(a) To sign; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) To execute or otherwise adopt a symbol or encrypt or similarly process a record in whole or in part with the present intent of the authenticating person to identify the person and adopt or accept a record. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(8) "Bank" means an organization that is engaged in the business of banking. "Bank" includes savings banks, savings and loan associations, credit unions and trust companies. "Bank" also includes any financial institution organized under Title 9-B or any successor title. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(9) "Cash proceeds" means proceeds that are money, checks, deposit accounts or the like. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(10) "Certificate of title" means a certificate of title with respect to which a statute provides for the security interest in question to be indicated on the certificate as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the collateral. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(11) "Chattel paper" means a record or records that evidence both a monetary obligation and a security interest in specific goods, a security interest in specific goods and license of software used in the goods, a lease of specific goods or a lease of specific goods and license of software used in the goods. In this subsection, "monetary obligation" means a monetary obligation secured by the goods or owed under a lease of the goods and includes a monetary obligation with respect to software used in the goods. "Chattel paper" does not include:

(a) Charters or other contracts involving the use or hire of a vessel; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Records that evidence a right to payment arising out of the use of a credit or charge card or information contained on or for use with the card. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

If a transaction is evidenced by records that include an instrument or series of instruments, the group of records taken together constitutes chattel paper. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(12) "Collateral" means the property subject to a security interest or agricultural lien. "Collateral" includes:

(a) Proceeds to which a security interest attaches; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Accounts, chattel paper, payment intangibles and promissory notes that have been sold; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) Goods that are the subject of a consignment. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(13) "Commercial tort claim" means a claim arising in tort with respect to which:

(a) The claimant is an organization; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) The claimant is an individual and the claim:

(i) Arose in the course of the claimant's business or profession; and

(ii) Does not include damages arising out of personal injury to or the death of an individual.
[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(14) "Commodity account" means an account maintained by a commodity intermediary in which a commodity contract is carried for a commodity customer. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(15) "Commodity contract" means a commodity futures contract, an option on a commodity futures contract, a commodity option or another contract if the contract or option is:

(a) Traded on or subject to the rules of a board of trade that has been designated as a contract market for such a contract pursuant to federal commodities laws; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Traded on a foreign commodity board of trade, exchange or market and is carried on the books of a commodity intermediary for a commodity customer. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(16) "Commodity customer" means a person for which a commodity intermediary carries a commodity contract on its books. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(17) "Commodity intermediary" means a person that:

(a) Is registered as a futures commission merchant under federal commodities law; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) In the ordinary course of its business provides clearance or settlement services for a board of trade that has been designated as a contract market pursuant to federal commodities law. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(18) "Communicate" means:

(a) To send a written or other tangible record; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) To transmit a record by any means agreed upon by the persons sending and receiving the record; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) In the case of transmission of a record to or by a filing office, to transmit a record by any means prescribed by filing-office rule. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(19) "Consignee" means a merchant to which goods are delivered in a consignment. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(20) "Consignment" means a transaction, regardless of its form, in which a person delivers goods to a merchant for the purpose of sale and:

(a) The merchant:

(i) Deals in goods of that kind under a name other than the name of the person making delivery;

(ii) Is not an auctioneer; and

(iii) Is not generally known by its creditors to be substantially engaged in selling the goods of others;
[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) With respect to each delivery, the aggregate value of the goods is $1,000 or more at the time of delivery; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) The goods are not consumer goods immediately before delivery; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(d) The transaction does not create a security interest that secures an obligation. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(21) "Consignor" means a person that delivers goods to a consignee in a consignment. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(22) "Consumer debtor" means a debtor in a consumer transaction. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(23) "Consumer goods" means goods that are used or bought for use primarily for personal, family or household purposes. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(24) "Consumer-goods transaction" means a consumer transaction in which:

(a) An individual incurs an obligation primarily for personal, family or household purposes; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) A security interest in consumer goods secures the obligation. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(25) "Consumer obligor" means an obligor who is an individual who incurred the obligation as part of a transaction entered into primarily for personal, family or household purposes. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(26) "Consumer transaction" means a transaction in which:

(a) An individual incurs an obligation primarily for personal, family or household purposes; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) A security interest secures the obligation; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) The collateral is held or acquired primarily for personal, family or household purposes. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

"Consumer transaction" includes consumer-goods transactions. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(27) "Continuation statement" means an amendment of a financing statement that:

(a) Identifies by its file number the initial financing statement to which it relates; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Indicates that it is a continuation statement for, or that it is filed to continue the effectiveness of, the identified financing statement. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(28) "Debtor" means:

(a) A person having an interest, other than a security interest or other lien, in the collateral, whether or not the person is an obligor; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) A seller of accounts, chattel paper, payment intangibles or promissory notes; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) A consignee. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(29) "Deposit account" means a demand, time, savings, passbook or similar account maintained with a bank. "Deposit account" does not include investment property or accounts evidenced by an instrument. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(30) "Document" means a document of title or a receipt of the type described in section 7-201, subsection (2). [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(31) "Electronic chattel paper" means chattel paper evidenced by a record or records consisting of information stored in an electronic medium. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(32) "Encumbrance" means a right, other than an ownership interest, in real property. "Encumbrance" includes mortgages and other liens on real property. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(33) "Equipment" means goods other than inventory, farm products or consumer goods. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(34) "Farm products" means goods, other than standing timber, with respect to which the debtor is engaged in a farming operation and that are:

(a) Crops grown, growing or to be grown, including:

(i) Crops produced on trees, vines and bushes; and

(ii) Aquatic goods produced in aquacultural operations;
[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Livestock, born or unborn, including aquatic goods produced in aquacultural operations; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) Supplies used or produced in a farming operation; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(d) Products of crops or livestock in their unmanufactured states. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(35) "Farming operation" means raising, cultivating, propagating, fattening, grazing or any other farming, livestock or aquacultural operation. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(36) "File number" means the number assigned to an initial financing statement pursuant to section 9-1519, subsection (1). [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(37) "Filing office" means an office designated in section 9-1501 as the place to file a financing statement. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(38) "Filing-office rule" means a rule adopted pursuant to section 9-1526. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(39) "Financing statement" means a record or records composed of an initial financing statement and any filed record relating to the initial financing statement. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(40) "Fixture filing" means the filing of a financing statement covering goods that are or are to become fixtures and satisfying section 9-1502, subsections (1) and (2). "Fixture filing" includes the filing of a financing statement covering goods of a transmitting utility that are or are to become fixtures. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(41) "Fixtures" means goods that have become so related to particular real property that an interest in them arises under real property law. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(42) "General intangible" means any personal property, including things in action, other than accounts, chattel paper, commercial tort claims, deposit accounts, documents, goods, instruments, investment property, letter-of-credit rights, letters of credit, money, and oil, gas or other minerals before extraction. "General intangible" includes payment intangibles and software. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(43) "Good faith" means honesty in fact and the observance of reasonable commercial standards of fair dealing. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(44) "Goods" means all things that are movable when a security interest attaches. "Goods" includes:

(a) Fixtures; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Standing timber that is to be cut and removed under a conveyance or contract for sale; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) The unborn young of animals; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(d) Crops grown, growing or to be grown, even if the crops are produced on trees, vines or bushes; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(e) Manufactured homes. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

"Goods" also includes a computer program embedded in goods and any supporting information provided in connection with a transaction relating to the program if the program is associated with the goods in such a manner that it customarily is considered part of the goods; or by becoming the owner of the goods, a person acquires a right to use the program in connection with the goods. "Goods" does not include a computer program embedded in goods that consist solely of the medium in which the program is embedded. "Goods" also does not include accounts, chattel paper, commercial tort claims, deposit accounts, documents, general intangibles, instruments, investment property, letter-of-credit rights, letters of credit, money, or oil, gas or other minerals before extraction. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(45) "Governmental unit" means a subdivision, agency, department, county, parish, municipality or other unit of the government of the United States, a state or a foreign country. "Governmental unit" includes an organization having a separate corporate existence if the organization is eligible to issue debt on which interest is exempt from income taxation under the laws of the United States. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(46) "Health-care-insurance receivable" means an interest in or claim under a policy of insurance that is a right to payment of a monetary obligation for health-care goods or services provided. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(47) "Instrument" means a negotiable instrument or any other writing that evidences a right to the payment of a monetary obligation, is not itself a security agreement or lease and is of a type that in the ordinary course of business is transferred by delivery with any necessary indorsement or assignment. "Instrument" does not include:

(a) Investment property; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Letters of credit; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) Writings that evidence a right to payment arising out of the use of a credit or charge card or information contained on or for use with the card. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(48) "Inventory" means goods, other than farm products, that:

(a) Are leased by a person as lessor; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Are held by a person for sale or lease or to be furnished under a contract of service; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) Are furnished by a person under a contract of service; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(d) Consist of raw materials, work in process or materials used or consumed in a business. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(49) "Investment property" means a security, whether certificated or uncertificated, security entitlement, securities account, commodity contract or commodity account. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(50) "Jurisdiction of organization," with respect to a registered organization, means the jurisdiction under whose law the organization is organized. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(51) "Letter-of-credit right" means a right to payment or performance under a letter of credit, whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance. "Letter-of-credit right" does not include the right of a beneficiary to demand payment or performance under a letter of credit. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(52) "Lien creditor" means:

(a) A creditor that has acquired a lien on the property involved by attachment, levy or the like; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) An assignee for benefit of creditors from the time of assignment; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) A trustee in bankruptcy from the date of the filing of the petition; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(d) A receiver in equity from the time of appointment. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(53) "Manufactured home" means a structure, transportable in one or more sections, that, in the traveling mode, is 8 body feet or more in width or 40 body feet or more in length or, when erected on site, is 320 or more square feet and that is built on a permanent chassis and designed to be used as a dwelling with or without a permanent foundation when connected to the required utilities. "Manufactured home" includes the plumbing, heating, air-conditioning and electrical systems contained in the structure. "Manufactured home" includes any structure that meets all of the requirements of this subsection except the size requirements and with respect to which the manufacturer voluntarily files a certification required by the United States Secretary of Housing and Urban Development and complies with the standards established under 42 United States Code. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(54) "Manufactured-home transaction" means a secured transaction:

(a) That creates a purchase-money security interest in a manufactured home, other than a manufactured home held as inventory; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) In which a manufactured home, other than a manufactured home held as inventory, is the primary collateral. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(55) "Mortgage" means a consensual interest in real property, including fixtures, that secures payment or performance of an obligation. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(56) "New debtor" means a person that becomes bound as debtor under section 9-1203, subsection (4) by a security agreement previously entered into by another person. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(57) "New value" means:

(a) Money; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Money's worth in property, services or new credit; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) Release by a transferee of an interest in property previously transferred to the transferee. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

"New value" does not include an obligation substituted for another obligation. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(58) "Noncash proceeds" means proceeds other than cash proceeds. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(59) "Obligor" means a person that, with respect to an obligation secured by a security interest in or an agricultural lien on the collateral:

(a) Owes payment or other performance of the obligation; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Has provided property other than the collateral to secure payment or other performance of the obligation; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) Is otherwise accountable in whole or in part for payment or other performance of the obligation. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

"Obligor" does not include issuers or nominated persons under a letter of credit. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(60) "Original debtor," except as used in section 9-1310, subsection (3), means a person that as debtor entered into a security agreement to which a new debtor has become bound under section 9-1203, subsection (4). [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(61) "Payment intangible" means a general intangible under which the account debtor's principal obligation is a monetary obligation. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(62) "Person related to," with respect to an individual, means:

(a) The spouse of the individual; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) A brother, brother-in-law, sister or sister-in-law of the individual; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) An ancestor or lineal descendant of the individual or of the individual's spouse; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(d) Any other relative, by blood or marriage, of the individual or the individual's spouse who shares the same home with the individual. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(63) "Person related to," with respect to an organization, means:

(a) A person directly or indirectly controlling, controlled by or under common control with the organization; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) An officer or director of, or a person performing similar functions with respect to, the organization; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) An officer or director of, or a person performing similar functions with respect to, a person described in paragraph (a); [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(d) The spouse of an individual described in paragraph (a), (b) or (c); or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(e) An individual who is related by blood or marriage to an individual described in paragraph (a), (b), (c) or (d) and shares the same home with the individual. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(64) "Proceeds" means the following property:

(a) Whatever is acquired upon the sale, lease, license, exchange or other disposition of collateral; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Whatever is collected on or distributed on account of collateral; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) Rights arising out of collateral; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(d) To the extent of the value of collateral, claims arising out of the loss, nonconformity or interference with the use of, defects or infringement of rights in or damage to the collateral; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(e) To the extent of the value of collateral and to the extent payable to the debtor or the secured party, insurance payable by reason of the loss or nonconformity of, defects or infringement of rights in or damage to the collateral. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(64-A) "Production money crops" means crops that secure a production-money obligation incurred with respect to the production of those crops. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(64-B) "Production-money obligation" means an obligation of an obligor incurred for new value given to enable the debtor to produce crops if the value is in fact used for the production of the crops. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(64-C) "Production of crops" includes tilling and otherwise preparing land or other growth medium for growing, planting, cultivating, fertilizing, irrigating, harvesting and gathering crops and protecting them from damage or disease. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(65) "Promissory note" means an instrument that evidences a promise to pay a monetary obligation, does not evidence an order to pay and does not contain an acknowledgment by a bank that the bank has received for deposit a sum of money or funds. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(66) "Proposal" means a record authenticated by a secured party that includes the terms on which the secured party is willing to accept collateral in full or partial satisfaction of the obligation it secures pursuant to sections 9-1620, 9-1621 and 9-1622. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(67) "Public-finance transaction" means a secured transaction in connection with which:

(a) Debt securities are issued; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) All or a portion of the securities issued have an initial stated maturity of at least 20 years; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) The debtor, obligor, secured party, account debtor or other person obligated on collateral, the assignor or assignee of a secured obligation or the assignor or assignee of a security interest is a state or a governmental unit of a state. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(68) "Pursuant to commitment," with respect to an advance made or other value given by a secured party, means pursuant to the secured party's obligation, whether or not a subsequent event of default or other event not within the secured party's control has relieved or may relieve the secured party from its obligation. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(69) "Record," except as used in "for record," "of record," "record or legal title" and "record owner," means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(70) "Registered organization" means an organization organized solely under the law of a single state or of the United States and as to which the state or the United States must maintain a public record showing the organization to have been organized. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(71) "Secondary obligor" means an obligor to the extent that:

(a) The obligor's obligation is secondary; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) The obligor has a right of recourse with respect to an obligation secured by collateral against the debtor, another obligor or property of either. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(72) "Secured party" means:

(a) A person in whose favor a security interest is created or provided for under a security agreement, whether or not any obligation to be secured is outstanding; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) A person that holds an agricultural lien; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) A consignor; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(d) A person to which accounts, chattel paper, payment intangibles or promissory notes have been sold; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(e) A trustee, indenture trustee, agent, collateral agent or other representative in whose favor a security interest or agricultural lien is created or provided for; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(f) A person that holds a security interest arising under section 2-401, 2-505, 2-711, subsection (3), 2-508, subsection (5), 4-210, or 5-118. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(73) "Security agreement" means an agreement that creates or provides for a security interest. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(74) "Send," in connection with a record or notification, means:

(a) To deposit in the mail, deliver for transmission or transmit by any other usual means of communication, with postage or cost of transmission provided, addressed to any address reasonable under the circumstances; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) To cause to be received within the time that it would have been received if properly sent under paragraph (a). [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(75) "Software" means a computer program and any supporting information provided in connection with a transaction relating to the program. "Software" does not include a computer program that is included in the definition of goods. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(76) "State" means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands or any territory or insular possession subject to the jurisdiction of the United States. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(77) "Supporting obligation" means a letter-of-credit right or secondary obligation that supports the payment or performance of an account, chattel paper, a document, a general intangible, an instrument or investment property. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(78) "Tangible chattel paper" means chattel paper evidenced by a record or records consisting of information that is inscribed on a tangible medium. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(79) "Termination statement" means an amendment of a financing statement that:

(a) Identifies, by its file number, the initial financing statement to which it relates; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Indicates either that it is a termination statement or that the identified financing statement is no longer effective. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(80) "Transmitting utility" means a person primarily engaged in the business of:

(a) Operating a railroad, subway, street railway or trolley bus; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Transmitting communications electrically, electromagnetically or by light; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) Transmitting goods by pipeline or sewer; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(d) Transmitting or producing and transmitting electricity, steam, gas or water.
The following definitions in other Articles apply to this Article:

div>
"Applicant" Section 5-1102. div>
"Beneficiary" Section 5-1102. div>
"Broker" Section 8-1102. div>
"Certificated security" Section 8-1102. div>
"Check" Section 3-1104. div>
"Clearing corporation" Section 8-1102. div>
"Contract for sale" Section 2-106. div>
"Customer" Section 4-104. div>
"Entitlement holder" Section 8-1102. div>
"Financial asset" Section 8-1102. div>
"Holder in due course" Section 3-1302. div>
"Issuer" (with respect to a letter div>
of credit or letter-of-credit div>
right) Section 5-1102. div>
"Issuer" (with respect to a div>
security) Section 8-1201. div>
"Lease" Section 2-1103. div>
"Lease agreement" Section 2-1103. div>
"Lease contract" Section 2-1103. div>
"Leasehold interest" Section 2-1103. div>
"Lessee" Section 2-1103. div>
"Lessee in ordinary course of div>
business" Section 2-1103. div>
"Lessor" Section 2-1103. div>
"Lessor's residual interest" Section 2-1103. div>
"Letter of credit" Section 5-1102. div>
"Merchant" Section 2-104. div>
"Negotiable instrument" Section 3-1104. div>
"Nominated person" Section 5-1102. div>
"Note" Section 3-1104. div>
"Proceeds of a letter of credit" Section 5-114. div>
"Prove" Section 3-1103. div>
"Sale" Section 2-106. div>
"Securities account" Section 8-1501. div>
"Securities intermediary" Section 8-1102. div>
"Security" Section 8-1102. div>
"Security certificate" Section 8-1102. div>
"Security entitlement" Section 8-1102. p align="center">"Uncertificated security" Section 8-1102. [1999, c. 699, Pt. A, §2 (new); §4 (aff).] [1999, c. 699, Pt. A, §2 (new); §4 (aff).]div>
Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1103-A. Production-money crops; production-money obligation; production-money security interest; burden of establishing
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 1: GENERAL PROVISIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 1: SHORT TITLE, DEFINITIONS AND GENERAL CONCEPTS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1103-A. Production-money crops; production-money obligation; production-money security interest; burden of establishing

(1) A security interest in crops is a production-money security interest to the extent that the crops are production-money crops. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) If the extent to which a security interest is a production-money security interest depends on the application of a payment to a particular obligation, the payment must be applied:

(a) In accordance with any reasonable method of application to which the parties agree; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) In the absence of the parties' agreement to a reasonable method, in accordance with any intention of the obligor manifested at or before the time of payment; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) In the absence of an agreement to a reasonable method and a timely manifestation of the obligor's intention, in the following order:

(i) To obligations that are not secured; and

(ii) If more than one obligation is secured, to obligations secured by production-money security interests in the order in which those obligations were incurred.
[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) A production-money security interest does not lose its status as such, even if:

(a) The production-money crops also secure an obligation that is not a production-money obligation; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Collateral that is not production-money crops also secures the production-money obligation; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) The production-money obligation has been renewed, refinanced or restructured. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(4) A secured party claiming a production-money security interest has the burden of establishing the extent to which the security interest is a production-money security interest. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1103. Purchase-money security interest; application of payments; burden of establishing
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 1: GENERAL PROVISIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 1: SHORT TITLE, DEFINITIONS AND GENERAL CONCEPTS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1103. Purchase-money security interest; application of payments; burden of establishing

(1) As used in this section, unless the context otherwise indicates, the following terms have the following meanings.

(a) "Purchase-money collateral" means goods or software that secures a purchase-money obligation incurred with respect to that collateral; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) "Purchase-money obligation" means an obligation of an obligor incurred as all or part of the price of the collateral or for value given to enable the debtor to acquire rights in or the use of the collateral if the value is in fact so used. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) A security interest in goods is a purchase-money security interest:

(a) To the extent that the goods are purchase-money collateral with respect to that security interest; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) If the security interest is in inventory that is or was purchase-money collateral, also to the extent that the security interest secures a purchase-money obligation incurred with respect to other inventory in which the secured party holds or held a purchase-money security interest; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) Also to the extent that the security interest secures a purchase-money obligation incurred with respect to software in which the secured party holds or held a purchase-money security interest. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) A security interest in software is a purchase-money security interest to the extent that the security interest also secures a purchase-money obligation incurred with respect to goods in which the secured party holds or held a purchase-money security interest if:

(a) The debtor acquired its interest in the software in an integrated transaction in which it acquired an interest in the goods; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) The debtor acquired its interest in the software for the principal purpose of using the software in the goods. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(4) The security interest of a consignor in goods that are the subject of a consignment is a purchase-money security interest in inventory. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(5) In a transaction other than a consumer-goods transaction, if the extent to which a security interest is a purchase-money security interest depends on the application of a payment to a particular obligation, the payment must be applied:

(a) In accordance with any reasonable method of application to which the parties agree; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) In the absence of the parties' agreement to a reasonable method, in accordance with any intention of the obligor manifested at or before the time of payment; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) In the absence of an agreement to a reasonable method and a timely manifestation of the obligor's intention, in the following order:

(i) To obligations that are not secured; and

(ii) If more than one obligation is secured, to obligations secured by purchase-money security interests in the order in which those obligations were incurred.
[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(6) In a transaction other than a consumer-goods transaction, a purchase-money security interest does not lose its status as such, even if:

(a) The purchase-money collateral also secures an obligation that is not a purchase-money obligation; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Collateral that is not purchase-money collateral also secures the purchase-money obligation; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) The purchase-money obligation has been renewed, refinanced, consolidated or restructured. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(7) In a transaction other than a consumer-goods transaction, a secured party claiming a purchase-money security interest has the burden of establishing the extent to which the security interest is a purchase-money security interest. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(8) The limitation of the rules in subsections (5), (6) and (7) to transactions other than consumer-goods transactions is intended to leave to the court the determination of the proper rules in consumer-goods transactions. The court may not infer from that limitation the nature of the proper rule in consumer-goods transactions and may continue to apply established approaches. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1104. Control of deposit account
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 1: GENERAL PROVISIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 1: SHORT TITLE, DEFINITIONS AND GENERAL CONCEPTS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1104. Control of deposit account

(1) A secured party has control of a deposit account if:

(a) The secured party is the bank with which the deposit account is maintained; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) The debtor, secured party and bank have agreed in an authenticated record that the bank will comply with instructions originated by the secured party directing disposition of the funds in the deposit account without further consent by the debtor; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) The secured party becomes the bank's customer with respect to the deposit account. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) A secured party that has satisfied subsection (1) has control, even if the debtor retains the right to direct the disposition of funds from the deposit account. [2001, c. 286, §1 (amd).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
PL 2001,
Ch. 286,
§1 (AMD).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1105. Control of electronic chattel paper
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 1: GENERAL PROVISIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 1: SHORT TITLE, DEFINITIONS AND GENERAL CONCEPTS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1105. Control of electronic chattel paper

A secured party has control of electronic chattel paper if the record or records comprising the chattel paper are created, stored and assigned in such a manner that: [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(1) A single authoritative copy of the record or records exists that is unique, identifiable and, except as otherwise provided in subsections (4), (5) and (6), unalterable; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) The authoritative copy identifies the secured party as the assignee of the record or records; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) The authoritative copy is communicated to and maintained by the secured party or its designated custodian; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(4) Copies or revisions that add or change an identified assignee of the authoritative copy can be made only with the participation of the secured party; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(5) Each copy of the authoritative copy and any copy of a copy is readily identifiable as a copy that is not the authoritative copy; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(6) Any revision of the authoritative copy is readily identifiable as an authorized or unauthorized revision. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1106. Control of investment property
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 1: GENERAL PROVISIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 1: SHORT TITLE, DEFINITIONS AND GENERAL CONCEPTS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1106. Control of investment property

(1) A person has control of a certificated security, uncertificated security or security entitlement as provided in section 8-1106. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) A secured party has control of a commodity contract if:

(a) The secured party is the commodity intermediary with which the commodity contract is carried; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) The commodity customer, secured party and commodity intermediary have agreed that the commodity intermediary will apply any value distributed on account of the commodity contract as directed by the secured party without further consent by the commodity customer. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) A secured party having control of all security entitlements or commodity contracts carried in a securities account or commodity account has control over the securities account or commodity account. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1107. Control of letter-of-credit right
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 1: GENERAL PROVISIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 1: SHORT TITLE, DEFINITIONS AND GENERAL CONCEPTS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1107. Control of letter-of-credit right

A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by the issuer or any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under section 5-1114, subsection (3) or other applicable law or practice. [2003, c. 510, Pt. A, §5 (amd).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
PL 2003,
Ch. 510,
§A5 (AMD).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1108. Sufficiency of description
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 1: GENERAL PROVISIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 1: SHORT TITLE, DEFINITIONS AND GENERAL CONCEPTS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1108. Sufficiency of description

(1) Except as otherwise provided in subsections (3), (4) and (5), a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) Except as otherwise provided in subsection (4), a description of collateral reasonably identifies the collateral if it identifies the collateral by:

(a) Specific listing; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Category; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) Except as otherwise provided in subsection (5), a type of collateral defined in this Title; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(d) Quantity; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(e) Computational or allocational formula or procedure; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(f) Except as otherwise provided in subsection (3), any other method, if the identity of the collateral is objectively determinable. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) A description of collateral as "all the debtor's assets" or "all the debtor's personal property" or using words of similar import does not reasonably identify the collateral. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(4) Except as otherwise provided in subsection (5), a description of a security entitlement, securities account or commodity account is sufficient if it describes:

(a) The collateral by those terms or as investment property; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) The underlying financial asset or commodity contract. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(5) A description only by type of collateral defined in this Title is an insufficient description of:

(a) A commercial tort claim; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) In a consumer transaction, consumer goods, a security entitlement, a securities account or a commodity account. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1109. Scope
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 1: GENERAL PROVISIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 2: APPLICABILITY OF ARTICLE (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1109. Scope

(1) Except as otherwise provided in subsections (3) and (4), this Article applies to:

(a) A transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) An agricultural lien; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) A sale of accounts, chattel paper, payment intangibles or promissory notes; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(d) A consignment; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(e) A security interest arising under section 2-401, 2-505, 2-711, subsection (3) or 2-1508, subsection (5), as provided in section 9-1110; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(f) A security interest arising under section 4-210 or 5-1118. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) The application of this Article to a security interest in a secured obligation is not affected by the fact that the obligation is itself secured by a transaction or interest to which this Article does not apply. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) This Article does not apply to the extent that:

(a) A statute, regulation or treaty of the United States preempts this Article; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Another statute of this State expressly governs the creation, perfection, priority or enforcement of a security interest created by this State or a governmental unit of this State; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) A statute of another state, a foreign country or a governmental unit of another state or a foreign country, other than a statute generally applicable to security interests, expressly governs creation, perfection, priority or enforcement of a security interest created by the state, country or governmental unit; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(d) The rights of a transferee beneficiary or nominated person under a letter of credit are independent and superior under section 5-1114. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(4) This Article does not apply to:

(a) A landlord's lien, other than an agricultural lien; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) A lien, other than an agricultural lien, given by statute or other rule of law for services or materials, but section 9-1333 applies with respect to priority of the lien; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) An assignment of a claim for wages, salary or other compensation of an employee; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(d) A sale of accounts, chattel paper, payment intangibles or promissory notes as part of a sale of the business out of which they arose; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(e) An assignment of accounts, chattel paper, payment intangibles or promissory notes that is for the purpose of collection only; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(f) An assignment of a right to payment under a contract to an assignee that is also obligated to perform under the contract; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(g) An assignment of a single account, payment intangible or promissory note to an assignee in full or partial satisfaction of a preexisting indebtedness; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(h) A transfer of an interest in or an assignment of a claim under a policy of insurance, other than an assignment by or to a health-care provider of a health-care-insurance receivable and any subsequent assignment of the right to payment, but sections 9-1315 and 9-1322 apply with respect to proceeds and priorities in proceeds; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(i) An assignment of a right represented by a judgment, other than a judgment taken on a right to payment that was collateral; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(j) A right of recoupment or setoff, but:

(i) Section 9-1340 applies with respect to the effectiveness of rights of recoupment or setoff against deposit accounts; and

(ii) Section 9-1404 applies with respect to defenses or claims of an account debtor;
[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(k) The creation or transfer of an interest in or lien on real property, including a lease or rents thereunder, except to the extent that provision is made for:

(i) Liens on real property in sections 9-1203 and 9-1308;

(ii) Fixtures in section 9-1334;

(iii) Fixture filings in sections 9-1501, 9-1502, 9-1512, 9-1516 and 9-1519; and

(iv) Security agreements covering personal and real property in section 9-1604;
[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(l) An assignment of a claim arising in tort, other than a commercial tort claim, but sections 9-1315 and 9-1322 apply with respect to proceeds and priorities in proceeds; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(m) An assignment of a deposit account in a consumer transaction, but sections 9-1315 and 9-1322 apply with respect to proceeds and priorities in proceeds; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(n) A claim or right to receive compensation for injuries or sickness, other than health-care insurance receivables, as described in 26 United States Code, Section 104(a)(1) or (2); or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(o) A claim or right to receive benefits under a special needs trust as described in 42 United States Code, Section 1396p(d)(4). [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1110. Security interests arising under Article 2 or 2-A
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 1: GENERAL PROVISIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 2: APPLICABILITY OF ARTICLE (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1110. Security interests arising under Article 2 or 2-A

A security interest arising under section 2-401, 2-505, 2-711, subsection (3), or 2-1508, subsection (5) is subject to this Article. However, until the debtor obtains possession of the goods: [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(1) The security interest is enforceable, even if section 9-1203, subsection (2), paragraph (c) has not been satisfied; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) Filing is not required to perfect the security interest; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) The rights of the secured party after default by the debtor are governed by Article 2 or 2-A; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(4) The security interest has priority over a conflicting security interest created by the debtor. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1201. General effectiveness of security agreement
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 2: EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 1: EFFECTIVENESS AND ATTACHMENT (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1201. General effectiveness of security agreement

(1) Except as otherwise provided in this Title, a security agreement is effective according to its terms between the parties, against purchasers of the collateral and against creditors. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) A transaction subject to this Article is subject to any applicable rule of law that establishes a different rule for consumers, including Title 9-A, Title 30-A, sections 3960 to 3964-A and Title 32, sections 11001 to 11054. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) In case of conflict between this Article and a rule of law, statute or rule described in subsection (2), the rule of law, statute or rule controls. Failure to comply with a statute or rule described in subsection (2) has only the effect the statute or rule specifies. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(4) This Article does not:

(a) Validate any rate, charge, agreement or practice that violates a rule of law, statute or rule described in subsection (2); or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Extend the application of the rule of law, statute or rule to a transaction not otherwise subject to rule of law, statute or rule. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1202. Title to collateral immaterial
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 2: EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 1: EFFECTIVENESS AND ATTACHMENT (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1202. Title to collateral immaterial

Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles or promissory notes, the provisions of this Article with regard to rights and obligations apply whether title to collateral is in the secured party or the debtor. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1203. Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 2: EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 1: EFFECTIVENESS AND ATTACHMENT (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1203. Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites

(1) A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpones the time of attachment. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) Except as otherwise provided in subsections (3) through (9), a security interest is enforceable against the debtor and 3rd parties with respect to the collateral only if:

(a) Value has been given; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) The debtor has rights in the collateral or the power to transfer rights in the collateral to a secured party; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) One of the following conditions is met:

(i) The debtor has authenticated a security agreement that provides a description of the collateral and, if the security interest covers timber to be cut, a description of the land concerned;

(ii) The collateral is not a certificated security and is in the possession of the secured party under section 9-1313 pursuant to the debtor's security agreement;

(iii) The collateral is a certificated security in registered form and the security certificate has been delivered to the secured party under section 8-1302 pursuant to the debtor's security agreement; or

(iv) The collateral is deposit accounts, electronic chattel paper, investment property, or letter-of-credit rights, and the secured party has control under sections 9-1104, 9-1105, 9-1106 or 9-1107 pursuant to the debtor's security agreement.
[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) Subsection (2) is subject to section 4-210 on the security interest of a collecting bank, section 5-1118 on the security interest of a letter-of-credit issuer or nominated person, section 9-1110 on a security interest arising under Article 2 or 2-A, and section 9-1206 on security interests in investment property. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(4) A person becomes bound as debtor by a security agreement entered into by another person if, by operation of law other than this Article or by contract:

(a) The security agreement becomes effective to create a security interest in the person's property; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) The person becomes generally obligated for the obligations of the other person, including the obligation secured under the security agreement, and acquires or succeeds to all or substantially all of the assets of the other person. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(5) If a new debtor becomes bound as debtor by a security agreement entered into by another person:

(a) The agreement satisfies subsection (2), paragraph (c) with respect to existing or after-acquired property of the new debtor to the extent the property is described in the agreement; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Another agreement is not necessary to make a security interest in the property enforceable. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(6) The attachment of a security interest in collateral gives the secured party the rights to proceeds provided by section 9-1315 and is also attachment of a security interest in a supporting obligation for the collateral. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(7) The attachment of a security interest in a right to payment or performance secured by a security interest or other lien on personal or real property is also attachment of a security interest in the security interest, mortgage or other lien. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(8) The attachment of a security interest in a securities account is also attachment of a security interest in the security entitlements carried in the securities account. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(9) The attachment of a security interest in a commodity account is also attachment of a security interest in the commodity contracts carried in the commodity account. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1204. After-acquired property; future advances
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 2: EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 1: EFFECTIVENESS AND ATTACHMENT (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1204. After-acquired property; future advances

(1) Except as otherwise provided in subsection (2), a security agreement may create or provide for a security interest in after-acquired collateral. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) A security interest does not attach under a term constituting an after-acquired property clause to:

(a) Consumer goods, other than an accession when given as additional security, unless the debtor acquires rights in them within 10 days after the secured party gives value; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) A commercial tort claim. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) A security agreement may provide that collateral secures, or that accounts, chattel paper, payment intangibles or promissory notes are sold in connection with future advances or other value whether or not the advances or value are given pursuant to commitment. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1205. Use or disposition of collateral permissible
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 2: EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 1: EFFECTIVENESS AND ATTACHMENT (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1205. Use or disposition of collateral permissible

(1) A security interest is not invalid or fraudulent against creditors solely because:

(a) The debtor has the right or ability to:

(i) Use, commingle or dispose of all or part of the collateral, including returned or repossessed goods;

(ii) Collect, compromise, enforce or otherwise deal with collateral;

(iii) Accept the return of collateral or make repossessions; or

(iv) Use, commingle or dispose of proceeds; or
[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) The secured party fails to require the debtor to account for proceeds or replace collateral. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) This section does not relax the requirements of possession if attachment, perfection or enforcement of a security interest depends upon possession of the collateral by the secured party. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1206. Security interest arising in purchase or delivery of financial asset
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 2: EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 1: EFFECTIVENESS AND ATTACHMENT (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1206. Security interest arising in purchase or delivery of financial asset

(1) A security interest in favor of a securities intermediary attaches to a person's security entitlement if:

(a) The person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchase price to the securities intermediary at the time of the purchase; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) The securities intermediary credits the financial asset to the buyer's securities account before the buyer pays the securities intermediary. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) The security interest described in subsection (1) secures the person's obligation to pay for the financial asset. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) A security interest in favor of a person that delivers a certificated security or other financial asset represented by a writing attaches to the security or other financial asset if:

(a) The security or other financial asset:

(i) In the ordinary course of business is transferred by delivery with any necessary indorsement or assignment; and

(ii) Is delivered under an agreement between persons in the business of dealing with such securities or financial assets; and
[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) The agreement calls for delivery against payment. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(4) The security interest described in subsection (3) secures the obligation to make payment for the delivery. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1207. Rights and duties of secured party having possession or control of collateral
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 2: EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 2: RIGHTS AND DUTIES (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1207. Rights and duties of secured party having possession or control of collateral

(1) Except as otherwise provided in subsection (4), a secured party shall use reasonable care in the custody and preservation of collateral in the secured party's possession. In the case of chattel paper or an instrument, reasonable care includes taking necessary steps to preserve rights against prior parties unless otherwise agreed. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) Except as otherwise provided in subsection (4), if a secured party has possession of collateral:

(a) Reasonable expenses, including the cost of insurance and payment of taxes or other charges, incurred in the custody, preservation, use or operation of the collateral, are chargeable to the debtor and are secured by the collateral; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) The risk of accidental loss or damage is on the debtor to the extent of a deficiency in any effective insurance coverage; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) The secured party shall keep the collateral identifiable, but fungible collateral may be commingled; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(d) The secured party may use or operate the collateral:

(i) For the purpose of preserving the collateral or its value;

(ii) As permitted by an order of a court having competent jurisdiction; or

(iii) Except in the case of consumer goods, in the manner and to the extent agreed by the debtor.
[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) Except as otherwise provided in subsection (4), a secured party having possession of collateral or control of collateral under section 9-1104, 9-1105, 9-1106 or 9-1107:

(a) May hold as additional security any proceeds, except money or funds, received from the collateral; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Shall apply money or funds received from the collateral to reduce the secured obligation, unless remitted to the debtor; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) May create a security interest in the collateral. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(4) If the secured party is a buyer of accounts, chattel paper, payment intangibles or promissory notes or a consignor:

(a) Subsection (1) does not apply unless the secured party is entitled under an agreement:

(i) To charge back uncollected collateral; or

(ii) Otherwise to full or limited recourse against the debtor or a secondary obligor based on the nonpayment or other default of an account debtor or other obligor on the collateral; and
[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Subsections (2) and (3) do not apply. [2003, c. 510, Pt. C, §1 (new).]

[2003, c. 510, Pt. C, §1 (amd).]

(5) [2003, c. 510, Pt. C, §2 (rp).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
PL 2003,
Ch. 510,
§C1,2 (AMD).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1208. Additional duties of secured party having control of collateral
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 2: EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 2: RIGHTS AND DUTIES (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1208. Additional duties of secured party having control of collateral

(1) This section applies to cases in which there is no outstanding secured obligation and the secured party is not committed to make advances, incur obligations or otherwise give value. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) Within 20 days after receiving an authenticated demand by the debtor:

(a) A secured party having control of a deposit account under section 9-1104, subsection (1), paragraph (b) shall send to the bank with which the deposit account is maintained an authenticated statement that releases the bank from any further obligation to comply with instructions originated by the secured party; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) A secured party having control of a deposit account under section 9-1104, subsection (1), paragraph (c) shall:

(i) Pay the debtor the balance on deposit in the deposit account; or

(ii) Transfer the balance on deposit into a deposit account in the debtor's name;
[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) A secured party, other than a buyer, having control of electronic chattel paper under section 9-1105 shall:

(i) Communicate the authoritative copy of the electronic chattel paper to the debtor or its designated custodian;

(ii) If the debtor designates a custodian that is the designated custodian with which the authoritative copy of the electronic chattel paper is maintained for the secured party, communicate to the custodian an authenticated record releasing the designated custodian from any further obligation to comply with instructions originated by the secured party and instructing the custodian to comply with instructions originated by the debtor; and

(iii) Take appropriate action to enable the debtor or its designated custodian to make copies of or revisions to the authoritative copy that add or change an identified assignee of the authoritative copy without the consent of the secured party;
[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(d) A secured party having control of investment property under section 8-1106, subsection (4), paragraph (b) or 9-1106, subsection (2) shall send to the securities intermediary or commodity intermediary with which the security entitlement or commodity contract is maintained an authenticated record that releases the securities intermediary or commodity intermediary from any further obligation to comply with entitlement orders or directions originated by the secured party; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(e) A secured party having control of a letter-of-credit right under section 9-1107 shall send to each person having an unfulfilled obligation to pay or deliver proceeds of the letter of credit to the secured party an authenticated release from any further obligation to pay or deliver proceeds of the letter of credit to the secured party. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1209. Duties of secured party if account debtor has been notified of assignment
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 2: EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 2: RIGHTS AND DUTIES (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1209. Duties of secured party if account debtor has been notified of assignment

(1) Except as otherwise provided in subsection (3), this section applies if:

(a) There is no outstanding secured obligation; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) The secured party is not committed to make advances, incur obligations or otherwise give value. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) Within 20 days after receiving an authenticated demand by the debtor, a secured party shall send to an account debtor that has received notification of an assignment to the secured party as assignee under section 9-1406, subsection (1) an authenticated record that releases the account debtor from any further obligation to the secured party. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) This section does not apply to an assignment constituting the sale of an account, chattel paper or payment intangible. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1210. Request for accounting; request regarding list of collateral or statement of account
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 2: EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 2: RIGHTS AND DUTIES (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1210. Request for accounting; request regarding list of collateral or statement of account

(1) In this section:

(a) "Request" means a record of a type described in paragraph (b), (c) or (d); [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) "Request for an accounting" means a record authenticated by a debtor requesting that the recipient provide an accounting of the unpaid obligations secured by collateral and reasonably identifying the transaction or relationship that is the subject of the request; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) "Request regarding a list of collateral" means a record authenticated by a debtor requesting that the recipient approve or correct a list of what the debtor believes to be the collateral securing an obligation and reasonably identifying the transaction or relationship that is the subject of the request; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(d) "Request regarding a statement of account" means a record authenticated by a debtor requesting that the recipient approve or correct a statement indicating what the debtor believes to be the aggregate amount of unpaid obligations secured by collateral as of a specified date and reasonably identifying the transaction or relationship that is the subject of the request. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) Subject to subsections (3), (4), (5) and (6), a secured party, other than a buyer of accounts, chattel paper, payment intangibles or promissory notes or a consignor, shall comply with a request within 20 days after receipt:

(a) In the case of a request for an accounting, by authenticating and sending to the debtor an accounting; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) In the case of a request regarding a list of collateral or a request regarding a statement of account, by authenticating and sending to the debtor an approval or correction. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) A secured party that claims a security interest in all of a particular type of collateral owned by the debtor may comply with a request regarding a list of collateral by sending to the debtor an authenticated record including a statement to that effect within 20 days after receipt. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(4) A person that receives a request regarding a list of collateral, claims no interest in the collateral when it receives the request and claimed an interest in the collateral at an earlier time shall comply with the request within 20 days after receipt by sending to the debtor an authenticated record:

(a) Disclaiming any interest in the collateral; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) If known to the recipient, providing the name and mailing address of any assignee of or successor to the recipient's security interest in the collateral. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(5) A person that receives a request for an accounting or a request regarding a statement of account, claims no interest in the obligations when it receives the request and claimed an interest in the obligations at an earlier time shall comply with the request within 20 days after receipt by sending to the debtor an authenticated record:

(a) Disclaiming any interest in the obligations; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) If known to the recipient, providing the name and mailing address of any assignee of or successor to the recipient's interest in the obligations. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(6) A debtor is entitled without charge to one response to a request under this section during any 6-month period. The secured party may require payment of a charge not exceeding $25 for each additional response. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1301. Law governing perfection and priority of security interests
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 1: LAW GOVERNING PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1301. Law governing perfection and priority of security interests

Except as otherwise provided in sections 9-1303 through 9-1306, the following rules determine the law governing perfection, the effect of perfection or nonperfection and the priority of a security interest in collateral. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(1) Except as otherwise provided in this section, while a debtor is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a security interest in collateral. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) While collateral is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a possessory security interest in that collateral. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) Except as otherwise provided in subsection (4), while negotiable documents, goods, instruments, money or tangible chattel paper is located in a jurisdiction, the local law of that jurisdiction governs:

(a) Perfection of a security interest in the goods by filing a fixture filing; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Perfection of a security interest in timber to be cut; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) The effect of perfection or nonperfection and the priority of a nonpossessory security interest in the collateral. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(4) The local law of the jurisdiction in which the wellhead or minehead is located governs perfection, the effect of perfection or nonperfection and the priority of a security interest in as-extracted collateral. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1302. Law governing perfection and priority of agricultural liens
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 1: LAW GOVERNING PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1302. Law governing perfection and priority of agricultural liens

While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of an agricultural lien on the farm products. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1303. Law governing perfection and priority of security interests in goods covered by certificate of title
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 1: LAW GOVERNING PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1303. Law governing perfection and priority of security interests in goods covered by certificate of title

(1) This section applies to goods covered by a certificate of title, even if there is no other relationship between the jurisdiction under whose certificate of title the goods are covered and the goods or the debtor. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) Goods become covered by a certificate of title when a valid application for the certificate of title and the applicable fee are delivered to the appropriate authority. Goods cease to be covered by a certificate of title at the earlier of the time the certificate of title ceases to be effective under the law of the issuing jurisdiction or the time the goods become covered subsequently by a certificate of title issued by another jurisdiction. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) The local law of the jurisdiction under whose certificate of title the goods are covered governs perfection, the effect of perfection or nonperfection and the priority of a security interest in goods covered by a certificate of title from the time the goods become covered by the certificate of title until the goods cease to be covered by the certificate of title. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1304. Law governing perfection and priority of security interests in deposit accounts
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 1: LAW GOVERNING PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1304. Law governing perfection and priority of security interests in deposit accounts

(1) The local law of a bank's jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a security interest in a deposit account maintained with that bank. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) The following rules determine a bank's jurisdiction for purposes of this Part.

(a) If an agreement between the bank and the debtor governing the deposit account expressly provides that a particular jurisdiction is the bank's jurisdiction for purposes of this Part, this Article or this Title, that jurisdiction is the bank's jurisdiction. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) If paragraph (a) does not apply and an agreement between the bank and its customer governing the deposit account expressly provides that the agreement is governed by the law of a particular jurisdiction, that jurisdiction is the bank's jurisdiction. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) If neither paragraph (a) nor paragraph (b) applies and an agreement between the bank and its customer governing the deposit account expressly provides that the deposit account is maintained at an office in a particular jurisdiction, that jurisdiction is the bank's jurisdiction. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(d) If none of the preceding paragraphs applies, the bank's jurisdiction is the jurisdiction in which the office identified in an account statement as the office serving the customer's account is located. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(e) If none of the preceding paragraphs applies, the bank's jurisdiction is the jurisdiction in which the chief executive office of the bank is located. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1305. Law governing perfection and priority of security interests in investment property
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 1: LAW GOVERNING PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1305. Law governing perfection and priority of security interests in investment property

(1) Except as otherwise provided in subsection (3), the following rules apply.

(a) While a security certificate is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a security interest in the certificated security represented thereby. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) The local law of the issuer's jurisdiction as specified in section 8-1110, subsection 1, paragraph (d) governs perfection, the effect of perfection or nonperfection and the priority of a security interest in an uncertificated security. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) The local law of the securities intermediary's jurisdiction as specified in section 8-1110, subsection 1, paragraph (e) governs perfection, the effect of perfection or nonperfection and the priority of a security interest in a security entitlement or securities account. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(d) The local law of the commodity intermediary's jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a security interest in a commodity contract or commodity account. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) The following rules determine a commodity intermediary's jurisdiction for purposes of this Part.

(a) If an agreement between the commodity intermediary and commodity customer governing the commodity account expressly provides that a particular jurisdiction is the commodity intermediary's jurisdiction for purposes of this Part, this Article, or this Title, that jurisdiction is the commodity intermediary's jurisdiction. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) If paragraph (a) does not apply and an agreement between the commodity intermediary and commodity customer governing the commodity account expressly provides that the agreement is governed by the law of a particular jurisdiction, that jurisdiction is the commodity intermediary's jurisdiction. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) If neither paragraph (a) nor paragraph (b) applies and an agreement between the commodity intermediary and commodity customer governing the commodity account expressly provides that the commodity account is maintained at an office in a particular jurisdiction, that jurisdiction is the commodity intermediary's jurisdiction. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(d) If none of the preceding paragraphs applies, the commodity intermediary's jurisdiction is the jurisdiction in which the office identified in an account statement as the office serving the commodity customer's account is located. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(e) If none of the preceding paragraphs applies, the commodity intermediary's jurisdiction is the jurisdiction in which the chief executive office of the commodity intermediary is located. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) The local law of the jurisdiction in which the debtor is located governs:

(a) Perfection of a security interest in investment property by filing; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Automatic perfection of a security interest in investment property created by a broker or securities intermediary; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) Automatic perfection of a security interest in a commodity contract or commodity account created by a commodity intermediary. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1306. Law governing perfection and priority of security interests in letter-of-credit rights
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 1: LAW GOVERNING PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1306. Law governing perfection and priority of security interests in letter-of-credit rights

(1) Subject to subsection (3), the local law of the issuer's jurisdiction or a nominated person's jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a security interest in a letter-of-credit right if the issuer's jurisdiction or nominated person's jurisdiction is a state. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) For purposes of this Part, an issuer's jurisdiction or nominated person's jurisdiction is the jurisdiction whose law governs the liability of the issuer or nominated person with respect to the letter-of-credit right as provided in section 5-116. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) This section does not apply to a security interest that is perfected only under section 9-1308, subsection (4). [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1307. Location of debtor
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 1: LAW GOVERNING PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1307. Location of debtor

(1) In this section, "place of business" means a place where a debtor conducts its affairs. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) Except as otherwise provided in this section, the following rules determine a debtor's location.

(a) A debtor who is an individual is located at the individual's principal residence. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) A debtor that is an organization and has only one place of business is located at its place of business. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) A debtor that is an organization and has more than one place of business is located at its chief executive office. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) Subsection (2) applies only if a debtor's residence, place of business or chief executive office, as applicable, is located in a jurisdiction whose law generally requires information concerning the existence of a nonpossessory security interest to be made generally available in a filing, recording or registration system as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the collateral. If subsection (2) does not apply, the debtor is located in the District of Columbia. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(4) A person that ceases to exist, have a residence or have a place of business continues to be located in the jurisdiction specified by subsections (2) and (3). [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(5) A registered organization that is organized under the law of a state is located in that state. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(6) Except as otherwise provided in subsection (9), a registered organization that is organized under the law of the United States and a branch or agency of a bank that is not organized under the law of the United States or a state are located:

(a) In the state that the law of the United States designates, if the law designates a state of location; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) In the state that the registered organization, branch or agency designates, if the law of the United States authorizes the registered organization, branch or agency to designate its state of location; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) In the District of Columbia, if neither paragraph (a) nor paragraph (b) applies. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(7) A registered organization continues to be located in the jurisdiction specified by subsection (5) or (6) notwithstanding:

(a) The suspension, revocation, forfeiture or lapse of the registered organization's status as such in its jurisdiction of organization; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) The dissolution, winding up or cancellation of the existence of the registered organization. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(8) The United States is located in the District of Columbia. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(9) A branch or agency of a bank that is not organized under the law of the United States or a state is located in the state in which the branch or agency is licensed if all branches and agencies of the bank are licensed in only one state. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(10) A foreign air carrier under the Federal Aviation Act of 1958, as amended, is located at the designated office of the agent upon which service of process may be made on behalf of the carrier. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(11) This section applies only for purposes of this Part. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1308. When security interest or agricultural lien is perfected; continuity of perfection
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 2: PERFECTION (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1308. When security interest or agricultural lien is perfected; continuity of perfection

(1) Except as otherwise provided in this section and section 9-1309, a security interest is perfected if it has attached and all of the applicable requirements for perfection in sections 9-1310 to 9-1316 have been satisfied. A security interest is perfected when it attaches if the applicable requirements are satisfied before the security interest attaches. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) An agricultural lien is perfected if it has become effective and all of the applicable requirements for perfection in section 9-1310 have been satisfied. An agricultural lien is perfected when it becomes effective if the applicable requirements are satisfied before the agricultural lien becomes effective. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) A security interest or agricultural lien is perfected continuously if it is originally perfected by one method under this Article and is later perfected by another method under this Article, without an intermediate period when it was unperfected. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(4) Perfection of a security interest in collateral also perfects a security interest in a supporting obligation for the collateral. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(5) Perfection of a security interest in a right to payment or performance also perfects a security interest in a security interest, mortgage or other lien on personal or real property securing the right. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(6) Perfection of a security interest in a securities account also perfects a security interest in the security entitlements carried in the securities account. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(7) Perfection of a security interest in a commodity account also perfects a security interest in the commodity contracts carried in the commodity account. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1309. Security interest perfected upon attachment
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 2: PERFECTION (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1309. Security interest perfected upon attachment

The following security interests are perfected when they attach: [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(1) A purchase-money security interest in a consumer good having a purchase price of $10,000 or less, except as otherwise provided in section 9-1311, subsection (2) with respect to consumer goods that are subject to a statute or treaty described in section 9-1311, subsection (1); [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) An assignment of accounts or payment intangibles that does not by itself or in conjunction with other assignments to the same assignee transfer a significant part of the assignor's outstanding accounts or payment intangibles; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) A sale of a payment intangible; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(4) A sale of a promissory note; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(5) A security interest created by the assignment of a health-care-insurance receivable to the provider of the health-care goods or services; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(6) A security interest arising under section 2-401, 2-505, 2-711, subsection (3) or 2-1508, subsection (5), until the debtor obtains possession of the collateral; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(7) A security interest of a collecting bank arising under section 4-210; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(8) A security interest of an issuer or nominated person arising under section 5-1118; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(9) A security interest arising in the delivery of a financial asset under section 9-1206, subsection (3); [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(10) A security interest in investment property created by a broker or securities intermediary; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(11) A security interest in a commodity contract or a commodity account created by a commodity intermediary; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(12) An assignment for the benefit of all creditors of the transferor and subsequent transfers by the assignee thereunder; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(13) A security interest created by an assignment of a beneficial interest in a decedent's estate. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1310. When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 2: PERFECTION (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1310. When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply

(1) Except as otherwise provided in subsection (2) and section 9-1312, subsection (2), a financing statement must be filed to perfect all security interests and agricultural liens. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) The filing of a financing statement is not necessary to perfect a security interest:

(a) That is perfected under section 9-1308, subsection (4), (5), (6) or (7); [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) That is perfected under section 9-1309 when it attaches; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) In property subject to a statute, regulation or treaty described in section 9-1311, subsection (1); [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(d) In goods in possession of a bailee that is perfected under section 9-1312, subsection (4), paragraph (a) or (b); [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(e) In certificated securities, documents, goods or instruments that is perfected without filing or possession under section 9-1312, subsection (5), (6) or (7); [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(f) In collateral in the secured party's possession under section 9-1313; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(g) In a certificated security that is perfected by delivery of the security certificate to the secured party under section 9-1313; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(h) In deposit accounts, electronic chattel paper, investment property or letter-of-credit rights that is perfected by control under section 9-1314; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(i) In proceeds that is perfected under section 9-1315; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(j) That is perfected under section 9-1316. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) If a secured party assigns a perfected security interest or agricultural lien, a filing under this Article is not required to continue the perfected status of the security interest against creditors of and transferees from the original debtor. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1311. Perfection of security interests in property subject to certain statutes, regulations and treaties
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 2: PERFECTION (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1311. Perfection of security interests in property subject to certain statutes, regulations and treaties

(1) Except as otherwise provided in subsection (4), the filing of a financing statement is not necessary or effective to perfect a security interest in property subject to:

(a) A statute, regulation, or treaty of the United States whose requirements for a security interest's obtaining priority over the rights of a lien creditor with respect to the property preempt section 9-1310, subsection (1); [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Title 29-A, chapter 7; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) A certificate-of-title statute of another jurisdiction that provides for a security interest to be indicated on the certificate as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the property. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) Compliance with the requirements of a statute, regulation or treaty described in subsection (1) for obtaining priority over the rights of a lien creditor is equivalent to the filing of a financing statement under this Article. Except as otherwise provided in subsection (4) and sections 9-1313 and 9-1316, subsections (4) and (5) for goods covered by a certificate of title, a security interest in property subject to a statute, regulation or treaty described in subsection (1) may be perfected only by compliance with those requirements, and a security interest so perfected remains perfected notwithstanding a change in the use or transfer of possession of the collateral. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) Except as otherwise provided in subsection (4) and section 9-1316, subsection (4) and (5), duration and renewal of perfection of a security interest perfected by compliance with the requirements prescribed by a statute, regulation or treaty described in subsection (1) are governed by the statute, regulation or treaty. In other respects, the security interest is subject to this Article. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(4) During any period in which collateral subject to a statute specified in subsection (1), paragraph (b), is inventory held for sale or lease by a person or leased by that person as lessor and that person is in the business of selling goods of that kind, this section does not apply to a security interest in that collateral created by that person. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1312. Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights and money; perfection by permissive filing; temporary perfection without filing or transfer of possession
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 2: PERFECTION (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1312. Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights and money; perfection by permissive filing; temporary perfection without filing or transfer of possession

(1) A security interest in chattel paper, negotiable documents, instruments or investment property may be perfected by filing. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) Except as otherwise provided in section 9-1315, subsections (3) and (4) for proceeds:

(a) A security interest in a deposit account may be perfected only by control under section 9-1314; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Except as otherwise provided in section 9-1308, subsection (4), a security interest in a letter-of-credit right may be perfected only by control under section 9-1314; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) A security interest in money may be perfected only by the secured party's taking possession under section 9-1313. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) While goods are in the possession of a bailee that has issued a negotiable document covering the goods:

(a) A security interest in the goods may be perfected by perfecting a security interest in the document; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) A security interest perfected in the document has priority over any security interest that becomes perfected in the goods by another method during that time. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(4) While goods are in the possession of a bailee that has issued a nonnegotiable document covering the goods, a security interest in the goods may be perfected by:

(a) Issuance of a document in the name of the secured party; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) The bailee's receipt of notification of the secured party's interest; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) Filing as to the goods. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(5) A security interest in certificated securities, negotiable documents or instruments is perfected without filing or the taking of possession for a period of 20 days from the time it attaches to the extent that it arises for new value given under an authenticated security agreement. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(6) A perfected security interest in a negotiable document or goods in possession of a bailee, other than one that has issued a negotiable document for the goods, remains perfected for 20 days without filing if the secured party makes available to the debtor the goods or documents representing the goods for the purpose of:

(a) Ultimate sale or exchange; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Loading, unloading, storing, shipping, transshipping, manufacturing, processing or otherwise dealing with them in a manner preliminary to their sale or exchange. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(7) A perfected security interest in a certificated security or instrument remains perfected for 20 days without filing if the secured party delivers the security certificate or instrument to the debtor for the purpose of:

(a) Ultimate sale or exchange; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Presentation, collection, enforcement, renewal or registration of transfer. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(8) After the 20-day period specified in subsection (5), (6) or (7) expires, perfection depends upon compliance with this Article. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1313. When possession by or delivery to secured party perfects security interest without filing
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 2: PERFECTION (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1313. When possession by or delivery to secured party perfects security interest without filing

(1) Except as otherwise provided in subsection (2), a secured party may perfect a security interest in negotiable documents, goods, instruments, money or tangible chattel paper by taking possession of the collateral. A secured party may perfect a security interest in certificated securities by taking delivery of the certificated securities under section 8-1301. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) With respect to goods covered by a certificate of title issued by this State, a secured party may perfect a security interest in the goods by taking possession of the goods only in the circumstances described in Section 9-1316, subsection (4). [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) With respect to collateral other than certificated securities and goods covered by a document, a secured party takes possession of collateral in the possession of a person other than the debtor, the secured party or a lessee of the collateral from the debtor in the ordinary course of the debtor's business, when:

(a) The person in possession authenticates a record acknowledging that it holds possession of the collateral for the secured party's benefit; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) The person takes possession of the collateral after having authenticated a record acknowledging that it will hold possession of collateral for the secured party's benefit. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(4) If perfection of a security interest depends upon possession of the collateral by a secured party, perfection occurs no earlier than the time the secured party takes possession and continues only while the secured party retains possession. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(5) A security interest in a certificated security in registered form is perfected by delivery when delivery of the certificated security occurs under section 8-1301 and remains perfected by delivery until the debtor obtains possession of the security certificate. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(6) A person in possession of collateral is not required to acknowledge that it holds possession for a secured party's benefit. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(7) If a person acknowledges that it holds possession for the secured party's benefit:

(a) The acknowledgment is effective under subsection (3) or section 8-1301, subsection (1), even if the acknowledgment violates the rights of a debtor; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Unless the person otherwise agrees or law other than this Article otherwise provides, the person does not owe any duty to the secured party and is not required to confirm the acknowledgment to another person. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(8) A secured party having possession of collateral does not relinquish possession by delivering the collateral to a person other than the debtor or a lessee of the collateral from the debtor in the ordinary course of the debtor's business if the person was instructed before the delivery or is instructed contemporaneously with the delivery:

(a) To hold possession of the collateral for the secured party's benefit; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) To redeliver the collateral to the secured party. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(9) A secured party does not relinquish possession, even if a delivery under subsection (8) violates the rights of a debtor. A person to which collateral is delivered under subsection (8) does not owe any duty to the secured party and is not required to confirm the delivery to another person unless the person otherwise agrees or law other than this Article otherwise provides. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1314. Perfection by control
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 2: PERFECTION (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1314. Perfection by control

(1) A security interest in investment property, deposit accounts, letter-of-credit rights or electronic chattel paper may be perfected by control of the collateral under section 9-1104, 9-1105, 9-1106 or 9-1107. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) A security interest in deposit accounts, electronic chattel paper, or letter-of-credit rights is perfected by control under section 9-1104, 9-1105 or 9-1107 when the secured party obtains control and remains perfected by control only while the secured party retains control. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) A security interest in investment property is perfected by control under section 9-1106 from the time the secured party obtains control and remains perfected by control until:

(a) The secured party does not have control; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) One of the following occurs:

(i) If the collateral is a certificated security, the debtor has or acquires possession of the security certificate;

(ii) If the collateral is an uncertificated security, the issuer has registered or registers the debtor as the registered owner; or

(iii) If the collateral is a security entitlement, the debtor is or becomes the entitlement holder.
[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1315. Secured party's rights on disposition of collateral and in proceeds
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 2: PERFECTION (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1315. Secured party's rights on disposition of collateral and in proceeds

(1) Except as otherwise provided in this Article and in section 2-403, subsection (2):

(a) A security interest or agricultural lien continues in collateral notwithstanding sale, lease, license, exchange or other disposition thereof unless the secured party authorized the disposition free of the security interest or agricultural lien; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) A security interest attaches to any identifiable proceeds of collateral. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) Proceeds that are commingled with other property are identifiable proceeds:

(a) If the proceeds are goods, to the extent provided by section 9-1336; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) If the proceeds are not goods, to the extent that the secured party identifies the proceeds by a method of tracing, including application of equitable principles, that is permitted under law other than this Article with respect to commingled property of the type involved. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) A security interest in proceeds is a perfected security interest if the security interest in the original collateral was perfected. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(4) A perfected security interest in proceeds becomes unperfected on the 21st day after the security interest attaches to the proceeds unless:

(a) The following conditions are satisfied:

(i) A filed financing statement covers the original collateral;

(ii) The proceeds are collateral in which a security interest may be perfected by filing in the office in which the financing statement has been filed; and

(iii) the proceeds are not acquired with cash proceeds;
[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) The proceeds are identifiable cash proceeds; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) The security interest in the proceeds is perfected other than under subsection (3) when the security interest attaches to the proceeds or within 20 days thereafter. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(5) If a filed financing statement covers the original collateral, a security interest in proceeds that remains perfected under subsection (4), paragraph (a) becomes unperfected at the later of:

(a) The date when the effectiveness of the filed financing statement lapses under section 9-1515 or is terminated under section 9-1513; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) The 21st day after the security interest attaches to the proceeds. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1316. Continued perfection of security interest following change in governing law
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 2: PERFECTION (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1316. Continued perfection of security interest following change in governing law

(1) A security interest perfected pursuant to the law of the jurisdiction designated in section 9-1301, subsection (1) or section 9-1305, subsection (3) remains perfected until the earliest of:

(a) The time perfection would have ceased under the law of that jurisdiction; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) The expiration of 4 months after a change of the debtor's location to another jurisdiction; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) The expiration of one year after a transfer of collateral to a person that thereby becomes a debtor and is located in another jurisdiction; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(d) The expiration of one year after a new debtor located in another jurisdiction becomes bound under section 9-1203, subsection (4). [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) If a security interest described in subsection (1) becomes perfected under the law of the other jurisdiction before the earliest time or event described in that subsection, it remains perfected thereafter. If the security interest does not become perfected under the law of the other jurisdiction before the earliest time or event, it becomes unperfected and is deemed never to have been perfected as against a purchaser of the collateral for value. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) A possessory security interest in collateral, other than goods covered by a certificate of title and collateral, as extracted, consisting of goods, remains continuously perfected if:

(a) The collateral is located in one jurisdiction and subject to a security interest perfected under the law of that jurisdiction; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Thereafter the collateral is brought into another jurisdiction; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) Upon entry into the other jurisdiction, the security interest is perfected under the law of the other jurisdiction. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(4) Except as otherwise provided in subsection (5), a security interest in goods covered by a certificate of title that is perfected by any method under the law of another jurisdiction when the goods become covered by a certificate of title from this State remains perfected until the security interest would have become unperfected under the law of the other jurisdiction had the goods not become so covered. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(5) A security interest described in subsection (4) becomes unperfected as against a purchaser of the goods for value and is deemed never to have been perfected as against a purchaser of the goods for value if the applicable requirements for perfection under section 9-1311, subsection (2) or section 9-1313 are not satisfied before the earlier of:

(a) The time the security interest would have become unperfected under the law of the other jurisdiction had the goods not become covered by a certificate of title from this State; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) The expiration of 4 months after the goods had become so covered. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(6) A security interest in deposit accounts, letter-of-credit rights or investment property that is perfected under the law of the bank's jurisdiction, the issuer's jurisdiction, a nominated person's jurisdiction, the securities intermediary's jurisdiction or the commodity intermediary's jurisdiction, as applicable, remains perfected until the earlier of:

(a) The time the security interest would have become unperfected under the law of that jurisdiction; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) The expiration of 4 months after a change of the applicable jurisdiction to another jurisdiction. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(7) If a security interest described in subsection (6) becomes perfected under the law of the other jurisdiction before the earlier of the time or the end of the period described in that subsection, it remains perfected thereafter. If the security interest does not become perfected under the law of the other jurisdiction before the earlier of that time or the end of that period, it becomes unperfected and is deemed never to have been perfected as against a purchaser of the collateral for value. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1317. Interests that take priority over or take free of security interest or agricultural lien
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 3: PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1317. Interests that take priority over or take free of security interest or agricultural lien

(1) A security interest or agricultural lien is subordinate to the rights of:

(a) A person entitled to priority under section 9-1322; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Except as otherwise provided in subsection (5), a person that becomes a lien creditor before the earlier of the time:

(i) The security interest or agricultural lien is perfected; or

(ii) One of the conditions specified in section 9-1203, subsection (2), paragraph (c) is met and a financing statement covering the collateral is filed.
[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) Except as otherwise provided in subsection (5), a buyer, other than a secured party, of tangible chattel paper, documents, goods, instruments or a security certificate takes free of a security interest or agricultural lien if the buyer gives value and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) Except as otherwise provided in subsection (5), a lessee of goods takes free of a security interest or agricultural lien if the lessee gives value and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(4) A licensee of a general intangible or a buyer, other than a secured party, of accounts, electronic chattel paper, general intangibles or investment property other than a certificated security takes free of a security interest if the licensee or buyer gives value without knowledge of the security interest and before it is perfected. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(5) Except as otherwise provided in sections 9-1320 and 9-1321, if a person files a financing statement with respect to a purchase-money security interest before or within 20 days after the debtor receives delivery of the collateral, the security interest takes priority over the rights of a buyer, lessee or lien creditor that arise between the time the security interest attaches and the time of filing, unless the collateral is covered by Title 29-A, chapter 7, in which case the security interest takes priority if perfected in accordance with section 9-1303 within 30 days after the debtor receives delivery of the collateral. [2003, c. 652, Pt. A, §1 (amd); §7 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
PL 2003,
Ch. 652,
§A1 (AMD).
PL 2003,
Ch. 652,
§A7 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1318. No interest retained in right to payment that is sold; rights and title of seller of account or chattel paper with respect to creditors and purchasers
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 3: PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1318. No interest retained in right to payment that is sold; rights and title of seller of account or chattel paper with respect to creditors and purchasers

(1) A debtor that has sold an account, chattel paper, payment intangible or promissory note does not retain a legal or equitable interest in the collateral sold. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) For purposes of determining the rights of creditors of, and purchasers for value of an account or chattel paper from, a debtor that has sold an account or chattel paper, while the buyer's security interest is unperfected, the debtor is deemed to have rights and title to the account or chattel paper identical to those the debtor sold. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1319. Rights and title of consignee with respect to creditors and purchasers
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 3: PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1319. Rights and title of consignee with respect to creditors and purchasers

(1) Except as otherwise provided in subsection (2), for purposes of determining the rights of creditors of, and purchasers for value of goods from, a consignee, while the goods are in the possession of the consignee, the consignee is deemed to have rights and title to the goods identical to those the consignor had or had power to transfer. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) For purposes of determining the rights of a creditor of a consignee, law other than this Article determines the rights and title of a consignee while goods are in the consignee's possession if, under this Part, a perfected security interest held by the consignor would have priority over the rights of the creditor. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1320. Buyer of goods
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 3: PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1320. Buyer of goods

(1) Except as otherwise provided in subsection (5), a buyer in ordinary course of business, other than a person buying farm products from a person engaged in farming operations, takes free of a security interest created by the buyer's seller, even if the security interest is perfected and the buyer knows of its existence. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) Except as otherwise provided in subsection (5), a buyer of goods from a person who used or bought the goods for use primarily for personal, family or household purposes takes free of a security interest, even if perfected, if the buyer buys:

(a) Without knowledge of the security interest; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) For value; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) Primarily for the buyer's personal, family or household purposes; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(d) Before the filing of a financing statement covering the goods. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) To the extent that it affects the priority of a security interest over a buyer of goods under subsection (2), the period of effectiveness of a filing made in the jurisdiction in which the seller is located is governed by section 9-1316, subsections (1) and (2). [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(4) A buyer in ordinary course of business buying oil, gas or other minerals at the wellhead or minehead or after extraction takes free of an interest arising out of an encumbrance. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(5) Subsections (1) and (2) do not affect a security interest in goods in the possession of the secured party under section 9-1313. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1321. Licensee of general intangible and lessee of goods in ordinary course of business
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 3: PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1321. Licensee of general intangible and lessee of goods in ordinary course of business

(1) In this section, "licensee in ordinary course of business" means a person that becomes a licensee of a general intangible in good faith, without knowledge that the license violates the rights of another person in the general intangible and in the ordinary course from a person in the business of licensing general intangibles of that kind. A person becomes a licensee in the ordinary course if the license to the person comports with the usual or customary practices in the kind of business in which the licensor is engaged or with the licensor's own usual or customary practices. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) A licensee in ordinary course of business takes its rights under a nonexclusive license free of a security interest in the general intangible created by the licensor, even if the security interest is perfected and the licensee knows of its existence. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) A lessee in ordinary course of business takes its leasehold interest free of a security interest in the goods created by the lessor, even if the security interest is perfected and the lessee knows of its existence. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1322. Priorities among conflicting security interests in and agricultural liens on same collateral
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 3: PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1322. Priorities among conflicting security interests in and agricultural liens on same collateral

(1) Except as otherwise provided in this section, priority among conflicting security interests and agricultural liens in the same collateral is determined according to the following rules.

(a) Conflicting perfected security interests and agricultural liens rank according to priority in time of filing or perfection. Priority dates from the earlier of the time a filing covering the collateral is first made or the security interest or agricultural lien is first perfected, if there is no period thereafter when there is neither filing nor perfection. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) A perfected security interest or agricultural lien has priority over a conflicting unperfected security interest or agricultural lien. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) The first security interest or agricultural lien to attach or become effective has priority if conflicting security interests and agricultural liens are unperfected. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) For the purposes of subsection (1), paragraph (a):

(a) The time of filing or perfection as to a security interest in collateral is also the time of filing or perfection as to a security interest in proceeds; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) The time of filing or perfection as to a security interest in collateral supported by a supporting obligation is also the time of filing or perfection as to a security interest in the supporting obligation. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) Except as otherwise provided in subsection (6), a security interest in collateral that qualifies for priority over a conflicting security interest under section 9-1327, 9-1328, 9-1329, 9-1330, or 9-1331 also has priority over a conflicting security interest in:

(a) Any supporting obligation for the collateral; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Proceeds of the collateral if:

(i) The security interest in proceeds is perfected;

(ii) The proceeds are cash proceeds or of the same type as the collateral; and

(iii) In the case of proceeds that are proceeds of proceeds, all intervening proceeds are cash proceeds, proceeds of the same type as the collateral or an account relating to the collateral.
[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(4) Subject to subsection (5) and except as otherwise provided in subsection (6), if a security interest in chattel paper, deposit accounts, negotiable documents, instruments, investment property or letter-of-credit rights is perfected by a method other than filing, conflicting perfected security interests in proceeds of the collateral rank according to priority in time of filing. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(5) Subsection (4) applies only if the proceeds of the collateral are not cash proceeds, chattel paper, negotiable documents, instruments, investment property or letter-of-credit rights. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(6) Subsections (1) to (5) are subject to:

(a) Subsection (7) and the other provisions of this Part; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Section 4-210 with respect to a security interest of a collecting bank; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) Section 5-1118 with respect to a security interest of an issuer or nominated person; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(d) Section 9-1110 with respect to a security interest arising under Article 2 or 2A. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(7) A perfected agricultural lien on collateral has priority over a conflicting security interest in or agricultural lien on the same collateral if the statute creating the agricultural lien so provides. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1323. Future advances
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 3: PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1323. Future advances

(1) Except as otherwise provided in subsection (3), for purposes of determining the priority of a perfected security interest under section 9-1322, subsection (1), paragraph (a), perfection of the security interest dates from the time an advance is made to the extent that the security interest secures an advance that:

(a) Is made while the security interest is perfected only:

(i) Under section 9-1309 when it attaches; or

(ii) Temporarily under section 9-1312, subsection (5), (6) or (7); and
[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Is not made pursuant to a commitment entered into before or while the security interest is perfected by a method other than under section 9-1309 or 9-1312 subsection (5) (6) or (7). [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) Except as otherwise provided in subsection (3), a security interest is subordinate to the rights of a person that becomes a lien creditor only to the extent that the security interest secures an advance made more than 45 days after the person becomes a lien creditor unless the advance is made:

(a) Without knowledge of the lien; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Pursuant to a commitment entered into without knowledge of the lien. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) Subsections (1) and (2) do not apply to a security interest held by a secured party that is a buyer of accounts, chattel paper, payment intangibles or promissory notes or a consignor. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(4) Except as otherwise provided in subsection (5), a buyer of goods other than a buyer in ordinary course of business takes free of a security interest to the extent that it secures advances made after the earlier of:

(a) The time the secured party acquires knowledge of the buyer's purchase; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Forty-five days after the purchase. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(5) Subsection (4) does not apply if the advance is made pursuant to a commitment entered into without knowledge of the buyer's purchase and before the expiration of the 45-day period. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(6) Except as otherwise provided in subsection (7), a lessee of goods, other than a lessee in ordinary course of business, takes the leasehold interest free of a security interest to the extent that it secures advances made after the earlier of:

(a) The time the secured party acquires knowledge of the lease; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Forty-five days after the lease contract becomes enforceable. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(7) Subsection (6) does not apply if the advance is made pursuant to a commitment entered into without knowledge of the lease and before the expiration of the 45-day period. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1324-A. Priority of production-money security interests and agricultural liens
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 3: PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1324-A. Priority of production-money security interests and agricultural liens

(1) Except as otherwise provided in subsections (3), (4) and (5), if the requirements of subsection (2) are satisfied, a perfected production-money security interest in production-money crops has priority over a conflicting security interest in the same crops and, except as otherwise provided in section 9-1327, also has priority in their identifiable proceeds. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) A production-money security interest has priority under subsection (1) if:

(a) The production-money security interest is perfected by filing when the production-money secured party first gives new value to enable the debtor to produce the crops; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) The production-money secured party sends an authenticated notification to the holder of the conflicting security interest not less than 10 or more than 30 days before the production-money secured party first gives new value to enable the debtor to produce the crops if the holder had filed a financing statement covering the crops before the date of the filing made by the production-money secured party; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) The notification states that the production-money secured party has or expects to acquire a production-money security interest in the debtor's crops and provides a description of the crops. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) Except as otherwise provided in subsection (4) or (5), if more than one security interest qualifies for priority in the same collateral under subsection (1), the security interests rank according to priority in time of filing under section 9-1322, subsection (1). [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(4) To the extent that a person holding a perfected security interest in production-money crops that are the subject of a production-money security interest gives new value to enable the debtor to produce the production-money crops and the value is in fact used for the production of the production-money crops, the security interests rank according to priority in time of filing under section 9-1322, subsection (1). [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(5) To the extent that a person holds both an agricultural lien and a production-money security interest in the same collateral securing the same obligations, the rules of priority applicable to agricultural liens govern priority. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1324. Priority of purchase-money security interests
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 3: PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1324. Priority of purchase-money security interests

(1) Except as otherwise provided in subsection (7), a perfected purchase-money security interest in goods other than inventory or livestock has priority over a conflicting security interest in the same goods, and, except as otherwise provided in section 9-1327, a perfected security interest in its identifiable proceeds also has priority, if the purchase-money security interest is perfected when the debtor receives possession of the collateral or:

(a) In the case of goods covered by Title 29-A, chapter 7, within 30 days thereafter; or [2003, c. 652, Pt. A, §2 (new); §7 (aff).]

(b) In all other cases, within 20 days thereafter. [2003, c. 652, Pt. A, §2 (new); §7 (aff).]

[2003, c. 652, Pt. A, §2 (amd); §7 (aff).]

(2) Subject to subsection (3) and except as otherwise provided in subsection (7), a perfected purchase-money security interest in inventory has priority over a conflicting security interest in the same inventory, has priority over a conflicting security interest in chattel paper or an instrument constituting proceeds of the inventory and in proceeds of the chattel paper, if so provided in section 9-1330, and, except as otherwise provided in section 9-1327, also has priority in identifiable cash proceeds of the inventory to the extent the identifiable cash proceeds are received on or before the delivery of the inventory to a buyer, if:

(a) The purchase-money security interest is perfected when the debtor receives possession of the inventory; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) The purchase-money secured party sends an authenticated notification to the holder of the conflicting security interest; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) The holder of the conflicting security interest receives the notification within 5 years before the debtor receives possession of the inventory; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(d) The notification states that the person sending the notification has or expects to acquire a purchase-money security interest in inventory of the debtor and describes the inventory. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) Subsection (2), paragraphs (b) to (d) apply only if the holder of the conflicting security interest had filed a financing statement covering the same types of inventory:

(a) If the purchase-money security interest is perfected by filing, before the date of the filing; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) If the purchase-money security interest is temporarily perfected without filing or possession under section 9-1312, subsection (6) before the beginning of the 20-day period thereunder. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(4) Subject to subsection (5) and except as otherwise provided in subsection (7), a perfected purchase-money security interest in livestock that are farm products has priority over a conflicting security interest in the same livestock, and, except as otherwise provided in section 9-1327, a perfected security interest in their identifiable proceeds and identifiable products in their unmanufactured states also has priority, if:

(a) The purchase-money security interest is perfected when the debtor receives possession of the livestock; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) The purchase-money secured party sends an authenticated notification to the holder of the conflicting security interest; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) The holder of the conflicting security interest receives the notification within 6 months before the debtor receives possession of the livestock; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(d) The notification states that the person sending the notification has or expects to acquire a purchase-money security interest in livestock of the debtor and describes the livestock. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(5) Subsection (4), paragraphs (b) to (d) apply only if the holder of the conflicting security interest had filed a financing statement covering the same types of livestock:

(a) If the purchase-money security interest is perfected by filing, before the date of the filing; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) If the purchase-money security interest is temporarily perfected without filing or possession under section 9-1312, subsection (6), before the beginning of the 20-day period thereunder. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(6) Except as otherwise provided in subsection (7), a perfected purchase-money security interest in software has priority over a conflicting security interest in the same collateral, and, except as otherwise provided in section 9-1327, a perfected security interest in its identifiable proceeds also has priority, to the extent that the purchase-money security interest in the goods in which the software was acquired for use has priority in the goods and proceeds of the goods under this section. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(7) If more than one security interest qualifies for priority in the same collateral under subsection (1), (2), (4) or (6):

(a) A security interest securing an obligation incurred as all or part of the price of the collateral has priority over a security interest securing an obligation incurred for value given to enable the debtor to acquire rights in or the use of collateral; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) In all other cases, section 9-1322, subsection (1) applies to the qualifying security interests. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
PL 2003,
Ch. 652,
§A2 (AMD).
PL 2003,
Ch. 652,
§A7 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1325. Priority of security interests in transferred collateral
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 3: PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1325. Priority of security interests in transferred collateral

(1) Except as otherwise provided in subsection (2), a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if:

(a) The debtor acquired the collateral subject to the security interest created by the other person; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) The security interest created by the other person was perfected when the debtor acquired the collateral; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) There is no period thereafter when the security interest is unperfected. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) Subsection (1) subordinates a security interest only if the security interest:

(a) Otherwise would have priority solely under section 9-1322, subsection (1) or section 9-1324; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Arose solely under section 2-711, subsection (3) or section 2-1508. [2001, c. 286, §2 (amd).]

[2001, c. 286, §2 (amd).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
PL 2001,
Ch. 286,
§2 (AMD).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1326. Priority of security interests created by new debtor
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 3: PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1326. Priority of security interests created by new debtor

(1) Subject to subsection (2), a security interest created by a new debtor that is perfected by a filed financing statement that is effective solely under section 9-1508 in collateral in which a new debtor has or acquires rights is subordinate to a security interest in the same collateral that is perfected other than by a filed financing statement that is effective solely under section 9-1508. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) The other provisions of this Part determine the priority among conflicting security interests in the same collateral perfected by filed financing statements that are effective solely under section 9-1508. However, if the security agreements to which a new debtor became bound as debtor were not entered into by the same original debtor, the conflicting security interests rank according to priority in time of the new debtor's having become bound. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1327. Priority of security interests in deposit account
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 3: PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1327. Priority of security interests in deposit account

The following rules govern priority among conflicting security interests in the same deposit account. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(1) A security interest held by a secured party having control of the deposit account under section 9-1104 has priority over a conflicting security interest held by a secured party that does not have control. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) Except as otherwise provided in subsections (3) and (4), security interests perfected by control under section 9-1314 rank according to priority in time of obtaining control. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) Except as otherwise provided in subsection (4), a security interest held by the bank with which the deposit account is maintained has priority over a conflicting security interest held by another secured party. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(4) A security interest perfected by control under section 9-1104, subsection (1), paragraph (c) has priority over a security interest held by the bank with which the deposit account is maintained. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1328. Priority of security interests in investment property
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 3: PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1328. Priority of security interests in investment property

The following rules govern priority among conflicting security interests in the same investment property. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(1) A security interest held by a secured party having control of investment property under section 9-1106 has priority over a security interest held by a secured party that does not have control of the investment property. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) Except as otherwise provided in subsections (3) and (4), conflicting security interests held by secured parties each of which has control under section 9-1106 rank according to priority in time of:

(a) If the collateral is a security, obtaining control; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) If the collateral is a security entitlement carried in a securities account and:

(i) If the secured party obtained control under section 8-1106, subsection (4), paragraph (a), the secured party's becoming the person for which the securities account is maintained;

(ii) If the secured party obtained control under section 8-1106, subsection (4), paragraph (b), the securities intermediary's agreement to comply with the secured party's entitlement orders with respect to security entitlements carried or to be carried in the securities account; or

(iii) If the secured party obtained control through another person under section 8-1106, subsection (4), paragraph (c), the time on which priority would be based under this paragraph if the other person were the secured party; or
[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) If the collateral is a commodity contract carried with a commodity intermediary, the satisfaction of the requirement for control specified in section 9-1106, subsection (2), paragraph (b) with respect to commodity contracts carried or to be carried with the commodity intermediary. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) A security interest held by a securities intermediary in a security entitlement or a securities account maintained with the securities intermediary has priority over a conflicting security interest held by another secured party. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(4) A security interest held by a commodity intermediary in a commodity contract or a commodity account maintained with the commodity intermediary has priority over a conflicting security interest held by another secured party. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(5) A security interest in a certificated security in registered form that is perfected by taking delivery under section 9-1313, subsection (1) and not by control under section 9-1314 has priority over a conflicting security interest perfected by a method other than control. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(6) Conflicting security interests created by a broker, securities intermediary or commodity intermediary that are perfected without control under section 9-1106 rank equally. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(7) In all other cases, priority among conflicting security interests in investment property is governed by sections 9-1322 and 9-1323. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1329. Priority of security interests in letter-of-credit right
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 3: PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1329. Priority of security interests in letter-of-credit right

The following rules govern priority among conflicting security interests in the same letter-of-credit right. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(1) A security interest held by a secured party having control of the letter-of-credit right under section 9-1107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) Security interests perfected by control under section 9-1314 rank according to priority in time of obtaining control. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1330. Priority of purchaser of chattel paper or instrument
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 3: PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1330. Priority of purchaser of chattel paper or instrument

(1) A purchaser of chattel paper has priority over a security interest in the chattel paper that is claimed merely as proceeds of inventory subject to a security interest if:

(a) In good faith and in the ordinary course of the purchaser's business, the purchaser gives new value and takes possession of the chattel paper or obtains control of the chattel paper under section 9-1105; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) The chattel paper does not indicate that it has been assigned to an identified assignee other than the purchaser. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) A purchaser of chattel paper has priority over a security interest in the chattel paper that is claimed other than merely as proceeds of inventory subject to a security interest if the purchaser gives new value and takes possession of the chattel paper or obtains control of the chattel paper under section 9-1105 in good faith, in the ordinary course of the purchaser's business and without knowledge that the purchase violates the rights of the secured party. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) Except as otherwise provided in section 9-1327, a purchaser having priority in chattel paper under subsection (1) or (2) also has priority in proceeds of the chattel paper to the extent that:

(a) Section 9-1322 provides for priority in the proceeds; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) The proceeds consist of the specific goods covered by the chattel paper or cash proceeds of the specific goods, even if the purchaser's security interest in the proceeds is unperfected. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(4) Except as otherwise provided in section 9-1331, subsection (1), a purchaser of an instrument has priority over a security interest in the instrument perfected by a method other than possession if the purchaser gives value and takes possession of the instrument in good faith and without knowledge that the purchase violates the rights of the secured party. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(5) For purposes of subsections (1) and (2), the holder of a purchase-money security interest in inventory gives new value for chattel paper constituting proceeds of the inventory. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(6) For purposes of subsections (2) and (4), if chattel paper or an instrument indicates that it has been assigned to an identified secured party other than the purchaser, a purchaser of the chattel paper or instrument has knowledge that the purchase violates the rights of the secured party. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1331. Priority of rights of purchasers of instruments, documents and securities under other Articles; priority of interests in financial assets and security entitlements under Article 8
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 3: PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1331. Priority of rights of purchasers of instruments, documents and securities under other Articles; priority of interests in financial assets and security entitlements under Article 8

(1) This Article does not limit the rights of a holder in due course of a negotiable instrument, a holder to which a negotiable document of title has been duly negotiated or a protected purchaser of a security. These holders or purchasers take priority over an earlier security interest, even if perfected, to the extent provided in Articles 3-A, 7 and 8. [2001, c. 471, Pt. B, §4 (amd); §5 (aff).]

(2) This Article does not limit the rights of or impose liability on a person to the extent that the person is protected against the assertion of a claim under Article 8. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) Filing under this Article does not constitute notice of a claim or defense to the holders, or purchasers, or persons described in subsections (1) and (2). [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
PL 2001,
Ch. 471,
§B4 (AMD).
PL 2001,
Ch. 471,
§B5 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1332. Transfer of money; transfer of funds from deposit account
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 3: PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1332. Transfer of money; transfer of funds from deposit account

(1) A transferee of money takes the money free of a security interest unless the transferee acts in collusion with the debtor in violating the rights of the secured party. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) A transferee of funds from a deposit account takes the funds free of a security interest in the deposit account unless the transferee acts in collusion with the debtor in violating the rights of the secured party. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1333. Priority of certain liens arising by operation of law
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 3: PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1333. Priority of certain liens arising by operation of law

(1) In this section, "possessory lien" means an interest, other than a security interest or an agricultural lien:

(a) That secures payment or performance of an obligation for services or materials furnished with respect to goods by a person in the ordinary course of the person's business; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) That is created by statute or rule of law in favor of the person; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) Whose effectiveness depends on the person's possession of the goods. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) A possessory lien on goods has priority over a security interest in the goods unless the lien is created by a statute that expressly provides otherwise. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1334. Priority of security interests in fixtures and crops
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 3: PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1334. Priority of security interests in fixtures and crops

(1) A security interest under this Article may be created in goods that are fixtures or may continue in goods that become fixtures. A security interest does not exist under this Article in ordinary building materials incorporated into an improvement on land. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) This Article does not prevent creation of an encumbrance upon fixtures under real property law. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) In cases not governed by subsections (4) to (8), a security interest in fixtures is subordinate to a conflicting interest of an encumbrancer or owner of the related real property other than the debtor. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(4) Except as otherwise provided in subsection (8), a perfected security interest in fixtures has priority over a conflicting interest of an encumbrancer or owner of the real property if the debtor has an interest of record in or is in possession of the real property and:

(a) The security interest is a purchase-money security interest; [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) The interest of the encumbrancer or owner arises before the goods become fixtures; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) The security interest is perfected by a fixture filing before the goods become fixtures or within 20 days thereafter. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(5) A perfected security interest in fixtures has priority over a conflicting interest of an encumbrancer or owner of the real property if:

(a) The debtor has an interest of record in the real property or is in possession of the real property and the security interest:

(i) Is perfected by a fixture filing before the interest of the encumbrancer or owner is of record; and

(ii) Has priority over any conflicting interest of a predecessor in title of the encumbrancer or owner;
[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) Before the goods become fixtures, the security interest is perfected by any method permitted by this Article and the fixtures are readily removable:

(i) Factory or office machines;

(ii) Equipment that is not primarily used or leased for use in the operation of the real property; or

(iii) Replacements of domestic appliances that are consumer goods;
[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(c) The conflicting interest is a lien on the real property obtained by legal or equitable proceedings after the security interest was perfected by any method permitted by this Article; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(d) The security interest is:

(i) Created in a manufactured home in a manufactured-home transaction; and

(ii) Perfected pursuant to a statute described in section 9-1311, subsection (1), paragraph (b).
[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(6) A security interest in fixtures, whether or not perfected, has priority over a conflicting interest of an encumbrancer or owner of the real property if:

(a) The encumbrancer or owner has, in an authenticated record, consented to the security interest or disclaimed an interest in the goods as fixtures; or [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) The debtor has a right to remove the goods as against the encumbrancer or owner. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(7) The priority of the security interest under subsection (6), paragraph (b) continues for a reasonable time if the debtor's right to remove the goods as against the encumbrancer or owner terminates. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(8) A mortgage is a construction mortgage to the extent that it secures an obligation incurred for the construction of an improvement on land, including the acquisition cost of the land, if a recorded record of the mortgage so indicates. Except as otherwise provided in subsections (5) and (6), a security interest in fixtures is subordinate to a construction mortgage if a record of the mortgage is recorded before the goods become fixtures and the goods become fixtures before the completion of the construction. A mortgage has this priority to the same extent as a construction mortgage to the extent that it is given to refinance a construction mortgage. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(9) A perfected security interest in crops growing on real property has priority over a conflicting interest of an encumbrancer or owner of the real property if the debtor has an interest of record in or is in possession of the real property. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1335. Accessions
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 3: PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1335. Accessions

(1) A security interest may be created in an accession and continues in collateral that becomes an accession. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) If a security interest is perfected when the collateral becomes an accession, the security interest remains perfected in the collateral. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) Except as otherwise provided in subsection (4), the other provisions of this Part determine the priority of a security interest in an accession. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(4) A security interest in an accession is subordinate to a security interest in the whole that is perfected by compliance with the requirements of a certificate-of-title statute under section 9-1311, subsection (2). [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(5) After default, subject to Part 6, a secured party may remove an accession from other goods if the security interest in the accession has priority over the claims of every person having an interest in the whole. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(6) A secured party that removes an accession from other goods under subsection (5) shall promptly reimburse any holder of a security interest or other lien on, or owner of, the whole or of the other goods, other than the debtor, for the cost of repair of any physical injury to the whole or the other goods. The secured party need not reimburse the holder or owner for any diminution in value of the whole or the other goods caused by the absence of the accession removed or by any necessity for replacing it. A person entitled to reimbursement may refuse permission to remove until the secured party gives adequate assurance for the performance of the obligation to reimburse. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1336. Commingled goods
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 3: PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1336. Commingled goods

(1) In this section, "commingled goods" means goods that are physically united with other goods in such a manner that their identity is lost in a product or mass. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) A security interest does not exist in commingled goods as such. However, a security interest may attach to a product or mass that results when goods become commingled goods. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(3) If collateral becomes commingled goods, a security interest attaches to the product or mass. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(4) If a security interest in collateral is perfected before the collateral becomes commingled goods, the security interest that attaches to the product or mass under subsection (3) is perfected. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(5) Except as otherwise provided in subsection (6), the other provisions of this Part determine the priority of a security interest that attaches to the product or mass under subsection (3). [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(6) If more than one security interest attaches to the product or mass under subsection (3), the following rules determine priority.

(a) A security interest that is perfected under subsection (4) has priority over a security interest that is unperfected at the time the collateral becomes commingled goods. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(b) If more than one security interest is perfected under subsection (4), the security interests rank equally in proportion to the value of the collateral at the time it became commingled goods. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

[1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1337. Priority of security interests in goods covered by certificate of title
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 3: PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1337. Priority of security interests in goods covered by certificate of title

If, while a security interest in goods is perfected by any method under the law of another jurisdiction, this State issues a certificate of title that does not show that the goods are subject to the security interest or contain a statement that they may be subject to security interests not shown on the certificate: [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(1) A buyer of the goods, other than a person in the business of selling goods of that kind, takes free of the security interest if the buyer gives value and receives delivery of the goods after issuance of the certificate and without knowledge of the security interest; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) The security interest is subordinate to a conflicting security interest in the goods that attaches, and is perfected under section 9-1311, subsection (2), after issuance of the certificate and without the conflicting secured party's knowledge of the security interest. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1338. Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 3: PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1338. Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information

If a security interest or agricultural lien is perfected by a filed financing statement providing information described in section 9-1516, subsection (2), paragraph (e) that is incorrect at the time the financing statement is filed: [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(1) The security interest or agricultural lien is subordinate to a conflicting perfected security interest in the collateral to the extent that the holder of the conflicting security interest gives value in reasonable reliance upon the incorrect information; and [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

(2) A purchaser, other than a secured party, of the collateral takes free of the security interest or agricultural lien to the extent that, in reasonable reliance upon the incorrect information, the purchaser gives value and, in the case of chattel paper, documents, goods, instruments or a security certificate, receives delivery of the collateral. [1999, c. 699, Pt. A, §2 (new); §4 (aff).]

Section History:
PL 1999,
Ch. 699,
§A2 (NEW).
PL 1999,
Ch. 699,
§A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public. If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 11 - §9-1339. Priority subject to subordination
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Part 3: PERFECTION AND PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))
Subchapter 3: PRIORITY (HEADING: PL 1999, c. 699, Pt. A, @2 (new))

§9-1339. Priority subject to subordination