11 M.R.S. § 5-1112 — ME Code / Title 11 / Chapter 5-A / Section 5-1112
11 §5-1112. Transfer of letter of credit
Status: in_force

(1). Except as otherwise provided in section 5‑1113 , unless a letter of credit provides that it is transferable, the right of a beneficiary to draw or otherwise demand performance under a letter of credit may not be transferred. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(2). Even if a letter of credit provides that it is transferable, the issuer may refuse to recognize or carry out a transfer if: (a). the transfer would violate applicable law; or [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (b). the transferor or transferee has failed to comply with any requirement stated in the letter of credit or any other requirement relating to transfer imposed by the issuer that is within the standard practice referred to in section 5‑1108, subsection (5) or is otherwise reasonable under the circumstances. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]
11 M.R.S. § 1-1104 — ME Code / Title 11 / Chapter 1-A / Section 1-1104
11 §1-1104. Construction against implied repeal
Status: repealed

The Uniform Commercial Code being a general act intended as a unified coverage of its subject matter, no part of it may be deemed to be impliedly repealed by subsequent legislation if such construction can reasonably be avoided. [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).]
11 M.R.S. § 2-513 — ME Code / Title 11 / Chapter 2 / Section 2-513
11 §2-513. Buyer's right to inspection of goods
Status: in_force

(1). Unless otherwise agreed and subject to subsection (3) , where goods are tendered or delivered or identified to the contract for sale, the buyer has a right before payment or acceptance to inspect them at any reasonable place and time and in any reasonable manner. When the seller is required or authorized to send the goods to the buyer, the inspection may be after their arrival.

(2). Expenses of inspection must be borne by the buyer but may be recovered from the seller if the goods do not conform and are rejected.

(3). Unless otherwise agreed and subject to the provisions of this Article on C.I.F. contracts section 2‑321, subsection (3) , the buyer is not entitled to inspect the goods before payment of the price when the contract provides (a). For delivery "C.O.D." or on other like terms; or (b). For payment against documents of title, except where such payment is due only after the goods are to become available for inspection.

(4). A place or method of inspection fixed by the parties is presumed to be exclusive but, unless otherwise expressly agreed, it does not postpone identification or shift the place for delivery or for passing the risk of loss. If compliance becomes impossible, inspection shall be as provided in this section unless the place or method fixed was clearly intended as an indispensable condition failure of which avoids the contract.
11 M.R.S. § 15-102 — ME Code / Title 11 / Chapter 15 / Section 15-102
11 §15-102. Definitions
Status: in_force

(1). For the purposes of this Article, unless the context otherwise indicates, the following terms have the following meanings. (a). "Adjustment date" means July 1, 2026. [PL 2023, c. 669, Pt. C, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). " Article 12 " means Article 12 of the Uniform Commercial Code. [PL 2023, c. 669, Pt. C, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (c). " Article 12 property" means a controllable account, controllable electronic record or controllable payment intangible. [PL 2023, c. 669, Pt. C, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. C, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). The following definitions in other Articles of the Uniform Commercial Code apply to this Article: (a). "Controllable account," section 9‑1102 ; [PL 2023, c. 669, Pt. C, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). "Controllable electronic record," section 12‑102 ; [PL 2023, c. 669, Pt. C, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (c). "Controllable payment intangible," section 9‑1102 ; and [PL 2023, c. 669, Pt. C, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (d). "Financing statement," section 9‑1102 . [PL 2023, c. 669, Pt. C, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. C, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). Article 1‑A contains general definitions and principles of construction and interpretation applicable throughout this Article. [PL 2023, c. 669, Pt. C, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 9-1705 — ME Code / Title 11 / Chapter 9-A / Section 9-1705
11 §9-1705. Effectiveness of action taken before effective date
Status: in_force

(1). If action, other than the filing of a financing statement, is taken before this Article takes effect and the action would have resulted in priority of a security interest over the rights of a person that becomes a lien creditor had the security interest become enforceable before this Article takes effect, the action is effective to perfect a security interest that attaches under this Article within one year after this Article takes effect. An attached security interest becomes unperfected one year after this Article takes effect unless the security interest becomes a perfected security interest under this Article before the expiration of that period. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). The filing of a financing statement before this Article takes effect is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under this Article. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(3). This Article does not render ineffective an effective financing statement that, before this Article takes effect, is filed and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in former section 9‑103. However, except as otherwise provided in subsections (4) and (5) and section 9‑1706 , the financing statement ceases to be effective at the earlier of: (a). The time the financing statement would have ceased to be effective under the law of the jurisdiction in which it is filed; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). June 30, 2006. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(4). The filing of a continuation statement after this Article takes effect does not continue the effectiveness of the financing statement filed before this Article takes effect. However, upon the timely filing of a continuation statement after this Article takes effect and in accordance with the law of the jurisdiction governing perfection as provided in part 3 , the effectiveness of a financing statement filed in the same office in that jurisdiction before this Article takes effect continues for the period provided by the law of that jurisdiction. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(5). Subsection (3), paragraph (b) applies to a financing statement that, before this Article takes effect, is filed against a transmitting utility and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in former section 9‑103 only to the extent that Part 3 provides that the law of a jurisdiction other than jurisdiction in which the financing statement is filed governs perfection of a security interest in collateral covered by the financing statement. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(6). A financing statement that includes a financing statement filed before this Article takes effect and a continuation statement filed after this Article takes effect is effective only to the extent that it satisfies the requirements of part 5 for an initial financing statement. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 9-1107-B — ME Code / Title 11 / Chapter 9-A / Section 9-1107-B
11 §9-1107-B. No requirement to acknowledge or confirm; no duties
Status: in_force

(1). A person that has control under section 9‑1104 or 9‑1105‑A is not required to acknowledge that it has control on behalf of another person. [PL 2023, c. 669, Pt. A, §88 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). If a person acknowledges that it has or will obtain control on behalf of another person, unless the person otherwise agrees or law other than this Article otherwise provides, the person does not owe any duty to the other person and is not required to confirm the acknowledgment to any other person. [PL 2023, c. 669, Pt. A, §88 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 8-1403 — ME Code / Title 11 / Chapter 8-A / Section 8-1403
11 §8-1403. Demand that issuer not register transfer
Status: in_force

(1). A person who is an appropriate person to make an indorsement or originate an instruction may demand that the issuer not register transfer of a security by communicating to the issuer a notification that identifies the registered owner and the issue of which the security is a part and provides an address for communications directed to the person making the demand. The demand is effective only if it is received by the issuer at a time and in a manner affording the issuer reasonable opportunity to act on it. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(2). If a certificated security in registered form is presented to an issuer with a request to register transfer or an instruction is presented to an issuer with a request to register transfer of an uncertificated security after a demand that the issuer not register transfer has become effective, the issuer shall promptly communicate to the person who initiated the demand at the address provided in the demand and the person who presented the security for registration of transfer or initiated the instruction requesting registration of transfer a notification stating that: (a). The certificated security has been presented for registration of transfer or the instruction for registration of transfer of the uncertificated security has been received; [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). A demand that the issuer not register transfer had previously been received; and [PL 1997, c. 429, Pt. B, §2 (NEW).] (c). The issuer will withhold registration of transfer for a period of time stated in the notification in order to provide the person who initiated the demand an opportunity to obtain legal process or an indemnity bond. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]

(3). The period described in subsection (2), paragraph (c) may not exceed 30 days after the date of communication of the notification. A shorter period may be specified by the issuer if it is not manifestly unreasonable. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(4). An issuer is not liable to a person who initiated a demand that the issuer not register transfer for any loss the person suffers as a result of registration of a transfer pursuant to an effective indorsement or instruction if the person who initiated the demand does not, within the time stated in the issuer's communication, either: (a). Obtain an appropriate restraining order, injunction or other process from a court of competent jurisdiction enjoining the issuer from registering the transfer; or [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). File with the issuer an indemnity bond sufficient in the issuer's judgment to protect the issuer and any transfer agent, registrar or other agent of the issuer involved from any loss it or they may suffer by refusing to register the transfer. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]

(5). This section does not relieve an issuer from liability for registering transfer pursuant to an indorsement or instruction that was not effective. [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 9-1502 — ME Code / Title 11 / Chapter 9-A / Section 9-1502
11 §9-1502. Contents of financing statement; record of mortgage as financing statement; time of filing financing statement
Status: in_force

(1). Subject to subsection (2) , a financing statement is sufficient only if it: (a). Provides the name of the debtor; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Provides the name of the secured party or a representative of the secured party; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Indicates the collateral covered by the financing statement. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). Except as otherwise provided in section 9‑1501, subsection (2) , to be sufficient, a financing statement that covers as-extracted collateral or timber to be cut, or which is filed as a fixture filing and covers goods that are or are to become fixtures, must satisfy subsection (1) and also: (a). Indicate that it covers this type of collateral; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Indicate that it is to be recorded in the real property records; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Provide a description of the real property to which the collateral is related sufficient to give constructive notice of a mortgage under the law of this State if the description were contained in a record of the mortgage of the real property; and [PL 2001, c. 286, §3 (AMD).] (d). If the debtor does not have an interest of record in the real property, provide the name of a record owner. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 2001, c. 286, §3 (AMD).]

(3). A record of a mortgage is effective, from the date of recording, as a financing statement filed as a fixture filing or as a financing statement covering as-extracted collateral or timber to be cut only if: (a). The record indicates the goods or accounts that it covers; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The goods are or are to become fixtures related to the real property described in the record or the collateral is related to the real property described in the record and is as-extracted collateral or timber to be cut; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). The record satisfies the requirements for a financing statement in this section, but: (i) The record need not indicate that it is to be filed in the real property records; and (ii) The record sufficiently provides the name of a debtor who is an individual if it provides the individual name of the debtor or the surname and first personal name of the debtor, even if the debtor is an individual to whom section 9‑1503, subsection (1), paragraph (c‑1) applies; and [PL 2013, c. 317, Pt. A, §20 (RPR).] (d). The record is recorded. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 2013, c. 317, Pt. A, §20 (AMD).]

(4). A financing statement may be filed before a security agreement is made or a security interest otherwise attaches. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 2-721 — ME Code / Title 11 / Chapter 2 / Section 2-721
11 §2-721. Remedies for fraud
Status: in_force

Remedies for material misrepresentation or fraud include all remedies available under this Article for nonfraudulent breach. Neither rescission or a claim for rescission of the contract for sale nor rejection or return of the goods shall bar or be deemed inconsistent with a claim for damages or other remedy.
11 M.R.S. § 4-1102 — ME Code / Title 11 / Chapter 4-A / Section 4-1102
11 §4-1102. Subject matter
Status: in_force

Except as otherwise provided in section 4‑1109 , this Article applies to funds transfers defined in section 4‑1104 . [PL 2013, c. 151, §1 (AMD).]
11 M.R.S. § 2-1502 — ME Code / Title 11 / Chapter 2-A / Section 2-1502
11 §2-1502. Notice after default
Status: in_force

Except as otherwise provided in this Article or the lease agreement, the lessor or lessee in default under the lease contract is not entitled to notice of default or notice of enforcement from the other party to the lease agreement. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 9-1620 — ME Code / Title 11 / Chapter 9-A / Section 9-1620
11 §9-1620. Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral
Status: in_force

(1). Except as otherwise provided in subsection (7) , a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if: (a). The debtor consents to the acceptance under subsection (3) ; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The secured party does not receive, within the time set forth in subsection (4) , a notification of objection to the proposal signed by: (i) A person to which the secured party was required to send a proposal under section 9‑1621 ; or (ii) Any other person, other than the debtor, holding an interest in the collateral subordinate to the security interest that is the subject of the proposal; [PL 2023, c. 669, Pt. A, §160 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] (c). If the collateral is consumer goods, the collateral is not in the possession of the debtor when the debtor consents to the acceptance; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). Subsection (5) does not require the secured party to dispose of the collateral or the debtor waives the requirement pursuant to section 9‑1624 . [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 2023, c. 669, Pt. A, §160 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). A purported or apparent acceptance of collateral under this section is ineffective unless: (a). The secured party consents to the acceptance in a signed record or sends a proposal to the debtor; and [PL 2023, c. 669, Pt. A, §161 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). The conditions of subsection (1) are met. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 2023, c. 669, Pt. A, §161 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). For purposes of this section: (a). A debtor consents to an acceptance of collateral in partial satisfaction of the obligation it secures only if the debtor agrees to the terms of the acceptance in a record signed after default; and [PL 2023, c. 669, Pt. A, §162 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). A debtor consents to an acceptance of collateral in full satisfaction of the obligation it secures only if the debtor agrees to the terms of the acceptance in a record signed after default or the secured party: (i) Sends to the debtor after default a proposal that is unconditional or subject only to a condition that collateral not in the possession of the secured party be preserved or maintained; (ii) In the proposal, proposes to accept collateral in full satisfaction of the obligation it secures; and (iii) Does not receive a notification of objection signed by the debtor within 20 days after the proposal is sent. [PL 2023, c. 669, Pt. A, §162 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §162 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(4). To be effective under subsection (1), paragraph (b) , a notification of objection must be received by the secured party: (a). In the case of a person to which the proposal was sent pursuant to section 9‑1621 within 20 days after notification was sent to that person; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). In other cases: (i) Within 20 days after the last notification was sent pursuant to section 9‑1621 ; or (ii) If a notification was not sent, before the debtor consents to the acceptance under subsection (3) . [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(5). A secured party that has taken possession of collateral shall dispose of the collateral pursuant to section 9‑1610 within the time specified in subsection (6) if: (a). Sixty percent of the cash price has been paid in the case of a purchase-money security interest in consumer goods; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Sixty percent of the principal amount of the obligation secured has been paid in the case of a nonpurchase-money security interest in consumer goods. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(6). To comply with subsection (5) , the secured party shall dispose of the collateral: (a). Within 90 days after taking possession; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Within any longer period to which the debtor and all secondary obligors have agreed in an agreement to that effect entered into and signed after default. [PL 2023, c. 669, Pt. A, §163 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §163 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(7). In a consumer transaction, a secured party may not accept collateral in partial satisfaction of the obligation it secures. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 9-1207 — ME Code / Title 11 / Chapter 9-A / Section 9-1207
11 §9-1207. Rights and duties of secured party having possession or control of collateral
Status: in_force

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

(3). Except as otherwise provided in subsection (4) , a secured party having possession of collateral or control of collateral under section 7‑1106 , 9‑1104 , 9‑1105‑A , 9‑1106 , 9‑1107 or 9‑1107‑A : (a). May hold as additional security any proceeds, except money or funds, received from the collateral; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Shall apply money or funds received from the collateral to reduce the secured obligation, unless remitted to the debtor; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). May create a security interest in the collateral. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 2023, c. 669, Pt. A, §92 (AMD); PL 2023, c. 669, Pt. E, §1 (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 [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Subsections (2) and (3) do not apply. [PL 2003, c. 510, Pt. C, §1 (NEW).] [PL 2003, c. 510, Pt. C, §1 (AMD).]

(5). [PL 2003, c. 510, Pt. C, §2 (RP).]
11 M.R.S. § 9-1709 — ME Code / Title 11 / Chapter 9-A / Section 9-1709
11 §9-1709. Priority
Status: in_force

(1). This Article determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before this Article takes effect, former Article 9 determines priority. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). For purposes of section 9‑1322, subsection (1) , the priority of a security interest that becomes enforceable under section 9‑1203 of this Article dates from the time this Article takes effect if the security interest is perfected under this Article by the filing of a financing statement before this Article takes effect that would not have been effective to perfect the security interest under former Article 9. This subsection does not apply to conflicting security interests, each of which is perfected by the filing of such a financing statement. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 8-1112 — ME Code / Title 11 / Chapter 8-A / Section 8-1112
11 §8-1112. Creditor's legal process
Status: in_force

(1). The interest of a debtor in a certificated security may be reached by a creditor only by actual seizure of the security certificate by the officer making the attachment or levy, except as otherwise provided in subsection (4) . A certificated security for which the certificate has been surrendered to the issuer may be reached by a creditor by legal process upon the issuer. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(2). The interest of a debtor in an uncertificated security may be reached by a creditor only by legal process upon the issuer at its chief executive office in the United States, except as otherwise provided in subsection (4) . [PL 1997, c. 429, Pt. B, §2 (NEW).]

(3). The interest of a debtor in a security entitlement may be reached by a creditor only by legal process upon the securities intermediary with whom the debtor's securities account is maintained, except as otherwise provided in subsection (4) . [PL 1997, c. 429, Pt. B, §2 (NEW).]

(4). The interest of a debtor in a certificated security for which the certificate is in the possession of a secured party, or in an uncertificated security registered in the name of a secured party or a security entitlement maintained in the name of a secured party, may be reached by a creditor by legal process upon the secured party. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(5). A creditor whose debtor is the owner of a certificated security, uncertificated security or security entitlement is entitled to aid from a court of competent jurisdiction, by injunction or otherwise, in reaching the certificated security, uncertificated security or security entitlement or in satisfying the claim by means allowed at law or in equity in regard to property that can not readily be reached by other legal process. [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 7-1302 — ME Code / Title 11 / Chapter 7-A / Section 7-1302
11 §7-1302. Through bills of lading and similar documents of title
Status: in_force

(1). The issuer of a through bill of lading, or other document of title embodying an undertaking to be performed in part by a person acting as its agent or by a performing carrier, is liable to any person entitled to recover on the bill or other document for any breach by the other person or the performing carrier of its obligation under the bill or other document. However, to the extent that the bill or other document covers an undertaking to be performed overseas or in territory not contiguous to the continental United States or an undertaking including matters other than transportation, this liability for breach by the other person or the performing carrier may be varied by agreement of the parties. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(2). If goods covered by a through bill of lading or other document of title embodying an undertaking to be performed in part by a person other than the issuer are received by that person, the person is subject, with respect to its own performance while the goods are in its possession, to the obligation of the issuer. The person's obligation is discharged by delivery of the goods to another person pursuant to the bill or other document and does not include liability for breach by any other person or by the issuer. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(3). The issuer of a through bill of lading or other document of title described in subsection (1) is entitled to recover from the performing carrier, or other person in possession of the goods when the breach of the obligation under the bill or other document occurred: (a). The amount it may be required to pay to any person entitled to recover on the bill or other document for the breach, as may be evidenced by any receipt, judgment or transcript of judgment; and [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (b). The amount of any expense reasonably incurred by the issuer in defending any action commenced by any person entitled to recover on the bill or other document for the breach. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 3-1110 — ME Code / Title 11 / Chapter 3-A / Section 3-1110
11 §3-1110. Identification of person to whom instrument is payable
Status: in_force

(1). The person to whom an instrument is initially payable is determined by the intent of the person, whether or not authorized, signing as, or in the name or behalf of, the issuer of the instrument. The instrument is payable to the person intended by the signer even if that person is identified in the instrument by a name or other identification that is not that of the intended person. If more than one person signs in the name or behalf of the issuer of an instrument and all the signers do not intend the same person as payee, the instrument is payable to any person intended by one or more of the signers. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). If the signature of the issuer of an instrument is made by automated means, such as a check-writing machine, the payee of the instrument is determined by the intent of the person who supplied the name or identification of the payee, whether or not authorized to do so. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). A person to whom an instrument is payable may be identified in any way, including by name, identifying number, office or account number. For the purpose of determining the holder of an instrument, the following rules apply: (a). If an instrument is payable to an account and the account is identified only by number, the instrument is payable to the person to whom the account is payable. If an instrument is payable to an account identified by number and by the name of a person, the instrument is payable to the named person, whether or not that person is the owner of the account identified by number. [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). If an instrument is payable to: (i) A trust, an estate or a person described as trustee or representative of a trust or estate, the instrument is payable to the trustee, the representative or a successor of either, whether or not the beneficiary or estate is also named; (ii) A person described as agent or similar representative of a named or identified person, the instrument is payable to the represented person, the representative or a successor of the representative; (iii) A fund or organization that is not a legal entity, the instrument is payable to a representative of the members of the fund or organization; or (iv) An office or to a person described as holding an office, the instrument is payable to the named person, the incumbent of the office or a successor to the incumbent. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(4). If an instrument is payable to 2 or more persons alternatively, it is payable to any of them and may be negotiated, discharged or enforced by any or all of them in possession of the instrument. If an instrument is payable to 2 or more persons not alternatively, it is payable to all of them and may be negotiated, discharged or enforced only by all of them. If an instrument payable to 2 or more persons is ambiguous as to whether it is payable to the persons alternatively, the instrument is payable to the persons alternatively. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 9-1523 — ME Code / Title 11 / Chapter 9-A / Section 9-1523
11 §9-1523. Information from filing office; sale or license of records
Status: in_force

(1). If a person that files a written record requests an acknowledgment of the filing, the filing office shall send to the person an image of the record showing the number assigned to the record pursuant to section 9‑1519, subsection (1), paragraph (a) and the date and time of the filing of the record. However, if the person furnishes a copy of the record to the filing office, the filing office may instead: (a). Note upon the copy the number assigned to the record pursuant to section 9‑1519, subsection (1), paragraph (a) and the date and time of the filing of the record; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Send the copy to the person. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). If a person files a record other than a written record, the filing office shall communicate to the person an acknowledgment that provides: (a). The information in the record; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The number assigned to the record pursuant to section 9‑1519, subsection (1), paragraph (a) ; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). The date and time of the filing of the record. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(3). The filing office shall communicate or otherwise make available in a record the following information to any person that requests it: (a). Whether there is on file on a date and time specified by the filing office, but not a date earlier than 3 business days before the filing office receives the request, any financing statement that: (i) Designates a particular debtor; (ii) Has not lapsed under section 9‑1515 with respect to all secured parties of record; and (iii) If the request so states, has lapsed under section 9‑1515 and a record of which is maintained by the filing office under section 9‑1522, subsection (1) ; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The date and time of filing of each financing statement; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). The information provided in each financing statement. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(4). In complying with its duty under subsection (3) , the filing office may communicate information in any medium. However, if requested, the filing office shall communicate information by issuing its written certificate. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(5). The filing office shall perform the acts required by subsections (1) to (4) at the time and in the manner prescribed by filing-office rule, but, in the case of the office of the Secretary of State, not later than 2 business days after the filing office receives the request. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(6). At least weekly, the office of the Secretary of State shall offer to sell or license to the public on a nonexclusive basis, in bulk, copies of all records filed in it under this Part, in every medium from time to time available to the filing office. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(7). The requirements of this section do not apply to information obtained from the registry of deeds. [PL 2001, c. 286, §10 (AMD).]
11 M.R.S. § 2-1518 — ME Code / Title 11 / Chapter 2-A / Section 2-1518
11 §2-1518. Cover; substitute goods
Status: in_force

(1). After a default by a lessor under the lease contract of the type described in section 2‑1508, subsection (1) , or, if agreed, after other default by the lessor, the lessee may cover by making any purchase or lease of or contract to purchase or lease goods in substitution for those due from the lessor. [PL 1991, c. 805, §4 (NEW).]

(2). Except as otherwise provided with respect to damages liquidated in the lease agreement ( section 2‑1504 ) or otherwise determined pursuant to agreement of the parties ( section 1‑1302 and section 2‑1503 ), if a lessee's cover is by a lease agreement substantially similar to the original lease agreement and the new lease agreement is made in good faith and in a commercially reasonable manner, the lessee may recover from the lessor as damages: (a). The present value, as of the date of the commencement of the term of the new lease agreement, of the rent under the new lease agreement applicable to that period of the new lease term comparable to the then remaining term of the original lease agreement minus the present value as of the same date of the total rent for the then remaining lease term of the original lease agreement; and [PL 1991, c. 805, §4 (NEW).] (b). Any incidental or consequential damages minus expenses saved in consequence of the lessor's default. [PL 1991, c. 805, §4 (NEW).] [PL 2009, c. 325, Pt. B, §10 (AMD); PL 2009, c. 325, Pt. B, §27 (AFF).]

(3). If a lessee's cover is by lease agreement that for any reason does not qualify for treatment under subsection 2 , or is by purchase or otherwise, the lessee may recover from the lessor as if the lessee had elected not to cover and section 2‑1519 governs. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 9-1209 — ME Code / Title 11 / Chapter 9-A / Section 9-1209
11 §9-1209. Duties of secured party if account debtor has been notified of assignment
Status: in_force

(1). Except as otherwise provided in subsection (3) , this section applies if: (a). There is no outstanding secured obligation; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The secured party is not committed to make advances, incur obligations or otherwise give value. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). Within 20 days after receiving a signed demand by the debtor, a secured party shall send to an account debtor that has received notification under section 9‑1406, subsection (1) or section 12‑106, subsection (2) of an assignment to the secured party as assignee a signed record that releases the account debtor from any further obligation to the secured party. [PL 2023, c. 669, Pt. A, §94 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). This section does not apply to an assignment constituting the sale of an account, chattel paper or payment intangible. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 2-1311 — ME Code / Title 11 / Chapter 2-A / Section 2-1311
11 §2-1311. Priority subject to subordination
Status: in_force

Nothing in this Article prevents subordination by agreement by any person entitled to priority. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 8-1108 — ME Code / Title 11 / Chapter 8-A / Section 8-1108
11 §8-1108. Warranties in direct holding
Status: in_force

(1). A person who transfers a certificated security to a purchaser for value warrants to the purchaser and an indorser, if the transfer is by indorsement, warrants to any subsequent purchaser that: (a). The certificate is genuine and has not been materially altered; [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). The transferor or indorser does not know of any fact that might impair the validity of the security; [PL 1997, c. 429, Pt. B, §2 (NEW).] (c). There is no adverse claim to the security; [PL 1997, c. 429, Pt. B, §2 (NEW).] (d). The transfer does not violate any restriction on transfer; [PL 1997, c. 429, Pt. B, §2 (NEW).] (e). If the transfer is by indorsement, the indorsement is made by an appropriate person, or, if the indorsement is by an agent, the agent has actual authority to act on behalf of the appropriate person; and [PL 1997, c. 429, Pt. B, §2 (NEW).] (f). The transfer is otherwise effective and rightful. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]

(2). A person who originates an instruction for registration of transfer of an uncertificated security to a purchaser for value warrants to the purchaser that: (a). The instruction is made by an appropriate person or, if the instruction is by an agent, the agent has actual authority to act on behalf of the appropriate person; [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). The security is valid; [PL 1997, c. 429, Pt. B, §2 (NEW).] (c). There is no adverse claim to the security; and [PL 1997, c. 429, Pt. B, §2 (NEW).] (d). At the time the instruction is presented to the issuer: (i) The purchaser will be entitled to the registration of transfer; (ii) The transfer will be registered by the issuer free from all liens, security interests, restrictions and claims other than those specified in the instruction; (iii) The transfer will not violate any restriction on transfer; and (iv) The requested transfer will otherwise be effective and rightful. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]

(3). A person who transfers an uncertificated security to a purchaser for value and does not originate an instruction in connection with the transfer warrants that: (a). The uncertificated security is valid; [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). There is no adverse claim to the security; [PL 1997, c. 429, Pt. B, §2 (NEW).] (c). The transfer does not violate any restriction on transfer; and [PL 1997, c. 429, Pt. B, §2 (NEW).] (d). The transfer is otherwise effective and rightful. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]

(4). A person who indorses a security certificate warrants to the issuer that: (a). There is no adverse claim to the security; and [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). The indorsement is effective. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]

(5). A person who originates an instruction for registration of transfer of an uncertificated security warrants to the issuer that: (a). The instruction is effective; and [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). At the time the instruction is presented to the issuer the purchaser will be entitled to the registration of transfer. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]

(6). A person who presents a certificated security for registration of transfer or for payment or exchange warrants to the issuer that the person is entitled to the registration, payment or exchange, but a purchaser for value and without notice of adverse claims to whom transfer is registered warrants only that the person has no knowledge of any unauthorized signature in a necessary indorsement. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(7). If a person acts as agent of another in delivering a certificated security to a purchaser, the identity of the principal was known to the person to whom the certificate was delivered and the certificate delivered by the agent was received by the agent from the principal or received by the agent from another person at the direction of the principal, the person delivering the security certificate warrants only that the delivering person has authority to act for the principal and does not know of any adverse claim to the certificated security. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(8). A secured party who redelivers a security certificate received or, after payment and on order of the debtor delivers the security certificate to another person, makes only the warranties of an agent under subsection (7) . [PL 1997, c. 429, Pt. B, §2 (NEW).]

(9). Except as otherwise provided in subsection (7) , a broker acting for a customer makes to the issuer and a purchaser the warranties provided in subsections (1) to (6) . A broker that delivers a security certificate to its customer or causes its customer to be registered as the owner of an uncertificated security makes to the customer the warranties provided in subsection (1) or (2) and has the rights and privileges of a purchaser under this section. The warranties of and in favor of the broker acting as an agent are in addition to applicable warranties given by and in favor of the customer. [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 3-1419 — ME Code / Title 11 / Chapter 3-A / Section 3-1419
11 §3-1419. Instruments signed for accommodation
Status: in_force

(1). If an instrument is issued for value given for the benefit of a party to the instrument, in this section referred to as the "accommodated party," and another party to the instrument, in this section referred to as the "accommodation party," signs the instrument for the purpose of incurring liability on the instrument without being a direct beneficiary of the value given for the instrument, the instrument is signed by the accommodation party for accommodation. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). An accommodation party may sign the instrument as maker, drawer, acceptor or indorser and, subject to subsection (4) , is obliged to pay the instrument in the capacity in which the accommodation party signs. The obligation of an accommodation party may be enforced notwithstanding any statute of frauds and whether or not the accommodation party receives consideration for the accommodation. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). A person signing an instrument is presumed to be an accommodation party and there is notice that the instrument is signed for accommodation if the signature is an anomalous indorsement or is accompanied by words indicating that the signer is acting as surety or guarantor with respect to the obligation of another party to the instrument. Except as provided in section 3‑1605 , the obligation of an accommodation party to pay the instrument is not affected by the fact that the person enforcing the obligation had notice when the instrument was taken by that person that the accommodation party signed the instrument for accommodation. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(4). If the signature of a party to an instrument is accompanied by words indicating unambiguously that the party is guaranteeing collection rather than payment of the obligation of another party to the instrument, the signer is obliged to pay the amount due on the instrument to a person entitled to enforce the instrument only if: (a). Execution of judgment against the other party has been returned unsatisfied; [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). The other party is insolvent or in an insolvency proceeding; [PL 1993, c. 293, Pt. A, §2 (NEW).] (c). The other party can not be served with process; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (d). It is otherwise apparent that payment can not be obtained from the other party. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(5). An accommodation party who pays the instrument is entitled to reimbursement from the accommodated party and is entitled to enforce the instrument against the accommodated party. An accommodated party who pays the instrument has no right of recourse against, and is not entitled to contribution from, an accommodation party. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 2-322 — ME Code / Title 11 / Chapter 2 / Section 2-322
11 §2-322. Delivery "exship"
Status: in_force

(1). Unless otherwise agreed a term for delivery of goods "exship" (which means from the carrying vessel) or in equivalent language is not restricted to a particular ship and requires delivery from a ship which has reached a place at the named port of destination where goods of the kind are usually discharged. [PL 1979, c. 541, Pt. A, §104 (AMD).]

(2). Under such a term unless otherwise agreed (a). The seller must discharge all liens arising out of the carriage and furnish the buyer with direction which puts the carrier under a duty to deliver the goods; and (b). The risk of loss does not pass to the buyer until the goods leave the ship's tackle or are otherwise properly unloaded.
11 M.R.S. § 2-301 — ME Code / Title 11 / Chapter 2 / Section 2-301
11 §2-301. General obligations of parties
Status: in_force

The obligation of the seller is to transfer and deliver and that of the buyer is to accept and pay in accordance with the contract.
11 M.R.S. § 4-208 — ME Code / Title 11 / Chapter 4 / Section 4-208
11 §4-208. Security interest of collecting bank in items, accompanying documents and proceeds
Status: in_force

(1). A collecting bank has a security interest in an item and any accompanying documents or the proceeds of either: (a). In case of an item deposited in an account, to the extent to which credit given for the item has been withdrawn or applied; (b). In case of an item for which it has given credit available for withdrawal as of right, to the extent of the credit given whether or not the credit is drawn upon or there is a right of charge-back; or [PL 1993, c. 293, Pt. B, §28 (AMD).] (c). If it makes an advance on or against the item. [PL 1993, c. 293, Pt. B, §28 (AMD).]

(2). If credit for several items received at one time or pursuant to a single agreement is withdrawn or applied in part, the security interest remains upon all the items, any accompanying documents or the proceeds of either. For the purpose of this section, credits first given are first withdrawn. [PL 1993, c. 293, Pt. B, §28 (AMD).]

(3). Receipt by a collecting bank of a final settlement for an item is a realization on its security interest in the item, accompanying documents and proceeds. So long as the bank does not receive final settlement for the item or give up possession of the item or possession or control of the accompanying documents for purposes other than collection, the security interest continues to that extent and is subject to Article 9‑A , but: (a). No security agreement is necessary to make the security interest enforceable ( section 9‑1203, subsection (2), paragraph (c) , subparagraph (i)); [PL 2009, c. 324, Pt. B, §24 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).] (b). No filing is required to perfect the security interest; and (c). The security interest has priority over conflicting perfected security interests in the item, accompanying documents or proceeds. [PL 2009, c. 324, Pt. B, §24 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).]
11 M.R.S. § 2-1215 — ME Code / Title 11 / Chapter 2-A / Section 2-1215
11 §2-1215. Cumulation and conflict of warranties express or implied
Status: in_force

Warranties, whether express or implied, must be construed as consistent with each other and as cumulative, but if that construction is unreasonable, the intention of the parties determines which warranty is dominant. In ascertaining that intention the following rules apply. [PL 1991, c. 805, §4 (NEW).]

(1). Exact or technical specifications displace an inconsistent sample or model or general language of description.

(2). A sample from an existing bulk displaces inconsistent general language of description.

(3). Express warranties displace inconsistent implied warranties other than an implied warranty of fitness for a particular purpose.
11 M.R.S. § 4-1302 — ME Code / Title 11 / Chapter 4-A / Section 4-1302
11 §4-1302. Obligations of receiving bank in execution of payment order
Status: in_force

(1). Except as provided in subsections (2) to (4) , if the receiving bank accepts a payment order pursuant to section 4‑1209, subsection (1) , the bank has the following obligations in executing the order. (a). The receiving bank is obliged to issue, on the execution date, a payment order complying with the sender's order and to follow the sender's instructions concerning: (i) Any intermediary bank or funds-transfer system to be used in carrying out the funds transfer; or (ii) The means by which payment orders are to be transmitted in the funds transfer. If the originator's bank issues a payment order to an intermediary bank, the originator's bank is obliged to instruct the intermediary bank according to the instruction of the originator. An intermediary bank in the funds transfer is similarly bound by an instruction given to it by the sender of the payment order it accepts. [PL 1991, c. 812, §2 (NEW).] (b). If the sender's instruction states that the funds transfer is to be carried out telephonically or by wire transfer or otherwise indicates that the funds transfer is to be carried out by the most expeditious means, the receiving bank is obliged to transmit its payment order by the most expeditious available means and to instruct any intermediary bank accordingly. If a sender's instruction states a payment date, the receiving bank is obliged to transmit its payment order at a time and by means reasonably necessary to allow payment to the beneficiary on the payment date or as soon thereafter as is feasible. [PL 1991, c. 812, §2 (NEW).] [PL 1991, c. 812, §2 (NEW).]

(2). Unless otherwise instructed, a receiving bank executing a payment order may: (a). Use any funds transfer system if use of that system is reasonable in the circumstances; and [PL 1991, c. 812, §2 (NEW).] (b). Issue a payment order to the beneficiary's bank or to an intermediary bank through which a payment order conforming to the sender's order can expeditiously be issued to the beneficiary's bank if the receiving bank exercises ordinary care in the selection of the intermediary bank. A receiving bank is not required to follow an instruction of the sender designating a funds transfer system used in carrying out the funds transfer if the receiving bank, in good faith, determines that it is not feasible to follow the instruction or that following the instruction unduly delays completion of the funds transfer. [PL 1991, c. 812, §2 (NEW).] [PL 1991, c. 812, §2 (NEW).]

(3). Unless subsection (1), paragraph (b) applies or the receiving bank is otherwise instructed, the bank may execute a payment order by transmitting its payment order by first class mail or by any reasonable means. If the receiving bank is instructed to execute the sender's order by transmitting its payment order by a particular means, the receiving bank may issue its payment order by the means stated or by any equivalent means. [PL 1991, c. 812, §2 (NEW).]

(4). Unless instructed by the sender: (a). The receiving bank may not obtain payment of its charges for services and expenses in connection with the execution of the sender's order by issuing a payment order in an amount equal to the amount of the sender's order less the amount of the charges; and [PL 1991, c. 812, §2 (NEW).] (b). May not instruct a subsequent receiving bank to obtain payment of its charges in the same manner. [PL 1991, c. 812, §2 (NEW).] [PL 1991, c. 812, §2 (NEW).]
11 M.R.S. § 7-1601 — ME Code / Title 11 / Chapter 7-A / Section 7-1601
11 §7-1601. Lost, stolen or destroyed documents of title
Status: in_force

(1). If a document of title is lost, stolen or destroyed, a court may order delivery of the goods or issuance of a substitute document and the bailee may without liability to any person comply with the order. If the document was negotiable, a court may not order delivery of the goods or issuance of a substitute document without the claimant's posting security unless it finds that any person that may suffer loss as a result of nonsurrender of possession or control of the document is adequately protected against the loss. If the document was nonnegotiable, the court may require security. The court may also order payment of the bailee's reasonable costs and attorney's fees in any action under this subsection. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(2). A bailee that, without a court order, delivers goods to a person claiming under a missing negotiable document of title is liable to any person injured thereby. If the delivery is not in good faith, the bailee is liable for conversion. Delivery in good faith is not conversion if the claimant posts security with the bailee in an amount at least double the value of the goods at the time of posting to indemnify any person injured by the delivery that files a notice of claim within one year after the delivery. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 2-715 — ME Code / Title 11 / Chapter 2 / Section 2-715
11 §2-715. Buyer's incidental and consequential damages
Status: in_force

(1). Incidental damages resulting from the seller's breach include expenses reasonably incurred in inspection, receipt, transportation and care and custody of goods rightfully rejected, any commercially reasonable charges, expenses or commissions in connection with effecting cover and any other reasonable expense incident to the delay or other breach.

(2). Consequential damages resulting from the seller's breach include (a). Any loss resulting from general or particular requirements and needs of which the seller at the time of contracting had reason to know and which could not reasonably be prevented by cover or otherwise; and (b). Injury to person or property proximately resulting from any breach of warranty.
11 M.R.S. § 3-1102 — ME Code / Title 11 / Chapter 3-A / Section 3-1102
11 §3-1102. Subject matter
Status: in_force

(1). This Article applies to negotiable instruments. It does not apply to money, to payment orders governed by Article 4‑A , or to securities governed by Article 8. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). If there is conflict between this Article and Article 4 or 9, Article 4 or 9 governs. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). Regulations of the Board of Governors of the Federal Reserve System and operating circulars of the Federal Reserve Banks supersede any inconsistent provision of this Article to the extent of the inconsistency. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 4-1107 — ME Code / Title 11 / Chapter 4-A / Section 4-1107
11 §4-1107. Federal reserve regulations and operating circulars
Status: in_force

Regulations of the Board of Governors of the Federal Reserve System and operating circulars of the Federal Reserve Banks supersede any inconsistent provision of this Article to the extent of the inconsistency. [PL 1991, c. 812, §2 (NEW).]
11 M.R.S. § 3-1204 — ME Code / Title 11 / Chapter 3-A / Section 3-1204
11 §3-1204. Indorsement
Status: in_force

(1). "Indorsement" means a signature, other than that of a signer as maker, drawer or acceptor, that alone or accompanied by other words is made on an instrument for the purpose of: (a). Negotiating the instrument; [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). Restricting payment of the instrument; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (c). Incurring indorser's liability on the instrument. [PL 1993, c. 293, Pt. A, §2 (NEW).] Regardless of the intent of the signer, a signature and its accompanying words is an indorsement unless the accompanying words, terms of the instrument, place of the signature or other circumstances unambiguously indicate that the signature was made for a purpose other than indorsement. For the purpose of determining whether a signature is made on an instrument, a paper affixed to the instrument is a part of the instrument. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). "Indorser" means a person who makes an indorsement. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). For the purpose of determining whether the transferee of an instrument is a holder, an indorsement that transfers a security interest in the instrument is effective as an unqualified indorsement of the instrument. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(4). If an instrument is payable to a holder under a name that is not the name of the holder, indorsement may be made by the holder in the name stated in the instrument or in the holder's name or both, but signature in both names may be required by a person paying or taking the instrument for value or collection. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 1-1307 — ME Code / Title 11 / Chapter 1-A / Section 1-1307
11 §1-1307. Prima facie evidence by 3rd-party documents
Status: in_force

A document in due form purporting to be a bill of lading, policy or certificate of insurance, official weigher’s or inspector’s certificate, consular invoice or any other document authorized or required by the contract to be issued by a 3rd party is prima facie evidence of its own authenticity and genuineness and of the facts stated in the document by the 3rd party. [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).]
11 M.R.S. § 7-1207 — ME Code / Title 11 / Chapter 7-A / Section 7-1207
11 §7-1207. Goods must be kept separate; fungible goods
Status: in_force

(1). Unless the warehouse receipt provides otherwise, a warehouse shall keep separate the goods covered by each receipt so as to permit at all times identification and delivery of those goods. However, different lots of fungible goods may be commingled. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(2). If different lots of fungible goods are commingled, the goods are owned in common by the persons entitled thereto and the warehouse is severally liable to each owner for that owner's share. If, because of overissue, a mass of fungible goods is insufficient to meet all the receipts the warehouse has issued against it, the persons entitled include all holders to which overissued receipts have been duly negotiated. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 5-1117 — ME Code / Title 11 / Chapter 5-A / Section 5-1117
11 §5-1117. Subrogation of issuer, applicant and nominated person
Status: in_force

(1). An issuer that honors a beneficiary's presentation is subrogated to the rights of the beneficiary to the same extent as if the issuer were a secondary obligor of the underlying obligation owed to the beneficiary and of the applicant to the same extent as if the issuer were the secondary obligor of the underlying obligation owed to the applicant. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(2). An applicant that reimburses an issuer is subrogated to the rights of the issuer against any beneficiary, presenter or nominated person to the same extent as if the applicant were the secondary obligor of the obligations owed to the issuer and has the rights of subrogation of the issuer to the rights of the beneficiary stated in subsection (1) . [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(3). A nominated person who pays or gives value against a draft or demand presented under a letter of credit is subrogated to the rights of: (a). The issuer against the applicant to the same extent as if the nominated person were a secondary obligor of the obligation owed to the issuer by the applicant; [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (b). The beneficiary to the same extent as if the nominated person were a secondary obligor of the underlying obligation owed to the beneficiary; and [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (c). The applicant to the same extent as if the nominated person were a secondary obligor of the underlying obligation owed to the applicant. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(4). Notwithstanding any agreement or term to the contrary, the rights of subrogation stated in subsections (1) and (2) do not arise until the issuer honors the letter of credit or otherwise pays and the rights in subsection (3) do not arise until the nominated person pays or otherwise gives value. Until then, the issuer, nominated person, and the applicant do not derive under this section present or prospective rights forming the basis of a claim, defense or excuse. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]
11 M.R.S. § 2-1509 — ME Code / Title 11 / Chapter 2-A / Section 2-1509
11 §2-1509. Lessee's rights on improper delivery; rightful rejection
Status: in_force

(1). Subject to the provisions of section 2‑1510 on default in installment lease contracts, if the goods or the tender or delivery fail in any respect to conform to the lease contract, the lessee may reject or accept the goods or accept any commercial unit or units and reject the rest of the goods. [PL 1991, c. 805, §4 (NEW).]

(2). Rejection of goods is ineffective unless it is within a reasonable time after tender or delivery of the goods and the lessee seasonably notifies the lessor. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 9-1526 — ME Code / Title 11 / Chapter 9-A / Section 9-1526
11 §9-1526. Filing-office rules
Status: in_force

(1). The Secretary of State shall adopt and publish rules to implement this Article. The filing-office rules must be: (a). Consistent with this Article; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Adopted and published in accordance with Title 5, chapter 375 . [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter II‑A . [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). To keep the filing-office rules and practices of the filing office in harmony with the rules and practices of filing offices in other jurisdictions that enact substantially this part and to keep the technology used by the filing office compatible with the technology used by filing offices in other jurisdictions that enact substantially this part, the Secretary of State, so far as is consistent with the purposes, policies and provisions of this Article, in adopting, amending and repealing filing-office rules, shall: (a). Consult with filing offices in other jurisdictions that enact substantially this part; [RR 2025, c. 1, Pt. A, §22 (COR).] (b). Consult the most recent version of the Model Rules promulgated by the International Association of Corporate Administrators or any successor organization; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Take into consideration the rules and practices of and the technology used by filing offices in other jurisdictions that enact substantially this part. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [RR 2025, c. 1, Pt. A, §22 (COR).]
11 M.R.S. § 4-206 — ME Code / Title 11 / Chapter 4 / Section 4-206
11 §4-206. Transfer between banks
Status: in_force

Any agreed method that identifies the transferor bank is sufficient for the item's further transfer to another bank. [PL 1993, c. 293, Pt. B, §23 (AMD).]
11 M.R.S. § 2-1512 — ME Code / Title 11 / Chapter 2-A / Section 2-1512
11 §2-1512. Lessee's duties as to rightfully rejected goods
Status: in_force

(1). Except as otherwise provided with respect to goods that threaten to decline in value speedily ( section 2‑1511 ), and subject to any security interest of a lessee ( section 2‑1508, subsection (5) ): (a). The lessee, after rejection of goods in the lessee's possession, shall hold them with reasonable care at the lessor's or supplier's disposition for a reasonable time after the lessee's seasonable notification of rejection; or [PL 1991, c. 805, §4 (NEW).] (b). If the lessor or the supplier gives no instructions within a reasonable time after notification of rejection, the lessee may store the rejected goods for the lessor's or the supplier's account, ship them to the lessor or the supplier or dispose of them for the lessor's or the supplier's account with reimbursement in the manner provided in section 2‑1511 ; but [PL 1991, c. 805, §4 (NEW).] (c). The lessee has no further obligations with regard to goods rightfully rejected. [PL 1991, c. 805, §4 (NEW).] [PL 1991, c. 805, §4 (NEW).]

(2). Action by the lessee pursuant to subsection (1) is not acceptance or conversion. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 2-106 — ME Code / Title 11 / Chapter 2 / Section 2-106
11 §2-106. Definitions: "contract"; "agreement"; "contract for sale"; "sale"; "present sale"; "conforming" to contract; "termination"; "cancellation"; "hybrid transaction"
Status: in_force

(1). Contract. In this Article unless the context otherwise requires "contract" and "agreement" are limited to those relating to the present or future sale of goods. "Contract for sale" includes both a present sale of goods and a contract to sell goods at a future time. A "sale" consists in the passing of title from the seller to the buyer for a price ( section 2‑401 ). A "present sale" means a sale which is accomplished by the making of the contract.

(2). Conforming. Goods or conduct including any part of a performance are "conforming" or conform to the contract when they are in accordance with the obligations under the contract.

(3). Termination. "Termination" occurs when either party pursuant to a power created by agreement or law puts an end to the contract otherwise than for its breach. On "termination" all obligations which are still executory on both sides are discharged but any right based on prior breach or performance survives.

(4). Cancellation. "Cancellation" occurs when either party puts an end to the contract for breach by the other and its effect is the same as that of "termination" except that the cancelling party also retains any remedy for breach of the whole contract or of any unperformed balance.

(5). Hybrid transaction. "Hybrid transaction" means a single transaction involving a sale of goods and: (a). The provision of services; [PL 2023, c. 669, Pt. A, §15 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). A lease of other goods; or [PL 2023, c. 669, Pt. A, §15 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (c). A sale, lease or license of property other than goods. [PL 2023, c. 669, Pt. A, §15 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §15 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 2-1209 — ME Code / Title 11 / Chapter 2-A / Section 2-1209
11 §2-1209. Lessee under finance lease as beneficiary of supply contract
Status: in_force

(1). The benefit of a supplier's promises to the lessor under the supply contract and of all warranties, whether express or implied, including those of any third party provided in connection with or as part of the supply contract, extends to the lessee to the extent of the lessee's leasehold interest under a finance lease related to the supply contract, but is subject to the terms of the warranty and of the supply contract and all defenses or claims arising therefrom. In a finance lease that is a consumer lease, the supplier's ability to disclaim, exclude or modify any implied warranties of merchantability and fitness of a particular purpose or to exclude or modify the consumer's remedies for breach of those warranties is subject to and governed by the terms and provisions of section 2‑316, subsection (5) . [PL 1991, c. 805, §4 (NEW).]

(2). The extension of the benefit of a supplier's promises and of warranties to the lessee under subsection (1) does not: (a). Modify the rights and obligations of the parties to the supply contract, whether arising therefrom or otherwise; or [PL 1991, c. 805, §4 (NEW).] (b). Impose any duty or liability under the supply contract on the lessee. [PL 1991, c. 805, §4 (NEW).] [PL 1991, c. 805, §4 (NEW).]

(3). Any modification or rescission of the supply contract by the supplier and the lessor is effective between the supplier and the lessee unless, before the modification or rescission, the supplier has received notice that the lessee has entered into a finance lease related to the supply contract. If the modification or rescission is effective between the supplier and the lessee, the lessor is deemed to have assumed, in addition to the obligations of the lessor to the lessee under the lease contract, promises of the supplier to the lessor and warranties that were so modified or rescinded as they existed and were available to the lessee before modification or rescission. [PL 1991, c. 805, §4 (NEW).]

(4). In addition to the extension of the benefit of the supplier's promises and of warranties to the lessee under subsection (1) , the lessee retains all rights that the lessee may have against the supplier that arise from an agreement between the lessee and the supplier or under other law. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 2-1210 — ME Code / Title 11 / Chapter 2-A / Section 2-1210
11 §2-1210. Express warranties
Status: in_force

(1). Express warranties by the lessor are created as follows. (a). Any affirmation of fact or promise made by the lessor to the lessee that relates to the goods and becomes part of the basis of the bargain creates an express warranty that the goods will conform to the affirmation or promise. [PL 1991, c. 805, §4 (NEW).] (b). Any description of the goods that is made part of the basis of the bargain creates an express warranty that the goods will conform to the description. [PL 1991, c. 805, §4 (NEW).] (c). Any sample or model that is made part of the basis of the bargain creates an express warranty that the whole of the goods will conform to the sample or model. [PL 1991, c. 805, §4 (NEW).] [PL 1991, c. 805, §4 (NEW).]

(2). It is not necessary to the creation of an express warranty that the lessor use formal words, such as "warrant" or "guarantee," or that the lessor have a specific intention to make a warranty, but an affirmation merely of the value of the goods or a statement purporting to be merely the lessor's opinion or commendation of the goods does not create a warranty. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 2-1525 — ME Code / Title 11 / Chapter 2-A / Section 2-1525
11 §2-1525. Lessor's right to possession of goods
Status: in_force

(1). If a lessor discovers the lessee to be insolvent, the lessor may refuse to deliver the goods. [PL 1991, c. 805, §4 (NEW).]

(2). After a default by the lessee under the lease contract of the type described in section 2‑1523, subsection (1) or section 2‑1523, subsection (3), paragraph (a) or, if agreed, after other default by the lessee, the lessor has the right to take possession of the goods. If the lease contract so provides, the lessor may require the lessee to assemble the goods and make them available to the lessor at a place to be designated by the lessor that is reasonably convenient to both parties. Without removal, the lessor may render unusable any goods employed in trade or business, and may dispose of goods on the lessee's premises ( section 2‑1527 ). [PL 1991, c. 805, §4 (NEW).]

(3). The lessor may proceed under subsection (2) without judicial process if possible without breach of the peace or the lessor may proceed by action. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 9-1702 — ME Code / Title 11 / Chapter 9-A / Section 9-1702
11 §9-1702. Savings clause
Status: in_force

(1). Except as otherwise provided in this part, this Article applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before this Article takes effect. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). Except as otherwise provided in subsection (3) and sections 9‑1703 to 9‑1709 : (a). Transactions and liens that were not governed by former Article 9, were validly entered into or created before this Article takes effect and would be subject to this Article if they had been entered into or created after this Article takes effect and the rights, duties and interests flowing from those transactions and liens remain valid after this Article takes effect; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The transactions and liens may be terminated, completed, consummated and enforced as required or permitted by this Article or by the law that otherwise would apply if this Article had not taken effect. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 2001, c. 286, §14 (AMD).]

(3). This Article does not affect an action, case or proceeding commenced before this Article takes effect. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 2-607 — ME Code / Title 11 / Chapter 2 / Section 2-607
11 §2-607. Effect of acceptance; notice of breach; burden of establishing breach after acceptance; notice of claim or litigation to person answerable over
Status: in_force

(1). The buyer must pay at the contract rate for any goods accepted.

(2). Acceptance of goods by the buyer precludes rejection of the goods accepted and, if made with knowledge of a nonconformity, cannot be revoked because of it unless the acceptance was on the reasonable assumption that the nonconformity would be seasonably cured but acceptance does not of itself impair any other remedy provided by this Article for nonconformity.

(3). Where a tender has been accepted, (a). The buyer must within a reasonable time after he discovers or should have discovered any breach notify the seller of breach or be barred from any remedy; and (b). If the claim is one for infringement or the like ( section 2‑312, subsection (3) ), and the buyer is sued as a result of such a breach he must so notify the seller within a reasonable time after he receives notice of the litigation or be barred from any remedy over for liability established by the litigation.

(4). The burden is on the buyer to establish any breach with respect to the goods accepted.

(5). Where the buyer is sued for breach of a warranty or other obligation for which his seller is answerable over, (a). He may give his seller written notice of the litigation. If the notice states that the seller may come in and defend and that if the seller does not do so he will be bound in any action against him by his buyer by any determination of fact common to the 2 litigations, then unless the seller after seasonable receipt of the notice does come in and defend he is so bound. (b). If the claim is one for infringement or the like ( section 2‑312, subsection (3) ) the original seller, may demand in writing that his buyer turn over to him control of the litigation including settlement or else be barred from any remedy over and if he also agrees to bear all expense and to satisfy any adverse judgment, then unless the buyer after seasonable receipt of the demand does turn over control the buyer is so barred.

(6). The provisions of subsections (3) , (4) and (5) apply to any obligation of a buyer to hold the seller harmless against infringement or the like ( section 2‑312, subsection (3) ).

(7). Subsection (3), paragraph (a) shall not apply where the remedy is for personal injury resulting from any breach. [PL 1973, c. 443, §1 (NEW).]
11 M.R.S. § 3-1305 — ME Code / Title 11 / Chapter 3-A / Section 3-1305
11 §3-1305. Defenses and claims in recoupment
Status: in_force

(1). Except as stated in subsection (2) , the right to enforce the obligation of a party to pay an instrument is subject to the following: (a). A defense of the obligor based on: (i) Infancy of the obligor to the extent it is a defense to a simple contract; (ii) Duress, lack of legal capacity or illegality of the transaction that, under other law, nullifies the obligation of the obligor; (iii) Fraud that induced the obligor to sign the instrument with neither knowledge nor reasonable opportunity to learn of its character or its essential terms; or (iv) Discharge of the obligor in insolvency proceedings; [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). A defense of the obligor stated in another section of this Article or a defense of the obligor that would be available if the person entitled to enforce the instrument were enforcing a right to payment under a simple contract; and [PL 1993, c. 293, Pt. A, §2 (NEW).] (c). A claim in recoupment of the obligor against the original payee of the instrument if the claim arose from the transaction that gave rise to the instrument; but the claim of the obligor may be asserted against a transferee of the instrument only to reduce the amount owing on the instrument at the time the action is brought. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). The right of a holder in due course to enforce the obligation of a party to pay the instrument is subject to defenses of the obligor stated in subsection (1), paragraph (a) , but is not subject to defenses of the obligor stated in subsection (1), paragraph (b) or claims in recoupment stated in subsection (1), paragraph (c) against a person other than the holder. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). Except as stated in subsection (4) , in an action to enforce the obligation of a party to pay the instrument, the obligor may not assert against the person entitled to enforce the instrument a defense, claim in recoupment or claim to the instrument ( section 3‑1306 ) of another person, but the other person's claim to the instrument may be asserted by the obligor if the other person is joined in the action and personally asserts the claim against the person entitled to enforce the instrument. An obligor is not obliged to pay the instrument if the person seeking enforcement of the instrument does not have rights of a holder in due course and the obligor proves that the instrument is a lost or stolen instrument. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(4). In an action to enforce the obligation of an accommodation party to pay an instrument, the accommodation party may assert against the person entitled to enforce the instrument any defense or claim in recoupment under subsection (1) that the accommodated party could assert against the person entitled to enforce the instrument, except the defenses of discharge in insolvency proceedings, infancy and lack of legal capacity. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 2-1106 — ME Code / Title 11 / Chapter 2-A / Section 2-1106
11 §2-1106. Limitation on power of parties to consumer lease to choose applicable law and judicial forum
Status: in_force

(1). If the law chosen by the parties to a consumer lease is that of a jurisdiction other than a jurisdiction in which the lessee resides at the time the lease agreement becomes enforceable or within 30 days thereafter or in which the goods are to be used, the choice is not enforceable. [PL 1991, c. 805, §4 (NEW).]

(2). If the judicial forum chosen by the parties to a consumer lease is a forum that would not otherwise have jurisdiction over the lessee, the choice is not enforceable. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 4-207-B — ME Code / Title 11 / Chapter 4 / Section 4-207-B
11 §4-207-B. Presentment warranties
Status: in_force

(1). If an unaccepted draft is presented to the drawee for payment or acceptance and the drawee pays or accepts the draft, the person obtaining payment or acceptance, at the time of presentment, and a previous transferor of the draft, at the time of transfer, warrant to the drawee that pays or accepts the draft in good faith that: (a). The warrantor is, or was, at the time the warrantor transferred the draft, a person entitled to enforce the draft or authorized to obtain payment or acceptance of the draft on behalf of a person entitled to enforce the draft; [PL 1993, c. 293, Pt. B, §26 (NEW).] (b). The draft has not been altered; [PL 2003, c. 594, §13 (AMD).] (c). The warrantor has no knowledge that the signature of the purported drawer of the draft is unauthorized; and [PL 2003, c. 594, §13 (AMD).] (d). If the draft is a demand draft, creation of the demand draft according to the terms on its face was authorized by the person identified as the drawer. [PL 2003, c. 594, §13 (NEW).] [PL 2003, c. 594, §13 (AMD).]

(2). A drawee making payment may recover from a warrantor damages for breach of warranty equal to the amount paid by the drawee less the amount the drawee received or is entitled to receive from the drawer because of the payment. In addition, the drawee is entitled to compensation for expenses and loss of interest resulting from the breach. The right of the drawee to recover damages under this subsection is not affected by any failure of the drawee to exercise ordinary care in making payment. If the drawee accepts the draft: (a). Breach of warranty is a defense to the obligation of the acceptor; and [PL 1993, c. 293, Pt. B, §26 (NEW).] (b). If the acceptor makes payment with respect to the draft, the acceptor is entitled to recover from a warrantor for breach of warranty the amounts stated in this subsection. [PL 1993, c. 293, Pt. B, §26 (NEW).] [PL 1993, c. 293, Pt. B, §26 (NEW).]

(3). If a drawee asserts a claim for breach of warranty under subsection (1) based on an unauthorized indorsement of the draft or an alteration of the draft, the warrantor may defend by proving that the indorsement is effective under section 3‑1404 or 3‑1405 or the drawer is precluded under section 3‑1406 or 4-406 from asserting against the drawee the unauthorized indorsement or alteration. [PL 1993, c. 293, Pt. B, §26 (NEW).]

(4). If a dishonored draft is presented for payment to the drawer or an indorser or any other item is presented for payment to a party obliged to pay the item, and the item is paid, the person obtaining payment and a prior transferor of the item warrant to the person making payment in good faith that the warrantor is, or was, at the time the warrantor transferred the item, a person entitled to enforce the item or authorized to obtain payment on behalf of a person entitled to enforce the item. The person making payment may recover from any warrantor for breach of warranty an amount equal to the amount paid plus expenses and loss of interest resulting from the breach. [PL 1993, c. 293, Pt. B, §26 (NEW).]

(5). The warranties stated in subsections (1) and (4) can not be disclaimed with respect to checks. Unless notice of a claim for breach of warranty is given to the warrantor within 30 days after the claimant has reason to know of the breach and the identity of the warrantor, the warrantor is discharged to the extent of any loss caused by the delay in giving notice of the claim. [PL 1993, c. 293, Pt. B, §26 (NEW).]

(6). A cause of action for breach of warranty under this section accrues when the claimant has reason to know of the breach. [PL 1993, c. 293, Pt. B, §26 (NEW).]

(7). A demand draft is a check, as provided in section 3‑1104, subsection (6) . [PL 2003, c. 594, §14 (NEW).]

(8). If the warranty in subsection (1), paragraph (d) is not given by a transferor under applicable conflict of laws rules, then the warranty is not given to the transferor when that transferor is a transferee. [PL 2003, c. 594, §14 (NEW).]
11 M.R.S. § 2-403 — ME Code / Title 11 / Chapter 2 / Section 2-403
11 §2-403. Power to transfer; good faith purchase of goods; "entrusting"
Status: in_force

(1). A purchaser of goods acquires all title which his transferor had or had power to transfer, except that a purchaser of a limited interest acquires rights only to the extent of the interest purchased. A person with voidable title has power to transfer a good title to a good faith purchaser for value. When goods have been delivered under a transaction of purchase the purchaser has such power even though (a). The transferor was deceived as to the identity of the purchaser; or (b). The delivery was in exchange for a check which is later dishonored; or (c). It was agreed that the transaction was to be a "cash sale"; or (d). The delivery was procured through fraud punishable as larcenous under the criminal law.

(2). Any entrusting of possession of goods to a merchant who deals in goods of that kind gives him power to transfer all rights of the entruster to a buyer in ordinary course of business.

(3). "Entrusting" includes any delivery and any acquiescence in retention of possession regardless of any condition expressed between the parties to the delivery or acquiescence and regardless of whether the procurement of the entrusting or the possessor's disposition of the goods have been such as to be larcenous under the criminal law.

(4). The rights of other purchasers of goods and of lien creditors are governed by the Articles on secured transactions ( Article 9‑A ) and documents of title ( Article 7‑A ). [PL 2009, c. 324, Pt. B, §9 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).]
11 M.R.S. § 9-1508 — ME Code / Title 11 / Chapter 9-A / Section 9-1508
11 §9-1508. Effectiveness of financing statement if new debtor becomes bound by security agreement
Status: in_force

(1). Except as otherwise provided in this section, a filed financing statement naming an original debtor is effective to perfect a security interest in collateral in which a new debtor has or acquires rights to the extent that the financing statement would have been effective had the original debtor acquired rights in the collateral. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). If the new debtor is a registered organization and becomes subject to a security interest pursuant to section 9‑1203, subsection (4) by reason of a merger, consolidation or a change in the form of entity of the original debtor that is reflected in the public records relating to the new debtor's organization maintained by the governmental unit referenced in section 9‑1102, subsection (73) , then a financing statement filed under the original debtor's former name before the effective date of the merger, consolidation or change in the form of entity remains effective to perfect a security interest in collateral acquired by the new debtor to the same extent as if that financing statement was amended to provide the new debtor's name even if the difference between the new debtor's name and that of the original debtor causes a filed financing statement that is effective under subsection (1) to become seriously misleading only if the place to file a financing statement against the new debtor for such collateral is, pursuant to Part 3 of this Article, the same jurisdiction in which the financing statement against the original debtor is filed. In all other instances, if the difference between the name of the original debtor and that of the new debtor causes a filed financing statement that is effective under subsection (1) to be seriously misleading under section 9‑1506 : (a). The financing statement is effective to perfect a security interest in collateral acquired by the new debtor before, and within 4 months after, the new debtor becomes bound under section 9‑1203, subsection (4) ; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The financing statement is not effective to perfect a security interest in collateral acquired by the new debtor more than 4 months after the new debtor becomes bound under section 9‑1203, subsection (4) unless an initial financing statement providing the name of the new debtor is filed before the expiration of that time. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 2001, c. 286, §4 (AMD).]

(3). This section does not apply to collateral as to which a filed financing statement remains effective against the new debtor under section 9‑1507, subsection (1) . [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 4-111 — ME Code / Title 11 / Chapter 4 / Section 4-111
11 §4-111. Statute of limitations
Status: in_force

An action to enforce an obligation, duty or right arising under this Article must be commenced within 3 years after the cause of action accrues. [PL 1993, c. 293, Pt. B, §17 (NEW).]
11 M.R.S. § 3-1117 — ME Code / Title 11 / Chapter 3-A / Section 3-1117
11 §3-1117. Other agreements affecting instrument
Status: in_force

Subject to applicable law regarding exclusion of proof of contemporaneous or previous agreements, the obligation of a party to an instrument to pay the instrument may be modified, supplemented or nullified by a separate agreement of the obligor and a person entitled to enforce the instrument if the instrument is issued or the obligation is incurred in reliance on the agreement or as part of the same transaction giving rise to the agreement. To the extent an obligation is modified, supplemented or nullified by an agreement under this section, the agreement is a defense to the obligation. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 7-1506 — ME Code / Title 11 / Chapter 7-A / Section 7-1506
11 §7-1506. Delivery without indorsement; right to compel indorsement
Status: in_force

The transferee of a negotiable tangible document of title has a specifically enforceable right to have its transferor supply any necessary indorsement, but the transfer becomes a negotiation only as of the time the indorsement is supplied. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 1-1202 — ME Code / Title 11 / Chapter 1-A / Section 1-1202
11 §1-1202. Notice; knowledge
Status: in_force

(1). Subject to subsection (6) , a person has "notice" of a fact if the person: (a). Has actual knowledge of it; [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).] (b). Has received a notice or notification of it; or [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).] (c). From all the facts and circumstances known to the person at the time in question, has reason to know that it exists. [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).] [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).]

(2). "Knowledge" means actual knowledge. "Knows" has a corresponding meaning. [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).]

(3). "Discover," "learn" or words of similar import refer to knowledge rather than to reason to know. [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).]

(4). A person "notifies" or "gives" a notice or notification to another person by taking such steps as may be reasonably required to inform the other person in ordinary course, whether or not the other person actually comes to know of it. [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).]

(5). Subject to subsection (6) , a person "receives" a notice or notification when: (a). It comes to that person's attention; or [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).] (b). It is duly delivered in a form reasonable under the circumstances at the place of business through which the contract was made or at another location held out by that person as the place for receipt of such communications. [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).] [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).]

(6). Notice, knowledge or a notice or notification received by an organization is effective for a particular transaction from the time it is brought to the attention of the individual conducting that transaction and, in any event, from the time it would have been brought to the individual's attention if the organization had exercised due diligence. An organization exercises due diligence if it maintains reasonable routines for communicating significant information to the person conducting the transaction and there is reasonable compliance with the routines. Due diligence does not require an individual acting for the organization to communicate information unless the communication is part of the individual's regular duties or the individual has reason to know of the transaction and that the transaction would be materially affected by the information. [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).]
11 M.R.S. § 9-1623 — ME Code / Title 11 / Chapter 9-A / Section 9-1623
11 §9-1623. Right to redeem collateral
Status: in_force

(1). A debtor, any secondary obligor or any other secured party or lienholder may redeem collateral. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). To redeem collateral, a person shall tender: (a). Fulfillment of all obligations secured by the collateral; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The reasonable expenses and attorney's fees described in section 9‑1615, subsection (1), paragraph (a) . [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(3). A redemption may occur at any time before a secured party: (a). Has collected collateral under section 9‑1607 ; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Has disposed of collateral or entered into a contract for its disposition under section 9‑1610 ; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Has accepted collateral in full or partial satisfaction of the obligation it secures under section 9‑1622 . [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 4-110 — ME Code / Title 11 / Chapter 4 / Section 4-110
11 §4-110. Electronic presentment
Status: in_force

(1). "Agreement for electronic presentment" means an agreement, clearinghouse rule or Federal Reserve regulation or operating circular that provides that presentment of an item may be made by transmission of an image of an item or information describing that item, that is, a "presentment notice," rather than by delivery of the item itself. The "agreement for electronic presentment" may provide procedures governing retention, presentment, payment, dishonor and other matters concerning items subject to the agreement. [PL 1993, c. 293, Pt. B, §16 (NEW).]

(2). Presentment of an item pursuant to an "agreement for electronic presentment" is made when the presentment notice is received. [PL 1993, c. 293, Pt. B, §16 (NEW).]

(3). If presentment is made by presentment notice, a reference to "item" or "check" in this Article means the presentment notice unless the context otherwise indicates. [PL 1993, c. 293, Pt. B, §16 (NEW).]
11 M.R.S. § 2-1216 — ME Code / Title 11 / Chapter 2-A / Section 2-1216
11 §2-1216. Third-party beneficiaries of express and implied warranties
Status: in_force

A warranty to or for the benefit of a lessee under this Article, whether express or implied, extends to any person who may reasonably be expected to use, consume or be affected by the goods and who is injured by breach of the warranty. The operation of this section may not be excluded, modified or limited with respect to injury to the person of an individual to whom the warranty extends, but an exclusion, modification or limitation of the warranty, including any with respect to rights and remedies, effective against the lessee is also effective against the beneficiary designated under this section. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 9-1510 — ME Code / Title 11 / Chapter 9-A / Section 9-1510
11 §9-1510. Effectiveness of filed record
Status: in_force

(1). A filed record is effective only to the extent that it was filed by a person that may file it under section 9‑1509 . [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). A record authorized by one secured party of record does not affect the financing statement with respect to another secured party of record. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(3). A continuation statement that is not filed within the 6-month period prescribed by section 9‑1515, subsection (4) is ineffective. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 9-1322 — ME Code / Title 11 / Chapter 9-A / Section 9-1322
11 §9-1322. Priorities among conflicting security interests in and agricultural liens on same collateral
Status: in_force

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

(6). Subsections (1) to (5) are subject to: (a). Subsection (7) and the other provisions of this Part; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Section 4‑210 with respect to a security interest of a collecting bank; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Section 5‑1118 with respect to a security interest of an issuer or nominated person; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). Section 9‑1110 with respect to a security interest arising under Article 2 or 2A . [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §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. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 9-1511 — ME Code / Title 11 / Chapter 9-A / Section 9-1511
11 §9-1511. Secured party of record
Status: in_force

(1). A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured party or a representative of the secured party in an initial financing statement that has been filed. If an initial financing statement is filed under section 9‑1514, subsection (1) , the assignee named in the initial financing statement is the secured party of record with respect to the financing statement. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). If an amendment of a financing statement that provides the name of a person as a secured party or a representative of a secured party is filed, the person named in the amendment is a secured party of record. If an amendment is filed under section 9‑1514, subsection (2) , the assignee named in the amendment is a secured party of record. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(3). A person remains a secured party of record until the filing of an amendment of the financing statement that deletes the person. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 9-1106 — ME Code / Title 11 / Chapter 9-A / Section 9-1106
11 §9-1106. Control of investment property
Status: in_force

(1). A person has control of a certificated security, uncertificated security or security entitlement as provided in section 8‑1106 . [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §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 [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §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. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §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. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 4-212 — ME Code / Title 11 / Chapter 4 / Section 4-212
11 §4-212. Right of charge-back or refund; liability of collecting bank; return of item
Status: in_force

(1). If a collecting bank has made provisional settlement with its customer for an item and fails by reason of dishonor, suspension of payments by a bank or otherwise to receive settlement for the item which is or becomes final, the bank may revoke the settlement given by it, charge back the amount of any credit given for the item to its customer's account or obtain refund from its customer whether or not it is able to return the item, if by its midnight deadline or within a longer reasonable time after it learns the facts it returns the item or sends notification of the facts. If the return or notice is delayed beyond the bank's midnight deadline or a longer reasonable time after it learns the facts, the bank may revoke the settlement, charge back the credit or obtain refund from its customer, but it is liable for any loss resulting from the delay. These rights to revoke, charge back and obtain refund terminate if and when a settlement for the item received by the bank is or becomes final. [RR 1993, c. 1, §30 (COR).]

(2). [PL 1993, c. 293, Pt. B, §33 (RP).]

(2-A). A collecting bank returns an item when it is sent or delivered to the bank's customer or transferor or pursuant to its instructions. [PL 1993, c. 293, Pt. B, §33 (NEW).]

(3). A depositary bank that is also the payor may charge back the amount of an item to its customer's account or obtain refund in accordance with the section governing return of an item received by a payor bank for credit on its books ( section 4‑301 ). [PL 1993, c. 293, Pt. B, §33 (AMD).]

(4). The right to charge back is not affected by: (a). Previous use of a credit given for the item; or [PL 1993, c. 293, Pt. B, §33 (AMD).] (b). Failure by any bank to exercise ordinary care with respect to the item, but a bank so failing remains liable. [PL 1993, c. 293, Pt. B, §33 (AMD).] [PL 1993, c. 293, Pt. B, §33 (AMD).]

(5). A failure to charge back or claim refund does not affect other rights of the bank against the customer or any other party. [PL 1993, c. 293, Pt. B, §33 (AMD).]

(6). If credit is given in dollars as the equivalent of the value of an item payable in a foreign money, the dollar amount of any charge-back or refund must be calculated on the basis of the bank-offered spot rate for the foreign money prevailing on the day when the person entitled to the charge-back or refund learns that it will not receive payment in ordinary course. [PL 1993, c. 293, Pt. B, §33 (AMD).]
11 M.R.S. § 9-1201 — ME Code / Title 11 / Chapter 9-A / Section 9-1201
11 §9-1201. General effectiveness of security agreement
Status: in_force

(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. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §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 . [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §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. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §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 [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §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. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 2-1526 — ME Code / Title 11 / Chapter 2-A / Section 2-1526
11 §2-1526. Lessor's stoppage of delivery in transit or otherwise
Status: in_force

(1). A lessor may stop delivery of goods in the possession of a carrier or other bailee if the lessor discovers the lessee to be insolvent and may stop delivery of carload, truckload, planeload or larger shipments of express or freight if the lessee repudiates or fails to make a payment due before delivery, whether for rent, security or otherwise under the lease contract, or for any other reason the lessor has a right to withhold or take possession of the goods. [PL 1991, c. 805, §4 (NEW).]

(2). In pursuing remedies under subsection (1) , the lessor may stop delivery until: (a). Receipt of the goods by the lessee; [PL 1991, c. 805, §4 (NEW).] (b). Acknowledgment to the lessee by any bailee of the goods, except a carrier, that the bailee holds the goods for the lessee; or [PL 1991, c. 805, §4 (NEW).] (c). Such an acknowledgment to the lessee by a carrier via reshipment or as a warehouse. [PL 2009, c. 324, Pt. B, §22 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).] [PL 2009, c. 324, Pt. B, §22 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).]

(3). To stop delivery, a lessor shall notify the bailee as to enable the bailee by reasonable diligence to prevent delivery of the goods. (a). After notification, the bailee shall hold and deliver the goods according to the directions of the lessor, but the lessor is liable to the bailee for any ensuing charges or damages. [PL 1991, c. 805, §4 (NEW).] (b). A carrier who has issued a nonnegotiable bill of lading is not obliged to obey a notification to stop received from a person other than the consignor. [PL 1991, c. 805, §4 (NEW).] [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 2-1501 — ME Code / Title 11 / Chapter 2-A / Section 2-1501
11 §2-1501. Default; procedure
Status: in_force

(1). Whether the lessor or the lessee is in default under a lease contract is determined by the lease agreement and this Article. [PL 1991, c. 805, §4 (NEW).]

(2). If the lessor or the lessee is in default under the lease contract, the party seeking enforcement has rights and remedies as provided in this Article and, except as limited by this Article, as provided in the lease agreement. [PL 1991, c. 805, §4 (NEW).]

(3). If the lessor or the lessee is in default under the lease contract, the party seeking enforcement may reduce the party's claim to judgment, or otherwise enforce the lease contract by self-help or any available judicial procedure or nonjudicial procedure, including administrative proceeding, arbitration or the like, in accordance with this Article. [PL 1991, c. 805, §4 (NEW).]

(4). Except as otherwise provided in section 1‑1305, subsection (1) , this Article or the lease agreement, the rights and remedies referred to in subsections (2) and (3) are cumulative. [PL 2009, c. 325, Pt. B, §9 (AMD); PL 2009, c. 325, Pt. B, §27 (AFF).]

(5). If the lease agreement covers both real property and goods, the party seeking enforcement may proceed under this Part as to the goods or under other applicable law as to both the real property and the goods in accordance with that party's rights and remedies in respect of the real property, in which case this Part does not apply. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 2-401 — ME Code / Title 11 / Chapter 2 / Section 2-401
11 §2-401. Passing of title; reservation for security; limited application of this section
Status: in_force

Each provision of this Article with regard to the rights, obligations and remedies of the seller, the buyer, purchasers or other third parties applies irrespective of title to the goods except where the provision refers to such title. In so far as situations are not covered by the other provisions of this Article and matters concerning title become material the following rules apply:

(1). Title to goods cannot pass under a contract for sale prior to their identification to the contract ( section 2‑501 ), and unless otherwise explicitly agreed the buyer acquires by their identification a special property as limited by this Title. Any retention or reservation by the seller of the title (property) in goods shipped or delivered to the buyer is limited in effect to a reservation of a security interest. Subject to these provisions and to the provisions of the Article on secured transactions (Article 9), title to goods passes from the seller to the buyer in any manner and on any conditions explicitly agreed on by the parties.

(2). Unless otherwise explicitly agreed, title passes to the buyer at the time and place at which the seller completes his performance with reference to the physical delivery of the goods, despite any reservation of a security interest and even though a document of title is to be delivered at a different time or place; and in particular despite any reservation of a security interest by the bill of lading (a). If the contract requires or authorizes the seller to send the goods to the buyer but does not require him to deliver them at destination, title passes to the buyer at the time and place of shipment; but (b). If the contract requires delivery at destination, title passes on tender there.

(3). Unless otherwise explicitly agreed where delivery is to be made without moving the goods (a). If the seller is to deliver a tangible document of title, title passes at the time when and the place where the seller delivers such documents and if the seller is to deliver an electronic document of title, title passes when the seller delivers the document; or [PL 2009, c. 324, Pt. B, §8 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).] (b). If the goods are at the time of contracting already identified and no documents of title are to be delivered, title passes at the time and place of contracting. [PL 2009, c. 324, Pt. B, §8 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).] [PL 2009, c. 324, Pt. B, §8 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).]

(4). A rejection or other refusal by the buyer to receive or retain the goods, whether or not justified, or a justified revocation of acceptance revests title to the goods in the seller. Such revesting occurs by operation of law and is not a "sale."
11 M.R.S. § 9-1318 — ME Code / Title 11 / Chapter 9-A / Section 9-1318
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
Status: in_force

(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. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §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. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 1-1204 — ME Code / Title 11 / Chapter 1-A / Section 1-1204
11 §1-1204. Value
Status: in_force

Except as otherwise provided in Articles 3‑A , 4 , 5‑A and 12 , a person gives value for rights if the person acquires them: [PL 2023, c. 669, Pt. A, §10 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(1). In return for a binding commitment to extend credit or for the extension of immediately available credit, whether or not drawn upon and whether or not a charge-back is provided for in the event of difficulties in collection; [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).]

(2). As security for, or in total or partial satisfaction of, a preexisting claim; [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).]

(3). By accepting delivery under a preexisting contract for purchase; or [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).]

(4). In return for any consideration sufficient to support a simple contract. [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).]
11 M.R.S. § 4-1403 — ME Code / Title 11 / Chapter 4-A / Section 4-1403
11 §4-1403. Payment by sender to receiving bank
Status: in_force

(1). Payment of the sender's obligation under section 4‑1402 to pay the receiving bank occurs as follows. (a). If the sender is a bank, payment occurs when the receiving bank receives final settlement of the obligation through a Federal Reserve Bank or through a funds transfer system. [PL 1991, c. 812, §2 (NEW).] (b). If the sender is a bank and the sender credited an account of the receiving bank with the sender or caused an account of the receiving bank in another bank to be credited, payment occurs when the credit is withdrawn or, if not withdrawn, at midnight of the day on which the credit is withdrawable and the receiving bank learns of that fact. [PL 1991, c. 812, §2 (NEW).] (c). If the receiving bank debits an account of the sender with the receiving bank, payment occurs when the debit is made to the extent the debit is covered by a withdrawable credit balance in the account. [PL 1991, c. 812, §2 (NEW).] [PL 1991, c. 812, §2 (NEW).]

(2). If the sender and receiving bank are members of a funds transfer system that nets obligations multilaterally among participants, the receiving bank receives final settlement when settlement is complete in accordance with the rules of the system. The obligation of the sender to pay the amount of a payment order transmitted through the funds transfer system may be satisfied, to the extent permitted by the rules of the system, by setting off and applying against the sender's obligation the right of the sender to receive payment from the receiving bank of the amount of any other payment order transmitted to the sender by the receiving bank through the funds transfer system. The aggregate balance of obligations owed by each sender to each receiving bank in the funds transfer system may be satisfied, to the extent permitted by the rules of the system, by setting off and applying against that balance the aggregate balance of obligations owed to the sender by other members of the system. The aggregate balance is determined after the right of setoff stated in this subsection has been exercised. [PL 1991, c. 812, §2 (NEW).]

(3). If 2 banks transmit payment orders to each other under an agreement that settlement of the obligations of each bank to the other under section 4‑1402 will be made at the end of the day or other period, the total amount owed with respect to all orders transmitted by one bank is set off against the total amount owed with respect to all orders transmitted by the other bank. To the extent of the setoff, each bank has made payment to the other. [PL 1991, c. 812, §2 (NEW).]

(4). In a case not covered by subsection (1) , the time when payment of the sender's obligation under section 4‑1402, subsection (2) or subsection (3) occurs is governed by applicable principles of law that determine when an obligation is satisfied. [PL 1991, c. 812, §2 (NEW).]
11 M.R.S. § 3-1416 — ME Code / Title 11 / Chapter 3-A / Section 3-1416
11 §3-1416. Transfer warranties
Status: in_force

(1). A person who transfers an instrument for consideration shall warrant to the transferee and, if the transfer is by indorsement, to any subsequent transferee that: (a). The warrantor is a person entitled to enforce the instrument; [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). All signatures on the instrument are authentic and authorized; [PL 1993, c. 293, Pt. A, §2 (NEW).] (c). The instrument has not been altered; [PL 1993, c. 293, Pt. A, §2 (NEW).] (d). The instrument is not subject to a defense or claim in recoupment of any party that may be asserted against the warrantor; [PL 2003, c. 594, §4 (AMD).] (e). The warrantor has no knowledge of any insolvency proceeding commenced with respect to the maker or acceptor or, in the case of an unaccepted draft, the drawer; and [PL 2003, c. 594, §4 (AMD).] (f). If the instrument is a demand draft, creation of the instrument according to the terms on its face was authorized by the person identified as the drawer. [PL 2003, c. 594, §5 (NEW).] [PL 2003, c. 594, §§4, 5 (AMD).]

(2). A person to whom the warranties under subsection (1) are made and who took the instrument in good faith may recover from the warrantor as damages for breach of warranty an amount equal to the loss suffered as a result of the breach, but not more than the amount of the instrument plus expenses and loss of interest incurred as a result of the breach. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). The warranties stated in subsection (1) may not be disclaimed with respect to checks. Unless notice of a claim for breach of warranty is given to the warrantor within 30 days after the claimant has reason to know of the breach and the identity of the warrantor, the liability of the warrantor under subsection (2) is discharged to the extent of any loss caused by the delay in giving notice of the claim. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(4). A cause of action for breach of warranty under this section accrues when the claimant has reason to know of the breach. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(5). If the warranty in subsection (1), paragraph (f) is not given by a transferor under applicable conflict of laws rules, then the warranty is not given to that transferor when that transferor is a transferee. [PL 2003, c. 594, §6 (NEW).]
11 M.R.S. § 9-1336 — ME Code / Title 11 / Chapter 9-A / Section 9-1336
11 §9-1336. Commingled goods
Status: in_force

(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. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §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. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(3). If collateral becomes commingled goods, a security interest attaches to the product or mass. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §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. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §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) . [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §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. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §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. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 2-1103 — ME Code / Title 11 / Chapter 2-A / Section 2-1103
11 §2-1103. Definitions
Status: in_force

(1). In this Article, unless the context otherwise requires, the following terms have the following meaning: (a). "Buyer in ordinary course of business" means a person who, in good faith and without knowledge that the sale to that person is in violation of the ownership rights or security interest or leasehold interest of a third party in the goods, buys in ordinary course from a person in the business of selling goods of that kind but does not include a pawnbroker. Buying may be for cash or by exchange of other property or on secured or unsecured credit and includes acquiring goods or documents of title under a preexisting contract for sale but does not include a transfer in bulk or as security for or in total or partial satisfaction of a money debt. [PL 2009, c. 324, Pt. B, §19 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).] (b). "Cancellation" occurs when either party puts an end to the lease contract for default by the other party. [PL 1991, c. 805, §4 (NEW).] (c). "Commercial unit" means such a unit of goods as by commercial usage is a single whole for purposes of lease and division of which materially impairs its character or value on the market or in use. A commercial unit may be a single article, as a machine, or a set of articles, as a suite of furniture or a line of machinery, or a quantity, as a gross or carload, or any other unit treated in use or in the relevant market as a single whole. [PL 1991, c. 805, §4 (NEW).] (d). "Conforming" goods or performance under a lease contract means goods or performance that are in accordance with the obligations under the lease contract. [PL 1991, c. 805, §4 (NEW).] (e). "Consumer lease" means a lease that a lessor regularly engaged in the business of leasing or selling makes to a lessee who is an individual and who takes under the lease primarily for a personal, family or household purpose, if the total payments to be made under the lease contract, excluding payments for options to renew or buy, do not exceed $25,000. [PL 1991, c. 805, §4 (NEW).] (f). "Fault" means wrongful act, omission, breach or default. [PL 1991, c. 805, §4 (NEW).] (g). "Finance lease" means a lease with respect to which: (i) The lessor does not select, manufacture or supply the goods; (ii) The lessor acquires the goods or the right to possession and use of the goods in connection with the lease; and (iii) One of the following occurs: (A) The lessee receives a copy of the contract by which the lessor acquired the goods or the right to possession and use of the goods before signing the lease contract; (B) The lessee's approval of the contract by which the lessor acquired the goods or the right to possession and use of the goods is a condition to effectiveness of the lease contract; (C) The lessee, before signing the lease contract, receives an accurate and complete statement designating the promises and warranties, and any disclaimers of warranties, limitations or modifications of remedies, or liquidated damages, including those of a third party, such as the manufacturer of the goods, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods; or (D) If the lease is not a consumer lease, the lessor, before the lessee signs the lease contract, informs the lessee in writing: of the identity of the person supplying the goods to the lessor, unless the lessee has selected that person and directed the lessor to acquire the goods or the right to possession and use of the goods from that person; that the lessee is entitled under this Article to the promises and warranties, including those of any third party, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods; and that the lessee may communicate with the person supplying the goods to the lessor and receive an accurate and complete statement of those promises and warranties, including any disclaimers and limitations of them or of remedies. [PL 1991, c. 805, §4 (NEW).] (h). "Goods" means all things that are movable at the time of identification to the lease contract including mobile homes, or are fixtures ( section 2‑1309 ), but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles or minerals or the like, including oil and gas, before extraction. The term also includes the unborn young of animals. [PL 1991, c. 805, §4 (NEW).] (h-1). "Hybrid lease" means a single transaction involving a lease of goods and: (i) The provision of services; (ii) A sale of other goods; or (iii) A sale, lease or license of property other than goods. [PL 2023, c. 669, Pt. A, §23 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (i). "Installment lease contract" means a lease contract that authorizes or requires the delivery of goods in separate lots to be separately accepted, even though the lease contract contains the clause, "each delivery is a separate lease," or its equivalent. [PL 1991, c. 805, §4 (NEW).] (j). "Lease" means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. Unless the context clearly indicates otherwise, the term includes a sublease. [PL 1991, c. 805, §4 (NEW).] (k). "Lease agreement" means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this Article. Unless the context clearly indicates otherwise, the term includes a sublease agreement. [PL 1991, c. 805, §4 (NEW).] (l). "Lease contract" means the total legal obligation that results from the lease agreement as affected by this Article and any other applicable rules of law. Unless the context clearly indicates otherwise, the term includes a sublease contract. [PL 1991, c. 805, §4 (NEW).] (m). "Leasehold interest" means the interest of the lessor or the lessee under a lease contract. [PL 1991, c. 805, §4 (NEW).] (n). "Lessee" means a person who acquires the right to possession and use of goods under a lease. Unless the context clearly indicates otherwise, the term includes a sublessee. [PL 1991, c. 805, §4 (NEW).] (o). "Lessee in ordinary course of business" means a person who, in good faith and without knowledge that the lease to that person is in violation of the ownership rights or security interest or leasehold interest of a third party in the goods, leases in ordinary course from a person in the business of selling or leasing goods of that kind but does not include a pawnbroker. "Leasing" may be for cash or by exchange of other property or on secured or unsecured credit and includes acquiring goods or documents of title under a preexisting lease contract but does not include a transfer in bulk or as security for or in total or partial satisfaction of a money debt. [PL 2009, c. 324, Pt. B, §20 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).] (p). "Lessor" means a person who transfers the right to possession and use of goods under a lease. Unless the context clearly indicates otherwise, the term includes a sublessor. [PL 1991, c. 805, §4 (NEW).] (q). "Lessor's residual interest" means the lessor's interest in the goods after expiration, termination or cancellation of the lease contract. [PL 1991, c. 805, §4 (NEW).] (r). "Lien" means a charge against or interest in goods to secure payment of a debt or performance of an obligation, but the term does not include a security interest. [PL 1991, c. 805, §4 (NEW).] (s). "Lot" means a parcel or a single article that is the subject matter of a separate lease or delivery, whether or not it is sufficient to perform the lease contract. [PL 1991, c. 805, §4 (NEW).] (t). "Merchant lessee" means a lessee that is a merchant with respect to goods of the kind subject to the lease. [PL 1991, c. 805, §4 (NEW).] (u). "Present value" means the amount as of a date certain of one or more sums payable in the future, discounted to the date certain. The discount is determined by the interest rate specified by the parties if the rate was not manifestly unreasonable at the time the transaction was entered into; otherwise, the discount is determined by a commercially reasonable rate that takes into account the facts and circumstances of each case at the time the transaction was entered into. [PL 1991, c. 805, §4 (NEW).] (v). "Purchase" includes taking by sale, lease, mortgage, security interest, pledge, gift or any other voluntary transaction creating an interest in goods. [PL 1991, c. 805, §4 (NEW).] (w). "Sublease" means a lease of goods the right to possession and use of which was acquired by the lessor as a lessee under an existing lease. [PL 1991, c. 805, §4 (NEW).] (x). "Supplier" means a person from whom a lessor buys or leases goods to be leased under a finance lease. [PL 1991, c. 805, §4 (NEW).] (y). "Supply contract" means a contract under which a lessor buys or leases goods to be leased. [PL 1991, c. 805, §4 (NEW).] (z). "Termination" occurs when either party pursuant to a power created by agreement or law puts an end to the lease contract otherwise than for default. [PL 1991, c. 805, §4 (NEW).] [PL 2009, c. 324, Pt. B, §§19, 20 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF); PL 2023, c. 669, Pt. A, §23 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). Other definitions applying to this Article and the sections in which they appear are: "Accessions." Section 2‑1310, subsection (1) . "Construction mortgage." Section 2‑1309, subsection (1), paragraph (d) . "Encumbrance." Section 2‑1309, subsection (1), paragraph (e) . "Fixtures." Section 2‑1309, subsection (1), paragraph (a) . "Fixture filing." Section 2‑1309, subsection (1), paragraph (b) . "Purchase money lease." Section 2‑1309, subsection (1), paragraph (c) . [PL 1991, c. 805, §4 (NEW).]

(3). The following definitions in other Articles apply to this Article: "Account." Section 9‑1102, subsection (2) . "Between merchants." Section 2‑104, subsection (3) . "Buyer." Section 2‑103, subsection (1), paragraph (a) . "Chattel paper." Section 9‑1102, subsection (11‑A) . "Consumer goods." Section 9‑1102, subsection (23) . "Document." Section 9‑1102, subsection (30) . "Entrusting." Section 2‑403, subsection (3) . "General intangible." Section 9‑1102, subsection (42) . "Instrument." Section 9‑1102, subsection (47) . "Merchant." Section 2‑104, subsection (1) . "Mortgage." Section 9‑1102, subsection (55) . "Pursuant to commitment." Section 9‑1102, subsection (60) . "Receipt." Section 2‑103, subsection (1), paragraph (c) . "Sale." Section 2‑106, subsection (1) . "Sale on approval." Section 2‑326. "Sale or return." Section 2‑326 . "Seller." Section 2‑103, subsection (1), paragraph (d) . [PL 2023, c. 669, Pt. A, §24 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(4). In addition, Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 3-1412 — ME Code / Title 11 / Chapter 3-A / Section 3-1412
11 §3-1412. Obligation of issuer of note or cashier's check
Status: in_force

The issuer of a note or cashier's check or other draft drawn on the drawer is obliged to pay the instrument: [PL 1993, c. 293, Pt. A, §2 (NEW).]

(1). According to its terms at the time it was issued or, if not issued, at the time it first came into possession of a holder; or [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). If the issuer signed an incomplete instrument, according to its terms when completed, to the extent stated in sections 3‑1115 and 3‑1407 . The obligation is owed to a person entitled to enforce the instrument or to an indorser who paid the instrument under section 3‑1415 . [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 4-101 — ME Code / Title 11 / Chapter 4 / Section 4-101
11 §4-101. Short title
Status: in_force

This Article may be cited as "Uniform Commercial Code -- Bank Deposits and Collections." [PL 1993, c. 293, Pt. B, §6 (AMD).]
11 M.R.S. § 8-1203 — ME Code / Title 11 / Chapter 8-A / Section 8-1203
11 §8-1203. Staleness as notice of defect or defense
Status: in_force

After an act or event, other than a call that has been revoked, creating a right to immediate performance of the principal obligation represented by a certificated security or setting a date on or after which the security is to be presented or surrendered for redemption or exchange, a purchaser is charged with notice of any defect in its issue or defense of the issuer, if the act or event: [PL 1997, c. 429, Pt. B, §2 (NEW).]

(1). Requires the payment of money, the delivery of a certificated security, the registration of transfer of an uncertificated security or any of them on presentation or surrender of the security certificate, the money or security is available on the date set for payment or exchange and the purchaser takes the security more than one year after that date; or [PL 1997, c. 429, Pt. B, §2 (NEW).]

(2). Is not covered by subsection (1) and the purchaser takes the security more than 2 years after the date set for surrender or presentation or the date on which performance became due. [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 2-202 — ME Code / Title 11 / Chapter 2 / Section 2-202
11 §2-202. Final expression: parol or extrinsic evidence
Status: in_force

Terms with respect to which the confirmatory memoranda of the parties agree or that are otherwise set forth in a record intended by the parties as a final expression of their agreement with respect to such terms as are included therein may not be contradicted by evidence of any prior agreement or of a contemporaneous oral agreement but may be explained or supplemented: [PL 2023, c. 669, Pt. A, §18 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(1). By course of performance, course of dealing or usage of trade ( section 1‑1303 ); and [PL 2009, c. 325, Pt. B, §5 (AMD); PL 2009, c. 325, Pt. B, §27 (AFF).]

(2). By evidence of consistent additional terms unless the court finds the record to have been intended also as a complete and exclusive statement of the terms of the agreement. [PL 2023, c. 669, Pt. A, §18 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 2-209 — ME Code / Title 11 / Chapter 2 / Section 2-209
11 §2-209. Modification, rescission and waiver
Status: in_force

(1). An agreement modifying a contract within this article needs no consideration to be binding.

(2). A signed agreement that excludes modification or rescission except by a signed writing or other signed record may not be otherwise modified or rescinded, but except as between merchants such a requirement on a form supplied by the merchant must be separately signed by the other party. [PL 2023, c. 669, Pt. A, §21 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). The requirements of the statute of frauds section of this Article ( section 2‑201 ) must be satisfied if the contract as modified is within its provisions.

(4). Although an attempt at modification or rescission does not satisfy the requirements of subsection (2) or (3) it can operate as a waiver.

(5). A party who has made a waiver affecting an executory portion of the contract may retract the waiver by reasonable notification received by the other party that strict performance will be required of any term waived, unless the retraction would be unjust in view of a material change of position in reliance on the waiver.
11 M.R.S. § 4-107 — ME Code / Title 11 / Chapter 4 / Section 4-107
11 §4-107. Time of receipt of items
Status: in_force

(1). For the purpose of allowing time to process items, prove balances and make the necessary entries on its books to determine its position for the day, a bank may fix an afternoon hour of 2 p.m. or later as a cutoff hour for the handling of money and items and the making of entries on its books. [PL 1979, c. 541, Pt. A, §106 (AMD).]

(2). An item or deposit of money received on any day after a cutoff hour so fixed or after the close of the banking day may be treated as being received at the opening of the next banking day. [PL 1993, c. 293, Pt. B, §13 (AMD).]
11 M.R.S. § 9-1506 — ME Code / Title 11 / Chapter 9-A / Section 9-1506
11 §9-1506. Effect of errors or omissions
Status: in_force

(1). A financing statement substantially satisfying the requirements of this part is effective, even if it has minor errors or omissions, unless the errors or omissions make the financing statement seriously misleading. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). Except as otherwise provided in subsection (3) , a financing statement that fails sufficiently to provide the name of the debtor in accordance with section 9‑1503, subsection (1) is seriously misleading. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(3). If a search of the records of the filing office under the debtor's correct name, using the filing office's standard search logic, if any, would disclose a financing statement that fails sufficiently to provide the name of the debtor in accordance with section 9‑1503, subsection (1) , the name provided does not make the financing statement seriously misleading. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(4). For purposes of section 9‑1508, subsection (2) , the "debtor's correct name" in subsection (3) means the correct name of the new debtor. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 2-1220 — ME Code / Title 11 / Chapter 2-A / Section 2-1220
11 §2-1220. Effect of default on risk of loss
Status: in_force

(1). When risk of loss is to pass to the lessee and the time of passage is not stated: (a). If a tender or delivery of goods so fails to conform to the lease contract as to give a right of rejection, the risk of their loss remains with the lessor, or, in the case of a finance lease, the supplier, until cure or acceptance; or [PL 1991, c. 805, §4 (NEW).] (b). If the lessee rightfully revokes acceptance, the lessee, to the extent of any deficiency in the lessee's effective insurance coverage, may treat the risk of loss as having remained with the lessor from the beginning. [PL 1991, c. 805, §4 (NEW).] [PL 1991, c. 805, §4 (NEW).]

(2). Whether or not risk of loss is to pass to the lessee, if the lessee as to conforming goods already identified to a lease contract repudiates or is otherwise in default under the lease contract, the lessor, or, in the case of a finance lease, the supplier, to the extent of any deficiency in effective insurance coverage may treat the risk of loss as resting on the lessee for a commercially reasonable time. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 7-1602 — ME Code / Title 11 / Chapter 7-A / Section 7-1602
11 §7-1602. Judicial process against goods covered by negotiable document of title
Status: in_force

Unless a document of title was originally issued upon delivery of the goods by a person that did not have power to dispose of them, a lien does not attach by virtue of any judicial process to goods in the possession of a bailee for which a negotiable document of title is outstanding unless possession or control of the document is first surrendered to the bailee or the document's negotiation is enjoined. The bailee may not be compelled to deliver the goods pursuant to process until possession or control of the document is surrendered to the bailee or to the court. A purchaser of the document for value without notice of the process or injunction takes free of the lien imposed by judicial process. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 5-1108 — ME Code / Title 11 / Chapter 5-A / Section 5-1108
11 §5-1108. Issuer's rights and obligations
Status: in_force

(1). Except as otherwise provided in section 5‑1109 , an issuer shall honor a presentation that, as determined by the standard practice referred to in subsection (5) , appears on its face strictly to comply with the terms and conditions of the letter of credit. Except as otherwise provided in section 5‑1113 and unless otherwise agreed with the applicant, an issuer shall dishonor a presentation that does not appear to comply. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(2). An issuer has a reasonable time after presentation, but not beyond the end of the 7th business day of the issuer after the day of its receipt of documents: (a). To honor; [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (b). To accept a draft or incur a deferred obligation, if the letter of credit provides for honor to be completed more than 7 business days after presentation; or [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (c). To give notice to the presenter of discrepancies in the presentation. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(3). Except as otherwise provided in subsection (4) , an issuer is precluded from asserting as a basis for dishonor any discrepancy if timely notice is not given, or any discrepancy not stated in the notice if timely notice is given. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(4). Failure to give the notice specified in subsection (2) or to mention fraud, forgery or expiration in the notice does not preclude the issuer from asserting as a basis for dishonor, fraud or forgery as described in section 5‑1109, subsection (1) or expiration of the letter of credit before presentation. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(5). An issuer shall observe standard practice of financial institutions that regularly issue letters of credit. Determination of the issuer's observance of the standard practice is a matter of interpretation for the court. The court shall offer the parties a reasonable opportunity to present evidence of the standard practice. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(6). An issuer is not responsible for: (a). The performance or nonperformance of the underlying contract, arrangement or transaction; [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (b). An act or omission of others; or [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (c). Observance or knowledge of the usage of a particular trade other than the standard practice referred to in subsection (5) . [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(7). If an undertaking constituting a letter of credit under section 5‑1102, subsection (1), paragraph (j) contains nondocumentary conditions, an issuer shall disregard the nondocumentary conditions and treat them as if they were not stated. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(8). An issuer that has dishonored a presentation shall return the documents or hold them at the disposal of, and send advice to that effect to, the presenter. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(9). An issuer that has honored a presentation as permitted or required by this Article: (a). Is entitled to be reimbursed by the applicant in immediately available funds not later than the date of its payment of funds; [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (b). Takes the documents free of claims of the beneficiary or presenter; [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (c). Is precluded from asserting a right of recourse on a draft under sections 3‑1414 and 3‑1415 ; [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (d). Except as otherwise provided in sections 5‑1110 and 5‑1117 , is precluded from restitution of money paid or other value given by mistake to the extent the mistake concerns discrepancies in the documents or tender that are apparent on the face of the presentation; and [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (e). Is discharged to the extent of its performance under the letter of credit unless the issuer honored a presentation in which a required signature of a beneficiary was forged. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]
11 M.R.S. § 2-1517 — ME Code / Title 11 / Chapter 2-A / Section 2-1517
11 §2-1517. Revocation of acceptance of goods
Status: in_force

(1). A lessee may revoke acceptance of a lot or commercial unit whose nonconformity substantially impairs its value to the lessee if the lessee has accepted it: (a). Except in the case of a finance lease, on the reasonable assumption that its nonconformity would be cured and it has not been seasonably cured; or [PL 1991, c. 805, §4 (NEW).] (b). Without discovery of the nonconformity if the lessee's acceptance was reasonably induced either by the lessor's assurances or, except in the case of a finance lease, by the difficulty of discovery before acceptance. [PL 1991, c. 805, §4 (NEW).] [PL 1991, c. 805, §4 (NEW).]

(2). Except in the case of a finance lease that is not a consumer lease, a lessee may revoke acceptance of a lot or commercial unit if the lessor defaults under the lease contract and the default substantially impairs the value of that lot or commercial unit to the lessee. [PL 1991, c. 805, §4 (NEW).]

(3). If the lease agreement so provides, the lessee may revoke acceptance of a lot or commercial unit because of other defaults by the lessor. [PL 1991, c. 805, §4 (NEW).]

(4). Revocation of acceptance must occur within a reasonable time after the lessee discovers or should have discovered the ground for it and before any substantial change in condition of the goods not caused by the nonconformity. Revocation is not effective until the lessee notifies the lessor. [PL 1991, c. 805, §4 (NEW).]

(5). A lessee who so revokes has the same rights and duties with regard to the goods involved as if the lessee had rejected them. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 3-1418 — ME Code / Title 11 / Chapter 3-A / Section 3-1418
11 §3-1418. Payment or acceptance by mistake
Status: in_force

(1). Except as provided in subsection (3) , the drawee may recover the amount of the draft from the person to whom or for whose benefit payment was made or, in the case of acceptance, may revoke the acceptance if the drawee of a draft pays or accepts the draft and the drawee acted on the mistaken belief that payment of the draft had not been stopped pursuant to section 4‑403 or the signature of the drawer of the draft was authorized. Rights of the drawee under this subsection are not affected by failure of the drawee to exercise ordinary care in paying or accepting the draft. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). Except as provided in subsection (3) , if an instrument has been paid or accepted by mistake and the case is not covered by subsection (1) , the person paying or accepting may, to the extent permitted by the law governing mistake and restitution: (a). Recover the payment from the person to whom or for whose benefit payment was made; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). In the case of acceptance, revoke the acceptance. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). The remedies provided by subsection (1) or (2) may not be asserted against a person who took the instrument in good faith and for value or who in good faith changed position in reliance on the payment or acceptance. This subsection does not limit remedies provided by section 3‑1417 or 4‑407 . [PL 1993, c. 293, Pt. A, §2 (NEW).]

(4). Notwithstanding section 4‑213 , if an instrument is paid or accepted by mistake and the payor or acceptor recovers payment or revokes acceptance under subsection (1) or (2) , the instrument is deemed not to have been paid or accepted and is treated as dishonored, and the person from whom payment is recovered has rights as a person entitled to enforce the dishonored instrument. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 9-1306 — ME Code / Title 11 / Chapter 9-A / Section 9-1306
11 §9-1306. Law governing perfection and priority of security interests in letter-of-credit rights
Status: in_force

(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. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §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. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(3). This section does not apply to a security interest that is perfected only under section 9‑1308, subsection (4) . [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 2-603 — ME Code / Title 11 / Chapter 2 / Section 2-603
11 §2-603. Merchant buyer's duties as to rightfully rejected goods
Status: in_force

(1). Subject to any security interest in the buyer ( section 2‑711, subsection (3) ), when the seller has no agent or place of business at the market of rejection a merchant buyer is under a duty after rejection of goods in his possession or control to follow any reasonable instructions received from the seller with respect to the goods, and in the absence of such instructions to make reasonable efforts to sell them for seller's account if they are perishable or threaten to decline in value speedily. Instructions are not reasonable if on demand indemnity for expenses is not forthcoming.

(2). When the buyer sells goods under subsection (1) , he is entitled to reimbursement from the seller or out of the proceeds for reasonable expenses of caring for and selling them, and if the expenses include no selling commission then to such commission as is usual in the trade or if there is none to a reasonable sum not exceeding 10% on the gross proceeds.

(3). In complying with this section the buyer is held only to good faith, and good faith conduct hereunder is neither acceptance nor conversion nor the basis of an action for damages.
11 M.R.S. § 8-1116 — ME Code / Title 11 / Chapter 8-A / Section 8-1116
11 §8-1116. Securities intermediary as purchaser for value
Status: in_force

A securities intermediary that receives a financial asset and establishes a security entitlement to the financial asset in favor of an entitlement holder is a purchaser for value of the financial asset. A securities intermediary that acquires a security entitlement to a financial asset from another securities intermediary acquires the security entitlement for value if the securities intermediary acquiring the security entitlement establishes a security entitlement to the financial asset in favor of an entitlement holder. [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 2-305 — ME Code / Title 11 / Chapter 2 / Section 2-305
11 §2-305. Open price term
Status: in_force

(1). The parties if they so intend can conclude a contract for sale even though the price is not settled. In such a case the price is a reasonable price at the time for delivery, if (a). Nothing is said as to price; or (b). The price is left to be agreed by the parties and they fail to agree; or (c). The price is to be fixed in terms of some agreed market or other standard as set or recorded by a third person or agency and it is not so set or recorded.

(2). A price to be fixed by the seller or by the buyer means a price for him to fix in good faith.

(3). When a price left to be fixed otherwise than by agreement of the parties fails to be fixed through fault of one party the other may at his option treat the contract as cancelled or himself fix a reasonable price.

(4). Where, however, the parties intend not to be bound unless the price be fixed or agreed and it is not fixed or agreed there is no contract. In such a case the buyer must return any goods already received or if unable so to do must pay their reasonable value at the time of delivery and the seller must return any portion of the price paid on account.
11 M.R.S. § 3-1116 — ME Code / Title 11 / Chapter 3-A / Section 3-1116
11 §3-1116. Joint and several liability; contribution
Status: in_force

(1). Except as otherwise provided in the instrument, 2 or more persons who have the same liability on an instrument as makers, drawers, acceptors, indorsers who indorse as joint payees or anomalous indorsers are jointly and severally liable in the capacity in which they sign. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). Except as provided in section 3‑1419, subsection (5) or by agreement of the affected parties, a party having joint and several liability who pays the instrument is entitled to receive from any party having the same joint and several liability contribution in accordance with applicable law. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). Discharge of one party having joint and several liability by a person entitled to enforce the instrument does not affect the right under subsection (2) of a party having the same joint and several liability to receive contribution from the party discharged. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 2-1504 — ME Code / Title 11 / Chapter 2-A / Section 2-1504
11 §2-1504. Liquidation of damages
Status: in_force

(1). Damages payable by either party for default or any other act or omission, including indemnity for loss or diminution of anticipated tax benefits or loss or damage to lessor's residual interest, may be liquidated in the lease agreement but only at an amount or by a formula that is reasonable in light of the then anticipated harm caused by the default or other act or omission. [PL 1991, c. 805, §4 (NEW).]

(2). If the lease agreement provides for liquidation of damages and that provision does not comply with subsection (1) , or that provision is an exclusive or limited remedy that circumstances cause to fail of its essential purpose, remedy may be had as provided in this Article. [PL 1991, c. 805, §4 (NEW).]

(3). If the lessor justifiably withholds or stops delivery of goods because of the lessee's default or insolvency ( section 2‑1525 or 2‑1526 ) the lessee is entitled to restitution of any amount by which the sum of the lessee's payments exceeds: (a). The amount to which the lessor is entitled by virtue of terms liquidating the lessor's damages in accordance with subsection (1) ; or [PL 1991, c. 805, §4 (NEW).] (b). In the absence of those terms, 20% of the then present value of the total rent the lessee was obligated to pay for the balance of the lease term, or, in the case of a consumer lease, the lesser of that amount or $500. [PL 1991, c. 805, §4 (NEW).] [PL 1991, c. 805, §4 (NEW).]

(4). A lessee's right to restitution under subsection (3) is subject to offset to the extent the lessor establishes: (a). A right to recover damages under the provisions of this Article other than subsection (1) ; and [PL 1991, c. 805, §4 (NEW).] (b). The amount or value of any benefits received by the lessee directly or indirectly by reason of the lease contract. [PL 1991, c. 805, §4 (NEW).] [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 2-503 — ME Code / Title 11 / Chapter 2 / Section 2-503
11 §2-503. Manner of seller's tender of delivery
Status: in_force

(1). Tender of delivery requires that the seller put and hold conforming goods at the buyer's disposition and give the buyer any notification reasonably necessary to enable him to take delivery. The manner, time and place for tender are determined by the agreement and this Article, and in particular (a). Tender must be at a reasonable hour, and if it is of goods they must be kept available for the period reasonably necessary to enable the buyer to take possession; but (b). Unless otherwise agreed the buyer must furnish facilities reasonably suited to the receipt of the goods.

(2). Where the case is within section 2‑504 respecting shipment, tender requires that the seller comply with its provisions.

(3). Where the seller is required to deliver at a particular destination tender requires that he comply with subsection (1) and also in any appropriate case tender documents as described in subsections (4) and (5) .

(4). Where goods are in the possession of a bailee and are to be delivered without being moved (a). Tender requires that the seller either tender a negotiable document of title covering such goods or procure acknowledgment by the bailee of the buyer's right to possession of the goods; but (b). Tender to the buyer of a nonnegotiable document of title or of a record directing the bailee to deliver is sufficient tender unless the buyer seasonably objects, and except as otherwise provided in Article 9‑A receipt by the bailee of notification of the buyer's rights fixes those rights as against the bailee and all third persons; but risk of loss of the goods and of any failure by the bailee to honor the nonnegotiable document of title or to obey the direction remains on the seller until the buyer has had a reasonable time to present the document or direction, and a refusal by the bailee to honor the document or to obey the direction defeats the tender. [PL 2009, c. 324, Pt. B, §10 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).] [PL 2009, c. 324, Pt. B, §10 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).]

(5). Where the contract requires the seller to deliver documents, (a). The seller must tender all such documents in correct form, except as provided in this Article with respect to bills of lading in a set ( section 2‑323, subsection (2) ); and [PL 2009, c. 324, Pt. B, §11 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).] (b). Tender through customary banking channels is sufficient and dishonor of a draft accompanying or associated with the documents constitutes nonacceptance or rejection. [PL 2009, c. 324, Pt. B, §11 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).] [PL 2009, c. 324, Pt. B, §11 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).]
11 M.R.S. § 9-1624 — ME Code / Title 11 / Chapter 9-A / Section 9-1624
11 §9-1624. Waiver
Status: in_force

(1). A debtor or secondary obligor may waive the right to notification of disposition of collateral under section 9‑1611 only by an agreement to that effect entered into and signed after default. [PL 2023, c. 669, Pt. A, §165 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). A debtor may waive the right to require disposition of collateral under section 9‑1620, subsection (5) only by an agreement to that effect entered into and signed after default. [PL 2023, c. 669, Pt. A, §165 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). Except in a consumer-goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under section 9‑1623 only by an agreement to that effect entered into and signed after default. [PL 2023, c. 669, Pt. A, §165 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 7-1702 — ME Code / Title 11 / Chapter 7-A / Section 7-1702
11 §7-1702. Applicability
Status: in_force

This Article applies to a document of title that is issued or a bailment that arises on or after the effective date of this Article. This Article does not apply to a document of title that is issued or a bailment that arises before the effective date of this Article even if the document of title or bailment would be subject to this Article if the document of title had been issued or bailment had arisen on or after the effective date of this Article. This Article does not apply to a right of action that has accrued before the effective date of this Article. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 8-1106 — ME Code / Title 11 / Chapter 8-A / Section 8-1106
11 §8-1106. Control
Status: in_force

(1). A purchaser has control of a certificated security in bearer form if the certificated security is delivered to the purchaser. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(2). A purchaser has control of a certificated security in registered form if the certificated security is delivered to the purchaser, and: (a). The certificate is indorsed to the purchaser or in blank by an effective indorsement; or [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). The certificate is registered in the name of the purchaser upon original issue or registration of transfer by the issuer. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]

(3). A purchaser has control of an uncertificated security if: (a). The uncertificated security is delivered to the purchaser; or [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). The issuer has agreed that it will comply with instructions originated by the purchaser without further consent by the registered owner. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]

(4). A purchaser has control of a security entitlement if: (a). The purchaser becomes the entitlement holder; [PL 1999, c. 699, Pt. B, §21 (AMD); PL 1999, c. 699, Pt. B, §28 (AFF).] (b). The securities intermediary has agreed that it will comply with entitlement orders originated by the purchaser without further consent by the entitlement holder; or [PL 1999, c. 699, Pt. B, §21 (AMD); PL 1999, c. 699, Pt. B, §28 (AFF).] (c). Another person, other than the transferor to the purchaser of an interest in the security entitlement: (i) Has control of the security entitlement and acknowledges that it has control on behalf of the purchaser; or (ii) Obtains control of the security entitlement after having acknowledged that it will obtain control of the security entitlement on behalf of the purchaser. [PL 2023, c. 669, Pt. A, §60 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §60 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(5). If an interest in a security entitlement is granted by the entitlement holder to the entitlement holder's own securities intermediary, the securities intermediary has control. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(6). A purchaser who has satisfied the requirements of subsection (3) or subsection (4) has control, even if the registered owner in the case of subsection (3) or the entitlement holder in the case of subsection (4) retains the right to make substitutions for the uncertificated security or security entitlement, to originate instructions or entitlement orders to the issuer or securities intermediary or otherwise to deal with the uncertificated security or security entitlement. [PL 1999, c. 699, Pt. B, §21 (AMD); PL 1999, c. 699, Pt. B, §28 (AFF).]

(7). An issuer or a securities intermediary may not enter into an agreement of the kind described in subsection (3), paragraph (b) or subsection (4), paragraph (b) without the consent of the registered owner or entitlement holder, but an issuer or a securities intermediary is not required to enter into such an agreement even though the registered owner or entitlement holder so directs. An issuer or securities intermediary that has entered into such an agreement is not required to confirm the existence of the agreement to another party unless requested to do so by the registered owner or entitlement holder. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(8). A person that has control under this section is not required to acknowledge that it has control on behalf of a purchaser. [PL 2023, c. 669, Pt. A, §61 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(9). If a person acknowledges that it has or will obtain control on behalf of a purchaser, unless the person otherwise agrees or law other than this Article or Article 9‑A otherwise provides, the person does not owe any duty to the purchaser and is not required to confirm the acknowledgment to any other person. [PL 2023, c. 669, Pt. A, §62 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 9-1108 — ME Code / Title 11 / Chapter 9-A / Section 9-1108
11 §9-1108. Sufficiency of description
Status: in_force

(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. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §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; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Category; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Except as otherwise provided in subsection (5) , a type of collateral defined in this Title; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). Quantity; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (e). Computational or allocational formula or procedure; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (f). Except as otherwise provided in subsection (3) , any other method, if the identity of the collateral is objectively determinable. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §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. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §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 [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The underlying financial asset or commodity contract. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §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 [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). In a consumer transaction, consumer goods, a security entitlement, a securities account or a commodity account. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 2-601 — ME Code / Title 11 / Chapter 2 / Section 2-601
11 §2-601. Buyer's rights on improper delivery
Status: in_force

Subject to the provisions of this Article on breach in installment contracts ( section 2‑612 ) and unless otherwise agreed under the sections on contractual limitation of remedy ( sections 2‑718 and 2‑719 ), if the goods or the tender of delivery fail in any respect to conform to the contract, the buyer may

(1). Reject the whole; or

(2). Accept the whole; or

(3). Accept any commercial unit or units and reject the rest.
11 M.R.S. § 8-1114 — ME Code / Title 11 / Chapter 8-A / Section 8-1114
11 §8-1114. Evidentiary rules concerning certificated securities
Status: in_force

(1). The following rules apply in an action on a certificated security against the issuer. (a). Unless specifically denied in the pleadings, each signature on a security certificate or in a necessary indorsement is admitted. [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). If the effectiveness of a signature is put in issue, the burden of establishing effectiveness is on the party claiming under the signature, but the signature is presumed to be genuine or authorized. [PL 1997, c. 429, Pt. B, §2 (NEW).] (c). If signatures on a security certificate are admitted or established, production of the certificate entitles a holder to recover on it unless the defendant establishes a defense or a defect going to the validity of the security. [PL 1997, c. 429, Pt. B, §2 (NEW).] (d). If it is shown that a defense or defect exists, the plaintiff has the burden of establishing that the plaintiff or some person under whom the plaintiff claims is a person against whom the defense or defect cannot be asserted. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 4-1503 — ME Code / Title 11 / Chapter 4-A / Section 4-1503
11 §4-1503. Injunction or restraining order with respect to funds transfer
Status: in_force

For proper cause and in compliance with applicable law, a court may restrain: [PL 1991, c. 812, §2 (NEW).]

(1). A person from issuing a payment order to initiate a funds transfer; [PL 1991, c. 812, §2 (NEW).]

(2). An originator's bank from executing the payment order of the originator; or [PL 1991, c. 812, §2 (NEW).]

(3). The beneficiary's bank from releasing funds to the beneficiary or the beneficiary from withdrawing those funds. [PL 1991, c. 812, §2 (NEW).]

A court may not otherwise restrain a person from issuing a payment order, paying or receiving payment of a payment order or otherwise acting with respect to a funds transfer. [PL 1991, c. 812, §2 (NEW).]
11 M.R.S. § 2-316 — ME Code / Title 11 / Chapter 2 / Section 2-316
11 §2-316. Exclusion or modification of warranties
Status: in_force

(1). Words or conduct relevant to the creation of an express warranty and words or conduct tending to negate or limit warranty shall be construed wherever reasonable as consistent with each other; but subject to the provisions of this Article on parol or extrinsic evidence ( section 2‑202 ) negation or limitation is inoperative to the extent that such construction is unreasonable.

(2). Subject to subsection (3) , to exclude or modify the implied warranty of merchantability or any part of it the language must mention merchantability and in case of a writing must be conspicuous, and to exclude or modify any implied warranty of fitness the exclusion must be by a writing and conspicuous. Language to exclude all implied warranties of fitness is sufficient if it states, for example, that "There are no warranties which extend beyond the description on the face hereof."

(3). Notwithstanding subsection (2) (a). Unless the circumstances indicate otherwise, all implied warranties are excluded by expressions like "as is", "with all faults" or other language which in common understanding calls the buyer's attention to the exclusion of warranties and makes plain that there is no implied warranty; and (b). When the buyer before entering into the contract has examined the goods or the sample or model as fully as he desired or has refused to examine the goods there is no implied warranty with regard to defects which an examination ought in the circumstances to have revealed to him; and (c). An implied warranty can also be excluded or modified by course of dealing or course of performance or usage of trade.

(4). Remedies for breach of warranty can be limited in accordance with the provisions of this Article on liquidation or limitation of damages and on contractual modification of remedy ( sections 2‑718 and 2‑719 ).

(5). The provisions of subsections (2) , (3) and (4) do not apply to sales of consumer goods or services. Any language, oral or written, used by a seller or manufacturer of consumer goods and services that attempts to exclude or modify any implied warranties of merchantability and fitness for a particular purpose or to exclude or modify the consumer's remedies for breach of those warranties is unenforceable. A seller or manufacturer of a motor vehicle may indicate that, to the extent permitted by law, the seller or manufacturer is excluding or modifying implied warranties. Any language, oral or written, used by a prior seller or manufacturer of consumer goods and services that attempts to exclude or modify the warranty or reimbursement remedy of a retail seller of consumer goods and services who provides reimbursement or return to a consumer as required to honor an implied warranty of merchantability due to a defect for which that prior seller or manufacturer is liable under section 2‑314 or 2‑315 is unenforceable. Consumer goods and services are those new or used goods and services, including mobile homes, that are used or bought primarily for personal, family or household purposes. (a). A violation of section 2‑314 , 2‑315 or 2‑316 arising from the retail sale of consumer goods and services constitutes a violation of Title 5, chapter 10 , Unfair Trade Practices Act. [PL 1997, c. 497, §1 (AMD).] (b). A violation of section 2‑316 arising from an attempt by a prior seller or manufacturer of consumer goods and services to exclude or modify the warranty or reimbursement remedy of a retail seller of consumer goods and services who provides reimbursement or return to a consumer as required to honor an implied warranty of merchantability due to a defect for which that prior seller or manufacturer is liable under section 2‑314 or 2‑315 does not constitute a violation of Title 5, chapter 10 , Unfair Trade Practices Act. [PL 1997, c. 497, §1 (NEW).] [PL 2011, c. 523, §1 (AMD).]
11 M.R.S. § 2-327 — ME Code / Title 11 / Chapter 2 / Section 2-327
11 §2-327. Special incidents of sale on approval and sale or return
Status: in_force

(1). Under a sale on approval unless otherwise agreed (a). Although the goods are identified to the contract the risk of loss and the title do not pass to the buyer until acceptance; and (b). Use of the goods consistent with the purpose of trial is not acceptance but failure seasonably to notify the seller of election to return the goods is acceptance, and if the goods conform to the contract, acceptance of any part is acceptance of the whole; and (c). After due notification of election to return, the return is at the seller's risk and expense, but a merchant buyer must follow any reasonable instructions.

(2). Under a sale or return unless otherwise agreed (a). The option to return extends to the whole or any commercial unit of the goods while in substantially their original condition, but must be exercised seasonably; and (b). The return is at the buyer's risk and expense.
11 M.R.S. § 9-1604 — ME Code / Title 11 / Chapter 9-A / Section 9-1604
11 §9-1604. Procedure if security agreement covers real property or fixtures
Status: in_force

(1). If a security agreement covers both personal and real property, a secured party may proceed: (a). Under this part as to the personal property without prejudicing any rights with respect to the real property; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). As to both the personal property and the real property in accordance with the rights with respect to the real property, in which case the other provisions of this part do not apply. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). Subject to subsection (3) , if a security agreement covers goods that are or become fixtures, a secured party may proceed: (a). Under this part; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). In accordance with the rights with respect to real property, in which case the other provisions of this part do not apply. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(3). Subject to the other provisions of this part, if a secured party holding a security interest in fixtures has priority over all owners and encumbrancers of the real property, the secured party, after default, may remove the collateral from the real property. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(4). A secured party that removes collateral shall promptly reimburse any encumbrancer or owner of the real property, other than the debtor, for the cost of repair of any physical injury caused by the removal. The secured party need not reimburse the encumbrancer or owner for any diminution in value of the real property caused by the absence of the goods removed or by any necessity of replacing them. 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. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 5-1101 — ME Code / Title 11 / Chapter 5-A / Section 5-1101
11 §5-1101. Short title
Status: in_force

This Article may be known and cited as the "Uniform Commercial Code -- Letters of Credit." [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]
11 M.R.S. § 4-1104 — ME Code / Title 11 / Chapter 4-A / Section 4-1104
11 §4-1104. Funds transfer; definitions
Status: in_force

In this Article:

(1). "Funds transfer" means the series of transactions, beginning with the originator's payment order, made for the purpose of making payment to the beneficiary of the order. The term includes any payment order issued by the originator's bank or an intermediary bank intended to carry out the originator's payment order. A funds transfer is completed by acceptance by the beneficiary's bank of a payment order for the benefit of the beneficiary of the originator's payment order; [PL 1991, c. 812, §2 (NEW).]

(2). "Intermediary bank" means a receiving bank other than the originator's bank or the beneficiary's bank; [PL 1991, c. 812, §2 (NEW).]

(3). "Originator" means the sender of the first payment order in a funds transfer; and [PL 1991, c. 812, §2 (NEW).]

(4). "Originator's bank" means: (a). The receiving bank to which the payment order of the originator is issued if the originator is not a bank; or [PL 1991, c. 812, §2 (NEW).] (b). The originator if the originator is a bank. [PL 1991, c. 812, §2 (NEW).] [PL 1991, c. 812, §2 (NEW).]
11 M.R.S. § 2-713 — ME Code / Title 11 / Chapter 2 / Section 2-713
11 §2-713. Buyer's damages for nondelivery or repudiation
Status: in_force

(1). Subject to the provisions of this Article with respect to proof of market price ( section 2‑723 ), the measure of damages for nondelivery or repudiation by the seller is the difference between the market price at the time when the buyer learned of the breach and the contract price together with any incidental and consequential damages provided in this Article ( section 2‑715 ), but less expenses saved in consequence of the seller's breach.

(2). Market price is to be determined as of the place for tender or, in cases of rejection after arrival or revocation of acceptance, as of the place of arrival.
11 M.R.S. § 8-1502 — ME Code / Title 11 / Chapter 8-A / Section 8-1502
11 §8-1502. Assertion of adverse claim against entitlement holder
Status: in_force

An action based on an adverse claim to a financial asset, whether framed in conversion, replevin, constructive trust, equitable lien or other theory, may not be asserted against a person who acquires a security entitlement under section 8‑1501 for value and without notice of the adverse claim. [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 3-1504 — ME Code / Title 11 / Chapter 3-A / Section 3-1504
11 §3-1504. Excused presentment and notice of dishonor
Status: in_force

(1). Presentment for payment or acceptance of an instrument is excused if: (a). The person entitled to present the instrument can not with reasonable diligence make presentment; [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). The maker or acceptor has repudiated an obligation to pay the instrument or is dead or in insolvency proceedings; [PL 1993, c. 293, Pt. A, §2 (NEW).] (c). By the terms of the instrument presentment is not necessary to enforce the obligation of indorsers or the drawer; [PL 1993, c. 293, Pt. A, §2 (NEW).] (d). The drawer or indorser whose obligation is being enforced has waived presentment or otherwise has no reason to expect or right to require that the instrument be paid or accepted; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (e). The drawer instructed the drawee not to pay or accept the draft or the drawee was not obligated to the drawer to pay the draft. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). Notice of dishonor is excused if: (a). By the terms of the instrument, notice of dishonor is not necessary to enforce the obligation of a party to pay the instrument; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). The party whose obligation is being enforced waived notice of dishonor. A waiver of presentment is also a waiver of notice of dishonor. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). Delay in giving notice of dishonor is excused if the delay was caused by circumstances beyond the control of the person giving the notice and the person giving the notice exercised reasonable diligence after the cause of the delay ceased to operate. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 2-207 — ME Code / Title 11 / Chapter 2 / Section 2-207
11 §2-207. Additional terms in acceptance or confirmation
Status: in_force

(1). A definite and seasonable expression of acceptance or a written confirmation which is sent within a reasonable time operates as an acceptance even though it states terms additional to or different from those offered or agreed upon, unless acceptance is expressly made conditional on assent to the additional or different terms.

(2). The additional terms are to be construed as proposals for addition to the contract. Between merchants such terms become part of the contract unless: (a). The offer expressly limits acceptance to the terms of the offer; (b). They materially alter it; or (c). Notification of objection to them has already been given or is given within a reasonable time after notice of them is received.

(3). Conduct by both parties which recognizes the existence of a contract is sufficient to establish a contract for sale although the writings of the parties do not otherwise establish a contract. In such case the terms of the particular contract consist of those terms on which the writings of the parties agree, together with any supplementary terms incorporated under any other provisions of this Title.
11 M.R.S. § 8-1505 — ME Code / Title 11 / Chapter 8-A / Section 8-1505
11 §8-1505. Duty of securities intermediary with respect to payments and distributions
Status: in_force

(1). A securities intermediary shall take action to obtain a payment or distribution made by the issuer of a financial asset. A securities intermediary satisfies the duty if: (a). The securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). In the absence of agreement, the securities intermediary exercises due care in accordance with reasonable commercial standards to attempt to obtain the payment or distribution. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]

(2). A securities intermediary is obligated to its entitlement holder for a payment or distribution made by the issuer of a financial asset if the payment or distribution is received by the securities intermediary. [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 8-1101 — ME Code / Title 11 / Chapter 8-A / Section 8-1101
11 §8-1101. Short title
Status: in_force

This Article may be known and cited as the "Uniform Commercial Code - Investment Securities." [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 8-1507 — ME Code / Title 11 / Chapter 8-A / Section 8-1507
11 §8-1507. Duty of securities intermediary to comply with entitlement order
Status: in_force

(1). A securities intermediary shall comply with an entitlement order if the entitlement order is originated by the appropriate person, the securities intermediary has had reasonable opportunity to assure itself that the entitlement order is genuine and authorized and the securities intermediary has had reasonable opportunity to comply with the entitlement order. A securities intermediary satisfies the duty if: (a). The securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). In the absence of agreement, the securities intermediary exercises due care in accordance with reasonable commercial standards to comply with the entitlement order. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]

(2). If a securities intermediary transfers a financial asset pursuant to an ineffective entitlement order, the securities intermediary shall reestablish a security entitlement in favor of the person entitled to it and pay or credit any payments or distributions that the person did not receive as a result of the wrongful transfer. If the securities intermediary does not reestablish a security entitlement, the securities intermediary is liable to the entitlement holder for damages. [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 9-1339 — ME Code / Title 11 / Chapter 9-A / Section 9-1339
11 §9-1339. Priority subject to subordination
Status: in_force

This Article does not preclude subordination by agreement by a person entitled to priority. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 2-313 — ME Code / Title 11 / Chapter 2 / Section 2-313
11 §2-313. Express warranties by affirmation, promise, description, sample
Status: in_force

(1). Express warranties by the seller are created as follows: (a). Any affirmation of fact or promise made by the seller to the buyer which relates to the goods and becomes part of the basis of the bargain creates an express warranty that the goods shall conform to the affirmation or promise. (b). Any description of the goods which is made part of the basis of the bargain creates an express warranty that the goods shall conform to the description. In the case of consumer goods sold by a merchant with respect to such goods, the description affirms that the goods are fit for the ordinary purposes for which such goods are used. [PL 1973, c. 762, §9 (AMD).] (c). Any sample or model which is made part of the basis of the bargain creates an express warranty that the goods shall conform to the sample or model. [PL 1973, c. 762, §9 (AMD).] [PL 1973, c. 762, §9 (AMD).]

(2). It is not necessary to the creation of an express warranty that the seller use formal words such as "warrant" or "guarantee" or that he have a specific intention to make a warranty, but an affirmation merely of the value of the goods or a statement purporting to be merely the seller's opinion or commendation of the goods does not create a warranty.
11 M.R.S. § 9-1101 — ME Code / Title 11 / Chapter 9-A / Section 9-1101
11 §9-1101. Short title
Status: in_force

This Article may be cited as "Uniform Commercial Code-Secured Transactions." [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 2-1107 — ME Code / Title 11 / Chapter 2-A / Section 2-1107
11 §2-1107. Waiver or renunciation of claim or right after default
Status: in_force

Any claim or right arising out of an alleged default or breach of warranty may be discharged in whole or in part without consideration by a waiver or renunciation in a signed record delivered by the aggrieved party. [PL 2023, c. 669, Pt. A, §25 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 9-1606 — ME Code / Title 11 / Chapter 9-A / Section 9-1606
11 §9-1606. Time of default for agricultural lien
Status: in_force

For purposes of this part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]