11 M.R.S. § 9-1102 — ME Code / Title 11 / Chapter 9-A / Section 9-1102
11 §9-1102. Definitions and index of definitions
Status: in_force

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

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

(2). "Account," except as used in "account for," "account statement," "account to," "commodity account" in subsection (14) , "customer's account," "deposit account" in subsection (29) , "on account of" and "statement of account," means a right to payment of a monetary obligation, whether or not earned by performance: (a). For property that has been or is to be sold, leased, licensed, assigned or otherwise disposed of; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). For services rendered or to be rendered; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). For a policy of insurance issued or to be issued; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). For a secondary obligation incurred or to be incurred; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (e). For energy provided or to be provided; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (f). For the use or hire of a vessel under a charter or other contract; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (g). Arising out of the use of a credit or charge card or information contained on or for use with the card; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (h). As winnings in a lottery or other game of chance operated or sponsored by a state, governmental unit of a state or person licensed or authorized to operate the game by a state or governmental unit of a state. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] "Account" includes controllable accounts and health-care-insurance receivables. "Account" does not include: chattel paper; commercial tort claims; deposit accounts; investment property; letter-of-credit rights or letters of credit; rights to payment for money or funds advanced or sold, other than rights arising out of the use of a credit or charge card or information contained on or for use with the card; or rights to payment evidenced by an instrument. [PL 2023, c. 669, Pt. A, §65 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). "Account debtor" means a person obligated on an account, chattel paper or general intangible. "Account debtor" does not include persons obligated to pay a negotiable instrument, even if the negotiable instrument evidences chattel paper. [PL 2023, c. 669, Pt. A, §66 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(4). "Accounting," except as used in "accounting for," means a record: (a). Signed by a secured party; [PL 2023, c. 669, Pt. A, §67 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). Indicating the aggregate unpaid secured obligations as of a date not more than 35 days earlier or 35 days later than the date of the record; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Identifying the components of the obligations in reasonable detail. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 2023, c. 669, Pt. A, §67 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(5). "Agricultural lien" means an interest, other than a security interest, in farm products: (a). That secures payment or performance of an obligation for: (i) Goods or services furnished in connection with a debtor's farming operation; or (ii) Rent on real property leased by a debtor in connection with its farming operation; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). That is created by statute in favor of a person that: (i) In the ordinary course of its business furnished goods or services to a debtor in connection with a debtor's farming operation; or (ii) Leased real property to a debtor in connection with the debtor's farming operation; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Whose effectiveness does not depend on the person's possession of the personal property. [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). "As-extracted collateral" means: (a). Oil, gas or other minerals that are subject to a security interest that: (i) Is created by a debtor having an interest in the minerals before extraction; and (ii) Attaches to the minerals as extracted; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Accounts arising out of the sale at the wellhead or minehead of oil, gas or other minerals in which the debtor had an interest before extraction. [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). [PL 2023, c. 669, Pt. A, §68 (RP); PL 2023, c. 669, Pt. E, §1 (AFF).]

(7-A). "Assignee," except as used in "assignee for benefit of creditors," means a person: (a). In whose favor a security interest that secures an obligation is created or provided for under a security agreement, whether or not the obligation is outstanding; or [PL 2023, c. 669, Pt. A, §69 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). To which an account, chattel paper, payment intangible or promissory note has been sold. "Assignee" includes a person to which a security interest has been transferred by a secured party. [PL 2023, c. 669, Pt. A, §69 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §69 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(7-B). "Assignor" means a person that: (a). Under a security agreement creates or provides for a security interest that secures an obligation; or [PL 2023, c. 669, Pt. A, §70 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). Sells an account, chattel paper, payment intangible or promissory note. [PL 2023, c. 669, Pt. A, §70 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] "Assignor" includes a secured party that has transferred a security interest to another person. [PL 2023, c. 669, Pt. A, §70 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §70 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

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

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

(10). "Certificate of title" means a certificate of title with respect to which a statute provides for the security interest in question to be indicated on the certificate as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the collateral. "Certificate of title" includes another record maintained as an alternative to a certificate of title by the governmental unit that issues certificate of title if a statute permits the security interest in question to be indicated on the record as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the collateral. [PL 2013, c. 317, Pt. A, §2 (AMD).]

(11). [PL 2023, c. 669, Pt. A, §71 (RP); PL 2023, c. 669, Pt. E, §1 (AFF).]

(11-A). "Chattel paper" means: (a). A right to payment of a monetary obligation secured by specific goods, if the right to payment and security agreement are evidenced by a record; or [PL 2023, c. 669, Pt. A, §72 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). A right to payment of a monetary obligation owed by a lessee under a lease agreement with respect to specific goods, and a monetary obligation owed by the lessee in connection with the transaction giving rise to the lease, if: (i) The right to payment and lease agreement are evidenced by a record; and (ii) The predominant purpose of the transaction giving rise to the lease was to give the lessee the right to possession and use of the goods. [PL 2023, c. 669, Pt. A, §72 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] "Chattel paper" does not include a right to payment arising out of a charter or other contract involving the use or hire of a vessel or a right to payment arising out of the use of a credit or charge card or information contained on or for use with the card. [PL 2023, c. 669, Pt. A, §72 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(12). "Collateral" means the property subject to a security interest or agricultural lien. "Collateral" includes: (a). Proceeds to which a security interest attaches; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Accounts, chattel paper, payment intangibles and promissory notes that have been sold; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Goods that are the subject of a consignment. [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).]

(13). "Commercial tort claim" means a claim arising in tort with respect to which: (a). The claimant is an organization; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The claimant is an individual and the claim: (i) Arose in the course of the claimant's business or profession; and (ii) Does not include damages arising out of personal injury to or the death of an individual. [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).]

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

(15). "Commodity contract" means a commodity futures contract, an option on a commodity futures contract, a commodity option or another contract if the contract or option is: (a). Traded on or subject to the rules of a board of trade that has been designated as a contract market for such a contract pursuant to federal commodities laws; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Traded on a foreign commodity board of trade, exchange or market and is carried on the books of a commodity intermediary for a commodity customer. [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).]

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

(17). "Commodity intermediary" means a person that: (a). Is registered as a futures commission merchant under federal commodities law; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). In the ordinary course of its business provides clearance or settlement services for a board of trade that has been designated as a contract market pursuant to federal commodities law. [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).]

(18). "Communicate" means: (a). To send a written or other tangible record; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). To transmit a record by any means agreed upon by the persons sending and receiving the record; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). In the case of transmission of a record to or by a filing office, to transmit a record by any means prescribed by filing-office rule. [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).]

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

(20). "Consignment" means a transaction, regardless of its form, in which a person delivers goods to a merchant for the purpose of sale and: (a). The merchant: (i) Deals in goods of that kind under a name other than the name of the person making delivery; (ii) Is not an auctioneer; and (iii) Is not generally known by its creditors to be substantially engaged in selling the goods of others; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). With respect to each delivery, the aggregate value of the goods is $1,000 or more at the time of delivery; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). The goods are not consumer goods immediately before delivery; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). The transaction does not create a security interest that secures an 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).]

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

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

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

(24). "Consumer-goods transaction" means a consumer transaction in which: (a). An individual incurs an obligation primarily for personal, family or household purposes; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). A security interest in consumer goods secures the 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).]

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

(26). "Consumer transaction" means a transaction in which: (a). An individual incurs an obligation primarily for personal, family or household purposes; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). A security interest secures the obligation; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). The collateral is held or acquired primarily for personal, family or household purposes. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] "Consumer transaction" includes consumer-goods transactions. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(27). "Continuation statement" means an amendment of a financing statement that: (a). Identifies by its file number the initial financing statement to which it relates; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Indicates that it is a continuation statement for, or that it is filed to continue the effectiveness of, the identified financing statement. [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).]

(27-A). "Controllable account" means an account evidenced by a controllable electronic record that provides that the account debtor undertakes to pay the person that has control under section 12‑105 of the controllable electronic record. [PL 2023, c. 669, Pt. A, §73 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(27-B). "Controllable payment intangible" means a payment intangible evidenced by a controllable electronic record that provides that the account debtor undertakes to pay the person that has control under section 12‑105 of the controllable electronic record. [PL 2023, c. 669, Pt. A, §74 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(28). "Debtor" means: (a). A person having an interest, other than a security interest or other lien, in the collateral, whether or not the person is an obligor; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). A seller of accounts, chattel paper, payment intangibles or promissory notes; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). A consignee. [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).]

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

(30). "Document" means a document of title or a receipt of the type described in section 7‑1201, subsection (2) . [PL 2009, c. 324, Pt. B, §27 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).]

(31). [PL 2023, c. 669, Pt. A, §75 (RP); PL 2023, c. 669, Pt. E, §1 (AFF).]

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

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

(34). "Farm products" means goods, other than standing timber, with respect to which the debtor is engaged in a farming operation and that are: (a). Crops grown, growing or to be grown, including: (i) Crops produced on trees, vines and bushes; and (ii) Aquatic goods produced in aquacultural operations; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Livestock, born or unborn, including aquatic goods produced in aquacultural operations; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Supplies used or produced in a farming operation; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). Products of crops or livestock in their unmanufactured states. [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).]

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

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

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

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

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

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

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

(42). "General intangible" means any personal property, including things in action, other than accounts, chattel paper, commercial tort claims, deposit accounts, documents, goods, instruments, investment property, letter-of-credit rights, letters of credit, money and oil, gas or other minerals before extraction. "General intangible" includes controllable electronic records, payment intangibles and software. [PL 2023, c. 669, Pt. A, §76 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(43). [PL 2009, c. 325, Pt. B, §25 (RP); PL 2009, c. 325, Pt. B, §27 (AFF).]

(44). "Goods" means all things that are movable when a security interest attaches. "Goods" includes: (a). Fixtures; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Standing timber that is to be cut and removed under a conveyance or contract for sale; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). The unborn young of animals; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). Crops grown, growing or to be grown, even if the crops are produced on trees, vines or bushes; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (e). Manufactured homes. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] "Goods" also includes a computer program embedded in goods and any supporting information provided in connection with a transaction relating to the program if the program is associated with the goods in such a manner that it customarily is considered part of the goods; or by becoming the owner of the goods, a person acquires a right to use the program in connection with the goods. "Goods" does not include a computer program embedded in goods that consist solely of the medium in which the program is embedded. "Goods" also does not include accounts, chattel paper, commercial tort claims, deposit accounts, documents, general intangibles, instruments, investment property, letter-of-credit rights, letters of credit, money, or oil, gas or other minerals before extraction. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

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

(46). "Health-care-insurance receivable" means an interest in or claim under a policy of insurance that is a right to payment of a monetary obligation for health-care goods or services provided or to be provided. [PL 2013, c. 317, Pt. A, §3 (AMD).]

(47). "Instrument" means a negotiable instrument or any other writing that evidences a right to the payment of a monetary obligation, is not itself a security agreement or lease and is of a type that in the ordinary course of business is transferred by delivery with any necessary indorsement or assignment. "Instrument" does not include: (a). Investment property; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Letters of credit; [PL 2023, c. 669, Pt. A, §77 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] (c). Writings that evidence a right to payment arising out of the use of a credit or charge card or information contained on or for use with the card; or [PL 2023, c. 669, Pt. A, §77 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] (d). Writings that evidence chattel paper. [PL 2023, c. 669, Pt. A, §77 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §77 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(48). "Inventory" means goods, other than farm products, that: (a). Are leased by a person as lessor; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Are held by a person for sale or lease or to be furnished under a contract of service; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Are furnished by a person under a contract of service; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). Consist of raw materials, work in process or materials used or consumed in a business. [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).]

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

(50). "Jurisdiction of organization," with respect to a registered organization, means the jurisdiction under whose law the organization is formed or organized. [PL 2013, c. 317, Pt. A, §4 (AMD).]

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

(52). "Lien creditor" means: (a). A creditor that has acquired a lien on the property involved by attachment, levy or the like; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). An assignee for benefit of creditors from the time of assignment; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). A trustee in bankruptcy from the date of the filing of the petition; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). A receiver in equity from the time of appointment. [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).]

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

(54). "Manufactured-home transaction" means a secured transaction: (a). That creates a purchase-money security interest in a manufactured home, other than a manufactured home held as inventory; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). In which a manufactured home, other than a manufactured home held as inventory, is the primary 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).]

(54-A). "Money" has the same meaning as in section 1‑1201, subsection (24) , but does not include a deposit account. [PL 2023, c. 669, Pt. A, §78 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

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

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

(57). "New value" means: (a). Money; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Money's worth in property, services or new credit; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Release by a transferee of an interest in property previously transferred to the transferee. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] "New value" does not include an obligation substituted for another obligation. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

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

(59). "Obligor" means a person that, with respect to an obligation secured by a security interest in or an agricultural lien on the collateral: (a). Owes payment or other performance of the obligation; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Has provided property other than the collateral to secure payment or other performance of the obligation; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Is otherwise accountable in whole or in part for payment or other performance of the obligation. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] "Obligor" does not include issuers or nominated persons under a letter of credit. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

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

(61). "Payment intangible" means a general intangible under which the account debtor's principal obligation is a monetary obligation. "Payment intangible" includes a controllable payment intangible. [PL 2023, c. 669, Pt. A, §79 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(62). "Person related to," with respect to an individual, means: (a). The spouse of the individual; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). A brother, brother-in-law, sister or sister-in-law of the individual; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). An ancestor or lineal descendant of the individual or of the individual's spouse; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). Any other relative, by blood or marriage, of the individual or the individual's spouse who shares the same home with the individual. [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).]

(63). "Person related to," with respect to an organization, means: (a). A person directly or indirectly controlling, controlled by or under common control with the organization; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). An officer or director of, or a person performing similar functions with respect to, the organization; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). An officer or director of, or a person performing similar functions with respect to, a person described in paragraph (a) ; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). The spouse of an individual described in paragraph (a) , (b) or (c) ; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (e). An individual who is related by blood or marriage to an individual described in paragraph (a) , (b) , (c) or (d) and shares the same home with the individual. [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).]

(64). "Proceeds" means the following property: (a). Whatever is acquired upon the sale, lease, license, exchange or other disposition of collateral; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Whatever is collected on or distributed on account of collateral; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Rights arising out of collateral; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). To the extent of the value of collateral, claims arising out of the loss, nonconformity or interference with the use of, defects or infringement of rights in or damage to the collateral; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (e). To the extent of the value of collateral and to the extent payable to the debtor or the secured party, insurance payable by reason of the loss or nonconformity of, defects or infringement of rights in or damage to the collateral. [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).]

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

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

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

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

(66). "Proposal" means a record signed by a secured party that includes the terms on which the secured party is willing to accept collateral in full or partial satisfaction of the obligation it secures pursuant to sections 9‑1620 , 9‑1621 and 9‑1622 . [PL 2023, c. 669, Pt. A, §80 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(67). "Public-finance transaction" means a secured transaction in connection with which: (a). Debt securities are issued; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). All or a portion of the securities issued have an initial stated maturity of at least 20 years; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). The debtor, obligor, secured party, account debtor or other person obligated on collateral, the assignor or assignee of a secured obligation or the assignor or assignee of a security interest is a state or a governmental unit of a state. [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).]

(67-A). "Public organic record" means a record that is available to the public for inspection and is: (a). A record consisting of the record initially filed with or issued by a state or the United States to form or organize an organization and any record filed with or issued by the state or the United States that amends or restates the initial record; [PL 2013, c. 317, Pt. A, §5 (NEW).] (b). An organic record of a business trust consisting of the record initially filed with a state and any record filed with the state that amends or restates the initial record, if a statute of the state governing business trusts requires that the record be filed with the state; or [PL 2013, c. 317, Pt. A, §5 (NEW).] (c). A record consisting of legislation enacted by the legislature of a state or the Congress of the United States that forms or organizes an organization, any record amending the legislation and any record filed with or issued by the state or the United States that amends or restates the name of the organization. [PL 2013, c. 317, Pt. A, §5 (NEW).] [PL 2013, c. 317, Pt. A, §5 (NEW).]

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

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

(70). "Registered organization" means an organization formed or organized solely under the law of a single state or of the United States by the filing of a public organic record with, the issuance of a public organic record by or the enactment of legislation by the state or the United States. "Registered organization" includes a business trust that is formed or organized under the law of a single state if a statute of the state governing business trusts requires that the business trust's organic record be filed with the state. [PL 2013, c. 317, Pt. A, §6 (AMD).]

(71). "Secondary obligor" means an obligor to the extent that: (a). The obligor's obligation is secondary; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The obligor has a right of recourse with respect to an obligation secured by collateral against the debtor, another obligor or property of either. [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).]

(72). "Secured party" means: (a). A person in whose favor a security interest is created or provided for under a security agreement, whether or not any obligation to be secured is outstanding; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). A person that holds an agricultural lien; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). A consignor; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). A person to which accounts, chattel paper, payment intangibles or promissory notes have been sold; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (e). A trustee, indenture trustee, agent, collateral agent or other representative in whose favor a security interest or agricultural lien is created or provided for; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (f). A person that holds a security interest arising under section 2‑401 , 2‑505 , 2‑711, subsection (3) , 2‑1508, subsection (5) , 4‑210 , or 5-118. [PL 2013, c. 317, Pt. A, §7 (AMD).] [PL 2013, c. 317, Pt. A, §7 (AMD).]

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

(74). [PL 2023, c. 669, Pt. A, §81 (RP); PL 2023, c. 669, Pt. E, §1 (AFF).]

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

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

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

(78). [PL 2023, c. 669, Pt. A, §82 (RP); PL 2023, c. 669, Pt. E, §1 (AFF).]

(79). "Termination statement" means an amendment of a financing statement that: (a). Identifies, by its file number, the initial financing statement to which it relates; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Indicates either that it is a termination statement or that the identified financing statement is no longer effective. [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).]

(80). "Transmitting utility" means a person primarily engaged in the business of: (a). Operating a railroad, subway, street railway or trolley bus; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Transmitting communications electrically, electromagnetically or by light; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Transmitting goods by pipeline or sewer; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). Transmitting or producing and transmitting electricity, steam, gas or water. "Control" as provided in section 7‑1106 and the following definitions in other Articles apply to this Article: "Applicant" Section 5‑1102. "Beneficiary" Section 5‑1102. "Broker" Section 8‑1102. "Certificated security" Section 8‑1102. "Check" Section 3‑1104. "Clearing corporation" Section 8‑1102. "Contract for sale" Section 2‑106. "Controllable electronic record" Section 12‑102. "Customer" Section 4‑104 . "Entitlement holder" Section 8‑1102. "Financial asset" Section 8‑1102. "Holder in due course" Section 3‑1302 . "Issuer" (with respect to a letter of credit or letter-of-credit right) Section 5‑1102. "Issuer" (with respect to a security) Section 8‑1201 . "Issuer" (with respect to documents of title) Section 7‑1102 . "Lease" Section 2‑1103. "Lease agreement" Section 2‑1103. "Lease contract" Section 2‑1103. "Leasehold interest" Section 2‑1103. "Lessee" Section 2‑1103. "Lessee in ordinary course of business" Section 2‑1103. "Lessor" Section 2‑1103. "Lessor's residual interest" Section 2‑1103 . "Letter of credit" Section 5‑1102. "Merchant" Section 2‑104 . "Negotiable instrument" Section 3‑1104. "Nominated person" Section 5‑1102 . "Note" Section 3‑1104 . "Proceeds of a letter of credit" Section 5-1114. "Protected purchaser" Section 8‑1303 . "Prove" Section 3‑1103 . "Qualifying purchaser" Section 12‑102 . "Sale" Section 2‑106 . "Securities account" Section 8‑1501 . "Securities intermediary" Section 8‑1102. "Security" Section 8‑1102. "Security certificate" Section 8‑1102. "Security entitlement" Section 8‑1102. "Uncertificated security" Section 8‑1102 . [PL 2025, c. 390, Pt. A, §25 (AMD); PL 2025, c. 390, Pt. A, §26 (AFF).] [PL 2025, c. 390, Pt. A, §25 (AMD); PL 2025, c. 390, Pt. A, §26 (AFF).]

Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 9-1303 — ME Code / Title 11 / Chapter 9-A / Section 9-1303
11 §9-1303. Law governing perfection and priority of security interests in goods covered by certificate of title
Status: in_force

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

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

(3). The local law of the jurisdiction under whose certificate of title the goods are covered governs perfection, the effect of perfection or nonperfection and the priority of a security interest in goods covered by a certificate of title from the time the goods become covered by the certificate of title until the goods cease to be covered by the certificate of title. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 3-1308 — ME Code / Title 11 / Chapter 3-A / Section 3-1308
11 §3-1308. Proof of signatures and status as holder in due course
Status: in_force

(1). In an action with respect to an instrument, the authenticity of, and authority to make, each signature on the instrument is admitted unless specifically denied in the pleadings. If the validity of a signature is denied in the pleadings, the burden of establishing validity is on the person claiming validity, but the signature is presumed to be authentic and authorized unless the action is to enforce the liability of the purported signer and the signer is dead or incompetent at the time of trial of the issue of validity of the signature. If an action to enforce the instrument is brought against a person as the undisclosed principal of a person who signed the instrument as a party to the instrument, the plaintiff has the burden of establishing that the defendant is liable on the instrument as a represented person under section 3‑1402, subsection (1) . [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). If the validity of signatures is admitted or proved and there is compliance with subsection (1) , a plaintiff producing the instrument is entitled to payment if the plaintiff proves entitlement to enforce the instrument under section 3‑1301 , unless the defendant proves a defense or claim in recoupment. If a defense or claim in recoupment is proved, the right to payment of the plaintiff is subject to the defense or claim, except to the extent the plaintiff proves that the plaintiff has rights of a holder in due course which are not subject to the defense or claim. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 2-610 — ME Code / Title 11 / Chapter 2 / Section 2-610
11 §2-610. Anticipatory repudiation
Status: in_force

When either party repudiates the contract with respect to a performance not yet due the loss of which will substantially impair the value of the contract to the other, the aggrieved party may

(1). For a commercially reasonable time await performance by the repudiating party; or

(2). Resort to any remedy for breach ( section 2‑703 or section 2‑711 ), even though he has notified the repudiating party that he would await the latter's performance and has urged retraction; and

(3). In either case suspend his own performance or proceed in accordance with the provisions of this Article on the seller's right to identify goods to the contract notwithstanding breach or to salvage unfinished goods ( section 2‑704 ).
11 M.R.S. § 2-310 — ME Code / Title 11 / Chapter 2 / Section 2-310
11 §2-310. Open time for payment or running of credit; authority to ship under reservation
Status: in_force

Unless otherwise agreed

(1). Payment is due at the time and place at which the buyer is to receive the goods even though the place of shipment is the place of delivery; and

(2). If the seller is authorized to send the goods he may ship them under reservation, and may tender the documents of title, but the buyer may inspect the goods after their arrival before payment is due unless such inspection is inconsistent with the terms of the contract ( section 2‑513 ); and

(3). If delivery is authorized and made by way of documents of title otherwise than by subsection (2) , then payment is due regardless of where the goods are to be received: (a). At the time and place at which the buyer is to receive delivery of the tangible documents; or [PL 2009, c. 324, Pt. B, §6 (NEW); PL 2009, c. 324, Pt. B, §48 (AFF).] (b). At the time the buyer is to receive delivery of the electronic documents and at the seller's place of business or if none the seller's residence; and [PL 2009, c. 324, Pt. B, §6 (NEW); PL 2009, c. 324, Pt. B, §48 (AFF).] [PL 2009, c. 324, Pt. B, §6 (RPR); PL 2009, c. 324, Pt. B, §48 (AFF).]

(4). Where the seller is required or authorized to ship the goods on credit the credit period runs from the time of shipment but postdating the invoice or delaying its dispatch will correspondingly delay the starting of the credit period.
11 M.R.S. § 9-1607 — ME Code / Title 11 / Chapter 9-A / Section 9-1607
11 §9-1607. Collection and enforcement by secured party
Status: in_force

(1). If so agreed, and in any event after default, a secured party: (a). May notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). May take any proceeds to which the secured party is entitled under section 9‑1315 ; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). May enforce the obligations of an account debtor or other person obligated on collateral and exercise the rights of the debtor with respect to the obligation of the account debtor or other person obligated on collateral to make payment or otherwise render performance to the debtor and with respect to any property that secures the obligations of the account debtor or other person obligated on the collateral; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). If it holds a security interest in a deposit account perfected by control under section 9‑1104, subsection (1), paragraph (a) , may apply the balance of the deposit account to the obligation secured by the deposit account; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (e). If it holds a security interest in a deposit account perfected by control under section 9‑1104, subsection (1), paragraph (c) or (d) , may instruct the bank to pay the balance of the deposit account to or for the benefit of the secured party. [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 necessary to enable a secured party to exercise under subsection (1), paragraph (c) the right of a debtor to enforce a mortgage nonjudicially, the secured party may record in the office in which a record of the mortgage is recorded: (a). A copy of the security agreement that creates or provides for a security interest in the obligation secured by the mortgage; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The secured party's sworn affidavit in recordable form stating that: (i) A default has occurred with respect to the obligation by the mortgage; and (ii) The secured party is entitled to enforce the mortgage nonjudicially. [PL 2013, c. 317, Pt. A, §28 (AMD).] [PL 2013, c. 317, Pt. A, §28 (AMD).]

(3). A secured party shall proceed in a commercially reasonable manner if the secured party: (a). Undertakes to collect from or enforce an obligation of an account debtor or other person obligated on collateral; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Is entitled to charge back uncollected collateral or otherwise to full or limited recourse against the debtor or a secondary obligor. [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). A secured party may deduct from the collections made pursuant to subsection (3) reasonable expenses of collection and enforcement, including reasonable attorney's fees and legal expenses incurred by the secured party. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(5). This section does not determine whether an account debtor, bank or other person obligated on collateral owes a duty to a secured party. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 4-407 — ME Code / Title 11 / Chapter 4 / Section 4-407
11 §4-407. Payor bank's right to subrogation on improper payment
Status: in_force

If a payor bank has paid an item over the order of the drawer or maker to stop payment, or after an account has been closed, or otherwise under circumstances giving a basis for objection by the drawer or maker, to prevent unjust enrichment and only to the extent necessary to prevent loss to the bank by reason of its payment of the item, the payor bank is subrogated to the rights: [PL 1993, c. 293, Pt. B, §44 (AMD).]

(1). Of any holder in due course on the item against the drawer or maker; [PL 1993, c. 293, Pt. B, §44 (AMD).]

(2). Of the payee or any other holder of the item against the drawer or maker either on the item or under the transaction out of which the item arose; and

(3). Of the drawer or maker against the payee or any other holder of the item with respect to the transaction out of which the item arose.
11 M.R.S. § 9-1612 — ME Code / Title 11 / Chapter 9-A / Section 9-1612
11 §9-1612. Timeliness of notification before disposition of collateral
Status: in_force

(1). Except as otherwise provided in subsection (2) , whether a notification is sent within a reasonable time is a question of fact. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). In a transaction other than a consumer transaction, a notification of disposition sent after default and 10 days or more before the earliest time of disposition set forth in the notification is sent within a reasonable time before the disposition. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 7-1301 — ME Code / Title 11 / Chapter 7-A / Section 7-1301
11 §7-1301. Liability for nonreceipt or misdescription; "said to contain;" "shipper's weight, load, and count;" improper handling
Status: in_force

(1). A consignee of a nonnegotiable bill of lading that has given value in good faith, or a holder to which a negotiable bill has been duly negotiated, relying upon the description of the goods in the bill or upon the date shown in the bill, may recover from the issuer damages caused by the misdating of the bill or the nonreceipt or misdescription of the goods, except to the extent that the bill indicates that the issuer does not know whether any part or all of the goods in fact were received or conform to the description, such as in a case in which the description is in terms of marks or labels or kind, quantity or condition or the receipt or description is qualified by "contents or condition of contents of packages unknown," "said to contain," "shipper's weight, load and count" or words of similar import, if that indication is true. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(2). If goods are loaded by the issuer of a bill of lading: (a). The issuer shall count the packages of goods if shipped in packages and ascertain the kind and quantity if shipped in bulk; and [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (b). Words such as "shipper's weight, load and count" or words of similar import indicating that the description was made by the shipper are ineffective except as to goods concealed in packages. [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).]

(3). If bulk goods are loaded by a shipper that makes available to the issuer of a bill of lading adequate facilities for weighing those goods, the issuer shall ascertain the kind and quantity within a reasonable time after receiving the shipper's request in a record to do so. In that case, "shipper's weight" or words of similar import are ineffective. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(4). The issuer of a bill of lading, by including in the bill the words "shipper's weight, load and count" or words of similar import, may indicate that the goods were loaded by the shipper, and, if that statement is true, the issuer is not liable for damages caused by the improper loading. However, omission of such words does not imply liability for damages caused by improper loading. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(5). A shipper guarantees to an issuer the accuracy at the time of shipment of the description, marks, labels, number, kind, quantity, condition and weight, as furnished by the shipper, and the shipper shall indemnify the issuer against damage caused by inaccuracies in those particulars. This right of indemnity does not limit the issuer's responsibility or liability under the contract of carriage to any person other than the shipper. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 4-207-C — ME Code / Title 11 / Chapter 4 / Section 4-207-C
11 §4-207-C. Encoding and retention warranties
Status: in_force

(1). A person who encodes information on or with respect to an item after issue warrants to any subsequent collecting bank and to the payor bank or other payor that the information is correctly encoded. If the customer of a depositary bank encodes, that bank also makes the warranty. [PL 1993, c. 293, Pt. B, §27 (NEW).]

(2). A person who undertakes to retain an item pursuant to an agreement for electronic presentment warrants to any subsequent collecting bank and to the payor bank or other payor that retention and presentment of the item comply with the agreement. If a customer of a depositary bank undertakes to retain an item, that bank also makes this warranty. [PL 1993, c. 293, Pt. B, §27 (NEW).]

(3). A person to whom warranties are made under this section and who took the item 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, plus expenses and loss of interest incurred as a result of the breach. [PL 1993, c. 293, Pt. B, §27 (NEW).]
11 M.R.S. § 9-1616 — ME Code / Title 11 / Chapter 9-A / Section 9-1616
11 §9-1616. Explanation of calculation of surplus or deficiency
Status: in_force

(1). In this section: (a). "Explanation" means a record that: (i) States the amount of the surplus or deficiency; (ii) Provides an explanation in accordance with subsection (3) of how the secured party calculated the surplus or deficiency; (iii) States, if applicable, that future debits, credits, charges including additional credit service charges or interest, rebates and expenses may affect the amount of the surplus or deficiency; and (iv) Provides a telephone number or mailing address from which additional information concerning the transaction is available; and [PL 2023, c. 669, Pt. A, §156 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). "Request" means a record: (i) Signed by a debtor or consumer obligor; (ii) Requesting that the recipient provide an explanation; and (iii) Sent after disposition of the collateral under section 9‑1610 . [PL 2023, c. 669, Pt. A, §156 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §156 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). In a consumer-goods transaction in which the debtor is entitled to a surplus or a consumer obligor is liable for a deficiency under section 9‑1615 , the secured party shall: (a). Send an explanation to the debtor or consumer obligor, as applicable, after the disposition and: (i) Before or when the secured party accounts to the debtor and pays any surplus or first makes demand in a record on the consumer obligor after the disposition for payment of the deficiency; and (ii) Within 14 days after receipt of a request; or [PL 2023, c. 669, Pt. A, §157 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). In the case of a consumer obligor who is liable for a deficiency, within 14 days after receipt of a request, send to the consumer obligor a record waiving the secured party's right to a deficiency. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 2023, c. 669, Pt. A, §157 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). To comply with subsection (1), paragraph (a) , subparagraph (ii), an explanation must provide the following information in the following order: (a). The aggregate amount of obligations secured by the security interest under which the disposition was made and, if the amount reflects a rebate of unearned interest or credit service charge, an indication of that fact, calculated as of a specified date: (i) If the secured party takes or receives possession of the collateral after default, not more than 35 days before the secured party takes or receives possession; or (ii) If the secured party takes or receives possession of the collateral before default or does not take possession of the collateral, not more than 35 days before the disposition; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The amount of proceeds of the disposition; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). The aggregate amount of the obligations after deducting the amount of proceeds; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). The amount, in the aggregate or by type, and types of expenses, including expenses of retaking, holding, preparing for disposition, processing and disposing of the collateral, and attorney's fees secured by the collateral that are known to the secured party and relate to the current disposition; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (e). The amount, in the aggregate or by type, and types of credits, including rebates of interest or credit service charges, to which the obligor is known to be entitled and that are not reflected in the amount in paragraph (a) ; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (f). The amount of the surplus or deficiency. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 2023, c. 669, Pt. A, §158 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(4). A particular phrasing of the explanation is not required. An explanation complying substantially with the requirements of subsection (1) is sufficient, even if it includes minor errors that are not seriously misleading. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(5). A debtor or consumer obligor is entitled without charge to one response to a request under this section during any 6-month period in which the secured party did not send to the debtor or consumer obligor an explanation pursuant to subsection (2), paragraph (a) . [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 3-1111 — ME Code / Title 11 / Chapter 3-A / Section 3-1111
11 §3-1111. Place of payment
Status: in_force

Except as otherwise provided for items in Article 4 , an instrument is payable at the place of payment stated in the instrument. If no place of payment is stated, an instrument is payable at the address of the drawee or maker stated in the instrument. If no address is stated, the place of payment is the place of business of the drawee or maker. If a drawee or maker has more than one place of business, the place of payment is any place of business of the drawee or maker chosen by the person entitled to enforce the instrument. If the drawee or maker has no place of business, the place of payment is the residence of the drawee or maker. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 1-1308 — ME Code / Title 11 / Chapter 1-A / Section 1-1308
11 §1-1308. Performance or acceptance under reservation of rights
Status: reserved

(1). A party that with explicit reservation of rights performs or promises performance or assents to performance in a manner demanded or offered by the other party does not thereby prejudice the rights reserved. Such words as “without prejudice,” “under protest” or the like are sufficient. [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).]

(2). Subsection (1) does not apply to an accord and satisfaction. [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).]
11 M.R.S. § 7-1101 — ME Code / Title 11 / Chapter 7-A / Section 7-1101
11 §7-1101. Short title
Status: in_force

This Article may be known and cited as "the Uniform Commercial Code - Documents of Title." [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 9-1333 — ME Code / Title 11 / Chapter 9-A / Section 9-1333
11 §9-1333. Priority of certain liens arising by operation of law
Status: in_force

(1). In this section, "possessory lien" means an interest, other than a security interest or an agricultural lien: (a). That secures payment or performance of an obligation for services or materials furnished with respect to goods by a person in the ordinary course of the person's business; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). That is created by statute or rule of law in favor of the person; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Whose effectiveness depends on the person's possession of the 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).]

(2). A possessory lien on goods has priority over a security interest in the goods unless the lien is created by a statute that expressly provides otherwise. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 2-704 — ME Code / Title 11 / Chapter 2 / Section 2-704
11 §2-704. Seller's right to identify goods to the contract notwithstanding breach or to salvage unfinished goods
Status: in_force

(1). An aggrieved seller under section 2‑703 may (a). Identify to the contract conforming goods not already identified, if at the time he learned of the breach they are in his possession or control; (b). Treat as the subject of resale goods which have demonstrably been intended for the particular contract even though those goods are unfinished.

(2). Where the goods are unfinished, an aggrieved seller may in the exercise of reasonable commercial judgment for the purposes of avoiding loss and of effective realization either complete the manufacture and wholly identify the goods to the contract or cease manufacture and resell for scrap or salvage value or proceed in any other reasonable manner.
11 M.R.S. § 8-1207 — ME Code / Title 11 / Chapter 8-A / Section 8-1207
11 §8-1207. Rights and duties of issuer with respect to registered owners
Status: in_force

(1). Before due presentment for registration of transfer of a certificated security in registered form or of an instruction requesting registration of transfer of an uncertificated security, the issuer or indenture trustee may treat the registered owner as the person exclusively entitled to vote, receive notifications and otherwise exercise all the rights and powers of an owner. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(2). This Article does not affect the liability of the registered owner of a security for a call, assessment or the like. [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 4-1204 — ME Code / Title 11 / Chapter 4-A / Section 4-1204
11 §4-1204. Refund of payment and duty of customer to report with respect to unauthorized payment order
Status: in_force

(1). If a receiving bank accepts a payment order issued in the name of its customer as sender that is not authorized and not effective as the order of the customer under section 4‑1202 or not enforceable in whole or in part, against the customer under section 4‑1203 , the bank shall refund any payment of the payment order received from the customer to the extent the bank is not entitled to enforce payment and shall pay interest on the refundable amount calculated from the date the bank received payment to the date of the refund. The customer is not entitled to interest from the bank on the amount to be refunded if the customer fails to exercise ordinary care to determine that the order was not authorized by the customer and to notify the bank of the relevant facts within a reasonable time not exceeding 90 days after the date the customer received notification from the bank that the order was accepted or that the customer's account was debited with respect to the order. The bank is not entitled to any recovery from the customer on account of a failure by the customer to give notification as stated in this section. [PL 1991, c. 812, §2 (NEW).]

(2). Reasonable time under subsection (1) may be fixed by agreement as stated in section 1‑1302, subsection (2) , but the obligation of a receiving bank to refund payment as stated in subsection (1) may not otherwise be varied by agreement. [PL 2009, c. 325, Pt. B, §21 (AMD); PL 2009, c. 325, Pt. B, §27 (AFF).]
11 M.R.S. § 3-1312 — ME Code / Title 11 / Chapter 3-A / Section 3-1312
11 §3-1312. Lost, destroyed, or stolen cashier's check, teller's check, or certified check
Status: in_force

(1). In this section, the following terms have the following meanings. (a). "Check" means a cashier's check, teller's check or certified check. [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). "Claimant" means a person who claims the right to receive the amount of a cashier's check, teller's check or certified check that was lost, destroyed or stolen. [PL 1993, c. 293, Pt. A, §2 (NEW).] (c). "Declaration of loss" means a written statement, made under penalty of perjury, to the effect that: (i) The declarer lost possession of a check; (ii) The declarer is the drawer or payee of the check, in the case of a certified check, or the remitter or payee of the check, in the case of a cashier's check or teller's check; (iii) The loss of possession was not the result of a transfer by the declarer or a lawful seizure; and (iv) The declarer can not reasonably obtain possession of the check because the check was destroyed, its whereabouts can not be determined or it is in the wrongful possession of an unknown person or a person that can not be found or is not amenable to service of process. [PL 1993, c. 293, Pt. A, §2 (NEW).] (d). "Obligated bank" means the issuer of a cashier's check or teller's check or the acceptor of a certified check. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). A claimant may assert a claim to the amount of a check by a communication to the obligated bank describing the check with reasonable certainty and requesting payment of the amount of the check, if: (a). The claimant is the drawer or payee of a certified check or the remitter or payee of a cashier's check or teller's check; [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). The communication contains or is accompanied by a declaration of loss of the claimant with respect to the check; [PL 1993, c. 293, Pt. A, §2 (NEW).] (c). The communication is received at a time and in a manner affording the bank a reasonable time to act on it before the check is paid; and [PL 1993, c. 293, Pt. A, §2 (NEW).] (d). The claimant provides reasonable identification if requested by the obligated bank. Delivery of a declaration of loss is a warranty of the truth of the statements made in the declaration. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). If a claim is asserted in compliance with subsection (2) , the following rules apply. (a). The claim becomes enforceable at the later of: (i) The time the claim is asserted; or (ii) The 90th day following the date of the check, in the case of a cashier's check or teller's check, or the 90th day following the date of the acceptance, in the case of a certified check. [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). Until the claim becomes enforceable, it has no legal effect and the obligated bank may pay the check or, in the case of a teller's check, may permit the drawee to pay the check. Payment to a person entitled to enforce the check discharges all liability of the obligated bank with respect to the check. [PL 1993, c. 293, Pt. A, §2 (NEW).] (c). If the claim becomes enforceable before the check is presented for payment, the obligated bank is not obliged to pay the check. [PL 1993, c. 293, Pt. A, §2 (NEW).] (d). When the claim becomes enforceable, the obligated bank becomes obliged to pay the amount of the check to the claimant if payment of the check has not been made to a person entitled to enforce the check. Subject to section 4‑302, subsection (1), paragraph (a) , payment to the claimant discharges all liability of the obligated bank with respect to the check. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(4). If the obligated bank pays the amount of a check to a claimant under subsection (3), paragraph (d) and the check is presented for payment by a person having rights of a holder in due course, the claimant is obliged to: (a). Refund the payment to the obligated bank if the check is paid; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). Pay the amount of the check to the person having rights of a holder in due course if the check is dishonored. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(5). If a claimant has the right to assert a claim under subsection (2) and is also a person entitled to enforce a cashier's check, teller's check or certified check that is lost, destroyed or stolen, the claimant may assert rights with respect to the check either under this section or section 3‑1309 . [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 2-1212 — ME Code / Title 11 / Chapter 2-A / Section 2-1212
11 §2-1212. Implied warranty of merchantability
Status: in_force

(1). Except in a finance lease, a warranty that the goods will be merchantable is implied in a lease contract if the lessor is a merchant with respect to goods of that kind. [PL 1991, c. 805, §4 (NEW).]

(2). Goods to be merchantable must at least: (a). Pass without objection in the trade under the description in the lease agreement; [PL 1991, c. 805, §4 (NEW).] (b). In the case of fungible goods, be of fair average quality within the description; [PL 1991, c. 805, §4 (NEW).] (c). Be fit for the ordinary purposes for which goods of that type are used; [PL 1991, c. 805, §4 (NEW).] (d). Run, within the variation permitted by the lease agreement, of even kind, quality and quantity within each unit and among all units involved; [PL 1991, c. 805, §4 (NEW).] (e). Be adequately contained, packaged and labeled as the lease agreement may require; and [PL 1991, c. 805, §4 (NEW).] (f). Conform to any promises or affirmations of fact made on the container or label. [PL 1991, c. 805, §4 (NEW).] [PL 1991, c. 805, §4 (NEW).]

(3). Other implied warranties may arise from course of dealing or usage of trade. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 7-1504 — ME Code / Title 11 / Chapter 7-A / Section 7-1504
11 §7-1504. Rights acquired in absence of due negotiation; effect of diversion; stoppage of delivery
Status: in_force

(1). A transferee of a document of title, whether negotiable or nonnegotiable, to which the document has been delivered but not duly negotiated, acquires the title and rights that its transferor had or had actual authority to convey. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(2). In the case of a transfer of a nonnegotiable document of title, until but not after the bailee receives notice of the transfer, the rights of the transferee may be defeated: (a). By those creditors of the transferor that could treat the transfer as void under section 2‑402 or 2‑1308 ; [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (b). By a buyer from the transferor in ordinary course of business if the bailee has delivered the goods to the buyer or received notification of the buyer's rights; [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (c). By a lessee from the transferor in ordinary course of business if the bailee has delivered the goods to the lessee or received notification of the lessee's rights; or [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (d). As against the bailee, by good faith dealings of the bailee with the transferor. [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).]

(3). A diversion or other change of shipping instructions by the consignor in a nonnegotiable bill of lading that causes the bailee not to deliver the goods to the consignee defeats the consignee's title to the goods if the goods have been delivered to a buyer in ordinary course of business or a lessee in ordinary course of business and, in any event, defeats the consignee's rights against the bailee. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(4). Delivery of the goods pursuant to a nonnegotiable document of title may be stopped by a seller under section 2‑705 or a lessor under section 2‑1526 , subject to the requirements of due notification in those sections. A bailee that honors the seller's or lessor's instructions is entitled to be indemnified by the seller or lessor against any resulting loss or expense. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 9-1524 — ME Code / Title 11 / Chapter 9-A / Section 9-1524
11 §9-1524. Delay by filing office
Status: in_force

Delay by the filing office beyond a time limit prescribed by this part is excused if: [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(1). The delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipment or other circumstances beyond control of the filing office; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). The filing office exercises reasonable diligence under the circumstances. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 2-1305 — ME Code / Title 11 / Chapter 2-A / Section 2-1305
11 §2-1305. Sale or sublease of goods by lessee
Status: in_force

(1). Subject to the provisions of section 2‑1303 , a buyer or sublessee from the lessee of goods under an existing lease contract obtains, to the extent of the interest transferred, the leasehold interest in the goods that the lessee had or had power to transfer, and, except as provided in subsection (2) and section 2‑1511, subsection (4) , takes subject to the existing lease contract. A lessee with a voidable leasehold interest has power to transfer a good leasehold interest to a good faith buyer for value or a good faith sublessee for value, but only to the extent set forth in the preceding sentence. When goods have been delivered under a transaction of lease the lessee has that power even though: (a). The lessor was deceived as to the identity of the lessee; [PL 1991, c. 805, §4 (NEW).] (b). The delivery was in exchange for a check that is later dishonored; or [PL 1991, c. 805, §4 (NEW).] (c). The delivery was procured through fraud punishable as larcenous under the criminal law. [PL 1991, c. 805, §4 (NEW).] [PL 1991, c. 805, §4 (NEW).]

(2). A buyer in the ordinary course of business or a sublessee in the ordinary course of business from a lessee who is a merchant dealing in goods of that kind to whom the goods were entrusted by the lessor obtains, to the extent of the interest transferred, all of the lessor's and lessee's rights to the goods, and takes free of the existing lease contract. [PL 1991, c. 805, §4 (NEW).]

(3). A buyer or sublessee from the lessee of goods that are subject to an existing lease contract and are covered by a certificate of title issued under a statute of this State or of another jurisdiction takes no greater rights than those provided both by this section and by this certificate of title statute. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 2-1524 — ME Code / Title 11 / Chapter 2-A / Section 2-1524
11 §2-1524. Lessor's right to identify goods to lease contract
Status: in_force

(1). A lessor aggrieved under section 2‑1523, subsection (1) may: (a). Identify to the lease contract conforming goods not already identified if at the time the lessor learned of the default they were in the lessor's or the supplier's possession or control; and [PL 1991, c. 805, §4 (NEW).] (b). Dispose of goods ( section 2‑1527, subsection (1) ) that demonstrably have been intended for the particular lease contract even though those goods are unfinished. [PL 1991, c. 805, §4 (NEW).] [PL 1991, c. 805, §4 (NEW).]

(2). If the goods are unfinished, in the exercise of reasonable commercial judgment for the purposes of avoiding loss and of effective realization, an aggrieved lessor or the supplier may either complete manufacture and wholly identify the goods to the lease contract, cease manufacture and lease, sell or otherwise dispose of the goods for scrap or salvage value or proceed in any other reasonable manner. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 9-1513 — ME Code / Title 11 / Chapter 9-A / Section 9-1513
11 §9-1513. Termination statement
Status: in_force

(1). A secured party shall cause the secured party of record for a financing statement to file a termination statement for the financing statement if the financing statement covers consumer goods and: (a). There is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation or otherwise give value; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The debtor did not authorize the filing of the initial 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). To comply with subsection (1) , a secured party shall cause the secured party of record to file the termination statement: (a). Within 60 days after there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation or otherwise give value; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). If earlier, within 20 days after the secured party receives a signed demand from a debtor. [PL 2023, c. 669, Pt. A, §141 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §141 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). In cases not governed by subsection (1) , within 20 days after a secured party receives a signed demand from a debtor, the secured party shall cause the secured party of record for a financing statement to send to the debtor a termination statement for the financing statement or file the termination statement in the filing office if: (a). Except in the case of a financing statement covering accounts or chattel paper that has been sold or goods that are the subject of a consignment, there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation or otherwise give value; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The financing statement covers accounts or chattel paper that has been sold but as to which the account debtor or other person obligated has discharged its obligation; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). The financing statement covers goods that were the subject of a consignment to the debtor but are not in the debtor's possession; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). The debtor did not authorize the filing of the initial financing statement. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 2023, c. 669, Pt. A, §142 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(4). Except as otherwise provided in section 9‑1510 , upon the filing of a termination statement with the filing office, the financing statement to which the termination statement relates ceases to be effective. Except as otherwise provided in section 9‑1510 , for purposes of section 9‑1519, subsection (7), section 9‑1522, subsection (1) and section 9‑1523, subsection (3) , the filing with the filing office of a termination statement relating to a financing statement that indicates that the debtor is a transmitting utility also causes the effectiveness of the financing statement to lapse. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 1-1106 — ME Code / Title 11 / Chapter 1-A / Section 1-1106
11 §1-1106. Use of singular and plural; gender
Status: in_force

In the Uniform Commercial Code, unless the statutory context otherwise requires: [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).]

(1). Words in the singular number include the plural and those in the plural include the singular; and [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).]

(2). Words of any gender also refer to any other gender. [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).]
11 M.R.S. § 4-1504 — ME Code / Title 11 / Chapter 4-A / Section 4-1504
11 §4-1504. Order in which items and payment orders may be charged to account; order of withdrawals from account
Status: in_force

(1). If a receiving bank has received more than one payment order of the sender or one or more payment orders and other items that are payable from the sender's account, the bank may charge the sender's account with respect to the various orders and items in any sequence. [PL 1991, c. 812, §2 (NEW).]

(2). In determining whether a credit to an account has been withdrawn by the holder of the account or applied to a debt of the holder of the account, credits first made to the account are first withdrawn or applied. [PL 1991, c. 812, §2 (NEW).]
11 M.R.S. § 2-1527 — ME Code / Title 11 / Chapter 2-A / Section 2-1527
11 §2-1527. Lessor's rights to dispose of goods
Status: in_force

(1). After a default by a lessee under the lease contract of the type described in section 2‑1523, subsection (1) or section 2‑1523, subsection (3), paragraph (a) or after the lessor refuses to deliver or takes possession of goods ( section 2‑1525 or section 2‑1526 ), or, if agreed, after other default by a lessee, the lessor may dispose of the goods concerned or the undelivered balance thereof by lease, sale or otherwise. [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 the disposition is by 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 lessor may recover from the lessee as damages: (a). Accrued and unpaid rent as of the date of the commencement of the term of the new lease agreement; [PL 1991, c. 805, §4 (NEW).] (b). The present value, as of the same date, of the total rent for the then remaining lease term of the original lease agreement minus the present value, as of the same date, 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; and [PL 1991, c. 805, §4 (NEW).] (c). Any incidental damages allowed under section 2‑1530 minus expenses saved in consequence of the lessee's default. [PL 1991, c. 805, §4 (NEW).] [PL 2009, c. 325, Pt. B, §12 (AMD); PL 2009, c. 325, Pt. B, §27 (AFF).]

(3). If the lessor's disposition is by lease agreement that for any reason does not qualify for treatment under subsection (2) , or is by sale or otherwise, the lessor may recover from the lessee as if the lessor had elected not to dispose of the goods and section 2‑1528 governs. [PL 1991, c. 805, §4 (NEW).]

(4). A subsequent buyer or lessee who buys or leases from the lessor in good faith for value as a result of a disposition under this section takes the goods free of the original lease contract and any rights of the original lessee even though the lessor fails to comply with one or more of the requirements of this Article. [PL 1991, c. 805, §4 (NEW).]

(5). The lessor is not accountable to the lessee for any profit made on any disposition. A lessee who has rightfully rejected or justifiably revoked acceptance shall account to the lessor for any excess over the amount of the lessee's security interest ( section 2‑1508, subsection (5) ). [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 9-1504 — ME Code / Title 11 / Chapter 9-A / Section 9-1504
11 §9-1504. Indication of collateral
Status: in_force

A financing statement sufficiently indicates the collateral that it covers if the financing statement provides: [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(1). A description of the collateral pursuant to section 9‑1108 ; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). An indication that the financing statement covers all assets or all personal property; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(3). An indication by the type of collateral defined in this Title, irrespective of whether such an indication would make possible the identification of the collateral in the manner necessary for a sufficient description pursuant to section 9‑1108 . [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 9-1103 — ME Code / Title 11 / Chapter 9-A / Section 9-1103
11 §9-1103. Purchase-money security interest; application of payments; burden of establishing
Status: in_force

(1). As used in this section, unless the context otherwise indicates, the following terms have the following meanings. (a). "Purchase-money collateral" means goods or software that secures a purchase-money obligation incurred with respect to that collateral; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). "Purchase-money obligation" means an obligation of an obligor incurred as all or part of the price of the collateral or for value given to enable the debtor to acquire rights in or the use of the collateral if the value is in fact so used. [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). A security interest in goods is a purchase-money security interest: (a). To the extent that the goods are purchase-money collateral with respect to that security interest; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). If the security interest is in inventory that is or was purchase-money collateral, also to the extent that the security interest secures a purchase-money obligation incurred with respect to other inventory in which the secured party holds or held a purchase-money security interest; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Also to the extent that the security interest secures a purchase-money obligation incurred with respect to software in which the secured party holds or held a purchase-money security interest. [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 security interest in software is a purchase-money security interest to the extent that the security interest also secures a purchase-money obligation incurred with respect to goods in which the secured party holds or held a purchase-money security interest if: (a). The debtor acquired its interest in the software in an integrated transaction in which it acquired an interest in the goods; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The debtor acquired its interest in the software for the principal purpose of using the software in the 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).]

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

(5). In a transaction other than a consumer-goods transaction, if the extent to which a security interest is a purchase-money security interest depends on the application of a payment to a particular obligation, the payment must be applied: (a). In accordance with any reasonable method of application to which the parties agree; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). In the absence of the parties' agreement to a reasonable method, in accordance with any intention of the obligor manifested at or before the time of payment; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). In the absence of an agreement to a reasonable method and a timely manifestation of the obligor's intention, in the following order: (i) To obligations that are not secured; and (ii) If more than one obligation is secured, to obligations secured by purchase-money security interests in the order in which those obligations were incurred. [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). In a transaction other than a consumer-goods transaction, a purchase-money security interest does not lose its status as such, even if: (a). The purchase-money collateral also secures an obligation that is not a purchase-money obligation; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Collateral that is not purchase-money collateral also secures the purchase-money obligation; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). The purchase-money obligation has been renewed, refinanced, consolidated or restructured. [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). In a transaction other than a consumer-goods transaction, a secured party claiming a purchase-money security interest has the burden of establishing the extent to which the security interest is a purchase-money security interest. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(8). The limitation of the rules in subsections (5) , (6) and (7) to transactions other than consumer-goods transactions is intended to leave to the court the determination of the proper rules in consumer-goods transactions. The court may not infer from that limitation the nature of the proper rule in consumer-goods transactions and may continue to apply established approaches. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 2-718 — ME Code / Title 11 / Chapter 2 / Section 2-718
11 §2-718. Liquidation or limitation of damages; deposits
Status: in_force

(1). Damages for breach by either party may be liquidated in the agreement but only at an amount which is reasonable in the light of the anticipated or actual harm caused by the breach, the difficulties of proof of loss, and the inconvenience or nonfeasibility of otherwise obtaining an adequate remedy. A term fixing unreasonably large liquidated damages is void as a penalty.

(2). Where the seller justifiably withholds delivery of goods because of the buyer's breach, the buyer is entitled to restitution of any amount by which the sum of his payments exceeds (a). The amount to which the seller is entitled by virtue of terms liquidating the seller's damages in accordance with subsection (1) ; or (b). In the absence of such terms, 20% of the value of the total performance for which the buyer is obligated under the contract or $500, whichever is smaller.

(3). The buyer's right to restitutions under subsection (2) is subject to offset to the extent that the seller establishes (a). A right to recover damages under the provisions of this article other than subsection (1) ; and (b). The amount or value of any benefits received by the buyer directly or indirectly by reason of the contract.

(4). Where a seller has received payment in goods, their reasonable value or the proceeds of their resale shall be treated as payments for the purposes of subsection (2) ; but if the seller has notice of the buyer's breach before reselling goods received in part performance, his resale is subject to the conditions laid down in this Article on resale by an aggrieved seller ( section 2‑706 ).
11 M.R.S. § 1-1303 — ME Code / Title 11 / Chapter 1-A / Section 1-1303
11 §1-1303. Course of performance, course of dealing and usage of trade
Status: in_force

(1). A “course of performance” is a sequence of conduct between the parties to a particular transaction that exists if: (a). The agreement of the parties with respect to the transaction involves repeated occasions for performance by a party; and [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).] (b). The other party, with knowledge of the nature of the performance and opportunity for objection to it, accepts the performance or acquiesces in it without objection. [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). A “course of dealing” is a sequence of conduct concerning previous transactions between the parties to a particular transaction that is fairly to be regarded as establishing a common basis of understanding for interpreting their expressions and other conduct. [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).]

(3). A “usage of trade” is any practice or method of dealing having such regularity of observance in a place, vocation or trade as to justify an expectation that it will be observed with respect to the transaction in question. The existence and scope of such a usage must be proved as facts. If it is established that such a usage is embodied in a trade code or similar record, the interpretation of the record is a question of law. [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).]

(4). A course of performance or course of dealing between the parties or usage of trade in the vocation or trade in which they are engaged or of which they are or should be aware is relevant in ascertaining the meaning of the parties' agreement, may give particular meaning to specific terms of the agreement and may supplement or qualify the terms of the agreement. A usage of trade applicable in the place in which part of the performance under the agreement is to occur may be so utilized as to that part of the performance. [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).]

(5). Except as otherwise provided in subsection (6) , the express terms of an agreement and any applicable course of performance, course of dealing or usage of trade must be construed whenever reasonable as consistent with each other. If such a construction is unreasonable: (a). Express terms prevail over course of performance, course of dealing and usage of trade; [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).] (b). Course of performance prevails over course of dealing and usage of trade; and [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).] (c). Course of dealing prevails over usage of trade. [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). Subject to section 2‑209 , a course of performance is relevant to show a waiver or modification of any term inconsistent with the course of performance. [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).]

(7). Evidence of a relevant usage of trade offered by one party is not admissible unless that party has given the other party notice that the court finds sufficient to prevent unfair surprise to the other party. [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).]
11 M.R.S. § 9-1320 — ME Code / Title 11 / Chapter 9-A / Section 9-1320
11 §9-1320. Buyer of goods
Status: in_force

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

(2). Except as otherwise provided in subsection (5) , a buyer of goods from a person who used or bought the goods for use primarily for personal, family or household purposes takes free of a security interest, even if perfected, if the buyer buys: (a). Without knowledge of the security interest; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). For value; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Primarily for the buyer's personal, family or household purposes; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). Before the filing of a financing statement covering the 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).]

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

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

(5). Subsections (1) and (2) do not affect a security interest in goods in the possession of the secured party under section 9‑1313 . [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 7-1106 — ME Code / Title 11 / Chapter 7-A / Section 7-1106
11 §7-1106. Control of electronic document of title
Status: in_force

(1). A person has control of an electronic document of title if a system employed for evidencing the transfer of interests in the electronic document reliably establishes that person as the person to which the electronic document was issued or transferred. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(2). A system satisfies subsection (1) , and a person has control of an electronic document of title, if the document is created, stored and transferred in a manner that: (a). A single authoritative copy of the document exists that is unique, identifiable and, except as otherwise provided in paragraphs (d) , (e) and (f) , unalterable; [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (b). The authoritative copy identifies the person asserting control as: (i) The person to which the document was issued; or (ii) If the authoritative copy indicates that the document has been transferred, the person to which the document was most recently transferred; [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (c). The authoritative copy is communicated to and maintained by the person asserting control or its designated custodian; [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (d). Copies or amendments that add or change an identified transferee of the authoritative copy can be made only with the consent of the person asserting control; [PL 2023, c. 669, Pt. A, §56 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] (e). Each copy of the authoritative copy and any copy of a copy is readily identifiable as a copy that is not the authoritative copy; and [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (f). Any amendment of the authoritative copy is readily identifiable as authorized or unauthorized. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] [PL 2023, c. 669, Pt. A, §56 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). A system satisfies subsection (1) , and a person has control of an electronic document of title, if an authoritative electronic copy of the document, a record attached to or logically associated with the electronic copy or a system in which the electronic copy is recorded: (a). Enables the person readily to identify each electronic copy as either an authoritative copy or a nonauthoritative copy; [PL 2023, c. 669, Pt. A, §56 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). Enables the person readily to identify itself in any way, including by name, identifying number, cryptographic key, office or account number, as the person to which each authoritative electronic copy was issued or transferred; and [PL 2023, c. 669, Pt. A, §56 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (c). Gives the person exclusive power, subject to subsection (4) , to: (i) Prevent others from adding or changing the person to which each authoritative electronic copy has been issued or transferred; and (ii) Transfer control of each authoritative electronic copy. [PL 2023, c. 669, Pt. A, §56 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §56 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(4). Subject to subsection (5) , a power is exclusive under subsection (3), paragraph (c) , subparagraphs (i) and (ii) even if: (a). The authoritative electronic copy, a record attached to or logically associated with the authoritative electronic copy or a system in which the authoritative electronic copy is recorded limits the use of the document of title or has a protocol that is programmed to cause a change, including a transfer or loss of control; or [PL 2023, c. 669, Pt. A, §56 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). The power is shared with another person. [PL 2023, c. 669, Pt. A, §56 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §56 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(5). A power of a person is not shared with another person under subsection (4), paragraph (b) and the person's power is not exclusive if: (a). The person can exercise the power only if the power also is exercised by the other person; and [PL 2023, c. 669, Pt. A, §56 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). The other person: (i) Can exercise the power without exercise of the power by the person; or (ii) Is the transferor to the person of an interest in the document of title. [PL 2023, c. 669, Pt. A, §56 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §56 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(6). If a person has the powers specified in subsection (3), paragraph (c) , subparagraphs (i) and (ii), the powers are presumed to be exclusive. [PL 2023, c. 669, Pt. A, §56 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(7). A person has control of an electronic document of title if another person, other than the transferor to the person of an interest in the document: (a). Has control of the document and acknowledges that it has control on behalf of the person; or [PL 2023, c. 669, Pt. A, §56 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). Obtains control of the document after having acknowledged that it will obtain control of the document on behalf of the person. [PL 2023, c. 669, Pt. A, §56 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §56 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(8). A person that has control under this section is not required to acknowledge that it has control on behalf of another person. [PL 2023, c. 669, Pt. A, §56 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(9). 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 or Article 9‑A 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, §56 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 5-1113 — ME Code / Title 11 / Chapter 5-A / Section 5-1113
11 §5-1113. Transfer by operation of law
Status: in_force

(1). A successor of a beneficiary may consent to amendments, sign and present documents and receive payment or other items of value in the name of the beneficiary without disclosing its status as a successor. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(2). A successor of a beneficiary may consent to amendments, sign and present documents and receive payment or other items of value in its own name as the disclosed successor of the beneficiary. Except as otherwise provided in subsection (5) , an issuer shall recognize a disclosed successor of a beneficiary as beneficiary in full substitution for its predecessor upon compliance with the requirements for recognition by the issuer of a transfer of drawing rights by operation of law under the standard practice referred to in section 5‑1108, subsection (5) or, in the absence of such a practice, compliance with other reasonable procedures sufficient to protect the issuer. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(3). An issuer is not obliged to determine whether a purported successor is a successor of a beneficiary or whether the signature of a purported successor is genuine or authorized. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(4). Honor of a purported successor's apparently complying presentation under subsection (1) or (2) has the consequences specified in section 5‑1108, subsection (9) even if the purported successor is not the successor of a beneficiary. Documents signed in the name of the beneficiary or of a disclosed successor by a person who is neither the beneficiary nor the successor of the beneficiary are forged documents for the purposes of section 5‑1109 . [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(5). An issuer whose rights of reimbursement are not covered by subsection (4) or substantially similar law and any confirmer or nominated person may decline to recognize a presentation under subsection (2) . [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(6). A beneficiary whose name is changed after the issuance of a letter of credit has the same rights and obligations as a successor of a beneficiary under this section. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]
11 M.R.S. § 7-1105 — ME Code / Title 11 / Chapter 7-A / Section 7-1105
11 §7-1105. Reissuance in alternative medium
Status: in_force

(1). Upon request of a person entitled under an electronic document of title, the issuer of the electronic document may issue a tangible document of title as a substitute for the electronic document if: (a). The person entitled under the electronic document surrenders control of the document to the issuer; and [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (b). The tangible document when issued contains a statement that it is issued in substitution for the electronic document. [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).]

(2). Upon issuance of a tangible document of title in substitution for an electronic document of title in accordance with subsection (1) : (a). The electronic document ceases to have any effect or validity; and [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (b). The person that procured issuance of the tangible document warrants to all subsequent persons entitled under the tangible document that the warrantor was a person entitled under the electronic document when the warrantor surrendered control of the electronic document to the issuer. [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).]

(3). Upon request of a person entitled under a tangible document of title, the issuer of the tangible document may issue an electronic document of title as a substitute for the tangible document if: (a). The person entitled under the tangible document surrenders possession of the document to the issuer; and [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (b). The electronic document when issued contains a statement that it is issued in substitution for the tangible document. [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).]

(4). Upon issuance of an electronic document of title in substitution for a tangible document of title in accordance with subsection (3) : (a). The tangible document ceases to have any effect or validity; and [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (b). The person that procured issuance of the electronic document warrants to all subsequent persons entitled under the electronic document that the warrantor was a person entitled under the tangible document when the warrantor surrendered possession of the tangible document to the issuer. [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. § 9-1342 — ME Code / Title 11 / Chapter 9-A / Section 9-1342
11 §9-1342. Bank's right to refuse to enter into or disclose existence of control agreement
Status: in_force

This Article does not require a bank to enter into an agreement of the kind described in section 9‑1104, subsection (1), paragraph (b) , even if its customer so requests or directs. A bank that has entered into such an agreement is not required to confirm the existence of the agreement to another person unless requested to do so by its customer. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 7-1104 — ME Code / Title 11 / Chapter 7-A / Section 7-1104
11 §7-1104. Negotiable and nonnegotiable document of title
Status: in_force

(1). Except as otherwise provided in subsection (3) , a document of title is negotiable if by its terms the goods are to be delivered to bearer or to the order of a named person. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(2). A document of title other than one described in subsection (1) is nonnegotiable. A bill of lading that states that the goods are consigned to a named person is not made negotiable by a provision that the goods are to be delivered only against an order in a record signed by the same or another named person. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(3). A document of title is nonnegotiable if, at the time it is issued, the document has a conspicuous legend, however expressed, that it is nonnegotiable. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 9-1507 — ME Code / Title 11 / Chapter 9-A / Section 9-1507
11 §9-1507. Effect of certain events on effectiveness of financing statement
Status: in_force

(1). A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, licensed or otherwise disposed of and in which a security interest or agricultural lien continues, even if the secured party knows of or consents to the disposition. [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 section 9‑1508 , a financing statement is not rendered ineffective if, after the financing statement is filed, the information provided in the financing statement becomes seriously misleading under section 9‑1506 . [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(3). If the name that a filed financing statement provides for a debtor becomes insufficient as the name of the debtor under section 9‑1503, subsection (1) so that the financing statement becomes seriously misleading under section 9‑1506 : (a). The financing statement is effective to perfect a security interest in collateral acquired by the debtor before, or within 4 months after, the filed financing statement becomes seriously misleading; and [PL 2013, c. 317, Pt. A, §22 (NEW).] (b). The financing statement is not effective to perfect a security interest in collateral acquired by the debtor more than 4 months after the filed financing statement becomes seriously misleading, unless an amendment to the financing statement that renders the financing statement not seriously misleading is filed within 4 months after the financing statement became seriously misleading. [PL 2013, c. 317, Pt. A, §22 (NEW).] [PL 2013, c. 317, Pt. A, §22 (RPR).]
11 M.R.S. § 3-1406 — ME Code / Title 11 / Chapter 3-A / Section 3-1406
11 §3-1406. Negligence contributing to forged signature or alteration of instrument
Status: in_force

(1). A person whose failure to exercise ordinary care substantially contributes to an alteration of an instrument or to the making of a forged signature on an instrument is precluded from asserting the alteration or the forgery against a person who, in good faith, pays the instrument or takes it for value or for collection. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). Under subsection (1) , if the person asserting the preclusion fails to exercise ordinary care in paying or taking the instrument and that failure substantially contributes to loss, the loss is allocated between the person precluded and the person asserting the preclusion according to the extent to which the failure of each to exercise ordinary care contributed to the loss. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). Under subsection (1) , the burden of proving failure to exercise ordinary care is on the person asserting the preclusion. Under subsection (2) , the burden of proving failure to exercise ordinary care is on the person precluded. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 8-1210 — ME Code / Title 11 / Chapter 8-A / Section 8-1210
11 §8-1210. Overissue
Status: in_force

(1). In this section, "overissue" means the issue of securities in excess of the amount the issuer has corporate power to issue, but an overissue does not occur if appropriate action has cured the overissue. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(2). Except as otherwise provided in subsections (3) and (4) , the provisions of this Article which validate a security or compel its issue or reissue do not apply to the extent that validation, issue or reissue would result in overissue. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(3). If an identical security not constituting an overissue is reasonably available for purchase, a person entitled to issue or validation may compel the issuer to purchase the security and deliver it if certificated or register its transfer if uncertificated, against surrender of any security certificate the person holds. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(4). If a security is not reasonably available for purchase, a person entitled to issue or validation may recover from the issuer the price the person or the last purchaser for value paid for it with interest from the date of the person's demand. [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 9-1509 — ME Code / Title 11 / Chapter 9-A / Section 9-1509
11 §9-1509. Persons entitled to file a record
Status: in_force

(1). A person may file an initial financing statement, amendment that adds collateral covered by a financing statement or amendment that adds a debtor to a financing statement only if: (a). The debtor authorizes the filing in a signed record or pursuant to subsection (2) or (3) ; or [PL 2023, c. 669, Pt. A, §139 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). The person holds an agricultural lien that has become effective at the time of filing and the financing statement covers only collateral in which the person holds an agricultural lien. [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); PL 2023, c. 669, Pt. A, §139 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). By signing or becoming bound as debtor by a security agreement, a debtor or new debtor authorizes the filing of an initial financing statement, and an amendment, covering: (a). The collateral described in the security agreement; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Property that becomes collateral under section 9‑1315, subsection (1), paragraph (b) , whether or not the security agreement expressly covers proceeds. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 2023, c. 669, Pt. A, §140 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). By acquiring collateral in which a security interest or agricultural lien continues under section 9‑1315, subsection 1, paragraph (a) , a debtor authorizes the filing of an initial financing statement, and an amendment, covering the collateral and property that becomes collateral under section 9‑1315, subsection (1), paragraph (b) . [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(4). A person may file an amendment other than an amendment that adds collateral covered by a financing statement or an amendment that adds a debtor to a financing statement only if: (a). The secured party of record authorizes the filing; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The amendment is a termination statement for a financing statement as to which the secured party of record has failed to file or send a termination statement as required by section 9‑1513, subsection (1) or (3) , the debtor authorizes the filing and the termination statement indicates that the debtor authorized it to be filed. [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). If there is more than one secured party of record for a financing statement, each secured party of record may authorize the filing of an amendment under subsection (4) . [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 9-1310 — ME Code / Title 11 / Chapter 9-A / Section 9-1310
11 §9-1310. When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply
Status: in_force

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

(2). The filing of a financing statement is not necessary to perfect a security interest: (a). That is perfected under section 9‑1308, subsection (4) , (5) , (6) or (7) ; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). That is perfected under section 9‑1309 when it attaches; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). In property subject to a statute, regulation or treaty described in section 9‑1311, subsection (1) ; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). In goods in possession of a bailee that is perfected under section 9‑1312, subsection (4), paragraph (a) or (b) ; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (e). In certificated securities, documents, goods or instruments that is perfected without filing, control or possession under section 9‑1312, subsection (5) , (6) or (7) ; [PL 2009, c. 324, Pt. B, §35 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).] (f). In collateral in the secured party's possession under section 9‑1313 ; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (g). In a certificated security that is perfected by delivery of the security certificate to the secured party under section 9‑1313 ; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (h). In controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, investment property or letter-of-credit rights that is perfected by control under section 9‑1314 ; [PL 2023, c. 669, Pt. A, §102 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] (h-1). In chattel paper that is perfected by possession and control under section 9‑1314‑A ; [PL 2023, c. 669, Pt. A, §103 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (i). In proceeds that is perfected under section 9‑1315 ; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (j). That is perfected under section 9‑1316 . [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 2023, c. 669, Pt. A, §§102, 103 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). If a secured party assigns a perfected security interest or agricultural lien, a filing under this Article is not required to continue the perfected status of the security interest against creditors of and transferees from the original debtor. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 3-1304 — ME Code / Title 11 / Chapter 3-A / Section 3-1304
11 §3-1304. Overdue instrument
Status: in_force

(1). An instrument payable on demand becomes overdue at the earliest of the following times: (a). On the day after the day demand for payment is duly made; [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). If the instrument is a check, 90 days after its date; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (c). If the instrument is not a check, when the instrument has been outstanding for a period of time after its date that is unreasonably long under the circumstances of the particular case in light of the nature of the instrument and usage of the trade. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). With respect to an instrument payable at a definite time the following rules apply: (a). If the principal is payable in installments and a due date has not been accelerated, the instrument becomes overdue upon default under the instrument for nonpayment of an installment, and the instrument remains overdue until the default is cured. [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). If the principal is not payable in installments and the due date has not been accelerated, the instrument becomes overdue on the day after the due date. [PL 1993, c. 293, Pt. A, §2 (NEW).] (c). If a due date with respect to principal has been accelerated, the instrument becomes overdue on the day after the accelerated due date. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). Unless the due date of principal has been accelerated, an instrument does not become overdue if there is default in payment of interest but no default in payment of principal. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 4-1109 — ME Code / Title 11 / Chapter 4-A / Section 4-1109
11 §4-1109. Relationship to federal Electronic Fund Transfer Act
Status: in_force

(1). Except as provided in subsection (2) , this Article does not apply to a funds transfer any part of which is governed by the Electronic Fund Transfer Act of 1978, Title XX, Public Law 95-630, 92 Stat. 3728, 15 United States Code, Section 1693 et seq., as amended. [PL 2013, c. 151, §3 (NEW).]

(2). This Article applies to a funds transfer that is a remittance transfer as defined in the Electronic Fund Transfer Act of 1978, Title XX, Public Law 95-630, 92 Stat. 3728, 15 United States Code, Section 1693 et seq., as amended, unless the remittance transfer is an electronic fund transfer as defined in the Electronic Fund Transfer Act of 1978, Title XX, Public Law 95-630, 92 Stat. 3728, 15 United States Code, Section 1693 et seq., as amended. [PL 2013, c. 151, §3 (NEW).]

(3). In a funds transfer to which this Article applies, in the event of an inconsistency between an applicable provision of this Article and an applicable provision of the Electronic Fund Transfer Act of 1978, Title XX, Public Law 95-630, 92 Stat. 3728, 15 United States Code, Section 1693 et seq., as amended, the provision of the Electronic Fund Transfer Act governs to the extent of the inconsistency. [PL 2013, c. 151, §3 (NEW).]
11 M.R.S. § 4-401 — ME Code / Title 11 / Chapter 4 / Section 4-401
11 §4-401. When bank may charge customer's account
Status: in_force

(1). A bank may charge against the account of a customer an item that is properly payable from that account even though the charge creates an overdraft. An item is properly payable if it is authorized by the customer and is in accordance with any agreement between the customer and bank. [PL 1993, c. 293, Pt. B, §39 (AMD).]

(1-A). A customer is not liable for the amount of an overdraft if the customer neither signed the item nor benefited from the proceeds of the item. [PL 1993, c. 293, Pt. B, §39 (NEW).]

(1-B). A bank may charge against the account of a customer a check that is otherwise properly payable from the account, even though payment was made before the date of the check, unless the customer has given notice to the bank of the postdating describing the check with reasonable certainty. The notice is effective for the period stated in section 4‑403, subsection (2) for stop-payment orders and must be received at such time and in such manner as to afford the bank a reasonable opportunity to act on it before the bank takes any action with respect to the check described in section 4‑303 . If a bank charges against the account of a customer a check before the date stated in the notice of postdating, the bank is liable for damages for the loss resulting from its act. The loss may include damages for dishonor of subsequent items under section 4‑402 . [PL 1993, c. 293, Pt. B, §39 (NEW).]

(2). A bank that in good faith makes payment to a holder may charge the indicated account of its customer according to: (a). The original terms of the altered item; or [PL 1993, c. 293, Pt. B, §39 (AMD).] (b). The terms of the completed item, even though the bank knows the item has been completed unless the bank has notice that the completion was improper. [PL 1993, c. 293, Pt. B, §39 (AMD).] [PL 1993, c. 293, Pt. B, §39 (AMD).]
11 M.R.S. § 1-1101 — ME Code / Title 11 / Chapter 1-A / Section 1-1101
11 §1-1101. Short titles
Status: in_force

(1). This Title may be cited as "the Uniform Commercial Code." [PL 2017, c. 288, Pt. A, §14 (AMD).]

(2). This Article may be cited as "the Uniform Commercial Code - General Provisions." [PL 2017, c. 288, Pt. A, §14 (AMD).]
11 M.R.S. § 2-511 — ME Code / Title 11 / Chapter 2 / Section 2-511
11 §2-511. Tender of payment by buyer; payment by check
Status: in_force

(1). Unless otherwise agreed, tender of payment is a condition to the seller's duty to tender and complete any delivery.

(2). Tender of payment is sufficient when made by any means or in any manner current in the ordinary course of business, unless the seller demands payment in legal tender and gives any extension of time reasonably necessary to procure it.

(3). Subject to the provisions of this Title on the effect of an instrument on an obligation ( section 3‑1310 ), payment by check is conditional and is defeated as between the parties by dishonor of the check on due presentment. [PL 1993, c. 293, Pt. B, §5 (AMD).]
11 M.R.S. § 9-1337 — ME Code / Title 11 / Chapter 9-A / Section 9-1337
11 §9-1337. Priority of security interests in goods covered by certificate of title
Status: in_force

If, while a security interest in goods is perfected by any method under the law of another jurisdiction, this State issues a certificate of title that does not show that the goods are subject to the security interest or contain a statement that they may be subject to security interests not shown on the certificate: [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(1). A buyer of the goods, other than a person in the business of selling goods of that kind, takes free of the security interest if the buyer gives value and receives delivery of the goods after issuance of the certificate and without knowledge of the security interest; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). The security interest is subordinate to a conflicting security interest in the goods that attaches, and is perfected under section 9‑1311, subsection (2) , after issuance of the certificate and without the conflicting secured party's knowledge of the security interest. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 9-1302 — ME Code / Title 11 / Chapter 9-A / Section 9-1302
11 §9-1302. Law governing perfection and priority of agricultural liens
Status: in_force

While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of an agricultural lien on the farm products. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 3-1205 — ME Code / Title 11 / Chapter 3-A / Section 3-1205
11 §3-1205. Special indorsement; blank indorsement; anomalous indorsement
Status: in_force

(1). If an indorsement is made by the holder of an instrument, whether payable to an identified person or payable to bearer, and the indorsement identifies a person to whom it makes the instrument payable, it is a "special indorsement." When specially indorsed, an instrument becomes payable to the identified person and may be negotiated only by the indorsement of that person. The principles stated in Section 3‑1110 apply to special indorsements. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). If an indorsement is made by the holder of an instrument and it is not a special indorsement, it is a "blank indorsement." When indorsed in blank, an instrument becomes payable to bearer and may be negotiated by transfer of possession alone until specially indorsed. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). The holder may convert a blank indorsement that consists only of a signature into a special indorsement by writing, above the signature of the indorser, words identifying the person to whom the instrument is made payable. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(4). "Anomalous indorsement" means an indorsement made by a person who is not the holder of the instrument. An anomalous indorsement does not affect the manner in which the instrument may be negotiated. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 4-1401 — ME Code / Title 11 / Chapter 4-A / Section 4-1401
11 §4-1401. Payment date
Status: in_force

"Payment date" of a payment order means the day on which the amount of the order is payable to the beneficiary by the beneficiary's bank. The payment date may be determined by instruction of the sender but can not be earlier than the day the order is received by the beneficiary's bank and, unless otherwise determined, is the day the order is received by the beneficiary's bank. [PL 1991, c. 812, §2 (NEW).]
11 M.R.S. § 5-1105 — ME Code / Title 11 / Chapter 5-A / Section 5-1105
11 §5-1105. Consideration
Status: in_force

Consideration is not required to issue, amend, transfer or cancel a letter of credit, advice or confirmation. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]
11 M.R.S. § 2-708 — ME Code / Title 11 / Chapter 2 / Section 2-708
11 §2-708. Seller's damages for nonacceptance or repudiation
Status: in_force

(1). Subject to subsection (2) and to the provisions of this Article with respect to proof of market price ( section 2‑723 ), the measure of damages for nonacceptance or repudiation by the buyer is the difference between the market price at the time and place for tender and the unpaid contract price together with any incidental damages provided in this Article ( section 2‑710 ), but less expenses saved in consequence of the buyer's breach.

(2). If the measure of damages provided in subsection (1) is inadequate to put the seller in as good a position as performance would have done, then the measure of damages is the profit (including reasonable overhead) which the seller would have made from full performance by the buyer, together with any incidental damages provided in this Article ( section 2‑710 ), due allowance for costs reasonably incurred and due credit for payments or proceeds of resale.
11 M.R.S. § 15-201 — ME Code / Title 11 / Chapter 15 / Section 15-201
11 §15-201. Savings clause
Status: in_force

Except as provided in part 3, a transaction validly entered into before July 1, 2025 and the rights, duties and interests flowing from the transaction remain valid thereafter and may be terminated, completed, consummated or enforced as required or permitted by law other than the Uniform Commercial Code or, if applicable, the Uniform Commercial Code in effect prior to July 1, 2025. [PL 2023, c. 669, Pt. C, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 2-1217 — ME Code / Title 11 / Chapter 2-A / Section 2-1217
11 §2-1217. Identification
Status: in_force

Identification of goods as goods to which a lease contract refers may be made at any time and in any manner explicitly agreed to by the parties. In the absence of explicit agreement, identification occurs: [PL 1991, c. 805, §4 (NEW).]

(1). When the lease contract is made, if the lease contract is for a lease of goods that are existing and identified;

(2). When the goods are shipped, marked or otherwise designated by the lessor as goods to which the lease contract refers, if the lease contract is for a lease of goods that are not existing and identified; or

(3). When the young are conceived, if the lease contract is for a lease of unborn young of animals.
11 M.R.S. § 7-1509 — ME Code / Title 11 / Chapter 7-A / Section 7-1509
11 §7-1509. Adequate compliance with commercial contract
Status: in_force

Whether a document of title is adequate to fulfill the obligations of a contract for sale, a contract for lease or the conditions of a letter of credit is determined by Article 2 , 2‑A or 5. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 9-1326 — ME Code / Title 11 / Chapter 9-A / Section 9-1326
11 §9-1326. Priority of security interests created by new debtor
Status: in_force

(1). Subject to subsection (2) , a security interest that is created by a new debtor is collateral in which the new debtor has or acquires rights and would be ineffective to perfect the security interest but for the application of section 9‑1316, subsection (9), paragraph (a) or section 9‑1508 is perfected solely by a filed financing statement that is subordinate to a security interest in the same collateral that is perfected other than by such a filed financing statement. [PL 2013, c. 317, Pt. A, §17 (AMD).]

(2). The other provisions of this Part determine the priority among conflicting security interests in the same collateral perfected by filed financing statements described in subsection (1) . However, if the security agreements to which a new debtor became bound as debtor were not entered into by the same original debtor, the conflicting security interests rank according to priority in time of the new debtor's having become bound. [PL 2013, c. 317, Pt. A, §17 (AMD).]
11 M.R.S. § 3-1206 — ME Code / Title 11 / Chapter 3-A / Section 3-1206
11 §3-1206. Restrictive indorsement
Status: in_force

(1). An indorsement limiting payment to a particular person or otherwise prohibiting further transfer or negotiation of the instrument is not effective to prevent further transfer or negotiation of the instrument. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). An indorsement stating a condition to the right of the indorsee to receive payment does not affect the right of the indorsee to enforce the instrument. A person paying the instrument or taking it for value or collection may disregard the condition, and the rights and liabilities of that person are not affected by whether the condition has been fulfilled. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). If an instrument bears an indorsement described in section 4‑201, subsection (2) or in blank or to a particular bank using the words "for deposit," "for collection" or other words indicating a purpose of having the instrument collected by a bank for the indorser or for a particular account, the following rules apply. (a). A person, other than a bank, who purchases the instrument when so indorsed converts the instrument unless the amount paid for the instrument is received by the indorser or applied consistently with the indorsement. [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). A depositary bank that purchases the instrument or takes it for collection when so indorsed converts the instrument unless the amount paid by the bank with respect to the instrument is received by the indorser or applied consistently with the indorsement. [PL 1993, c. 293, Pt. A, §2 (NEW).] (c). A payor bank that is also the depositary bank or that takes the instrument for immediate payment over the counter from a person other than a collecting bank converts the instrument unless the proceeds of the instrument are received by the indorser or applied consistently with the indorsement. [PL 1993, c. 293, Pt. A, §2 (NEW).] (d). Except as otherwise provided in paragraph (c) , a payor bank or intermediary bank may disregard the indorsement and is not liable if the proceeds of the instrument are not received by the indorser or applied consistently with the indorsement. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(4). Except for an indorsement covered by subsection (3) , if an instrument bears an indorsement using words to the effect that payment is to be made to the indorsee as agent, trustee or other fiduciary for the benefit of the indorser or another person, the following rules apply. (a). Unless there is notice of breach of fiduciary duty as provided in section 3‑1307 , a person who purchases the instrument from the indorsee or takes the instrument from the indorsee for collection or payment may pay the proceeds of payment or the value given for the instrument to the indorsee without regard to whether the indorsee violates a fiduciary duty to the indorser. [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). A subsequent transferee of the instrument or person who pays the instrument is neither given notice nor otherwise affected by the restriction in the indorsement unless the transferee or payor knows that the fiduciary dealt with the instrument or its proceeds in breach of fiduciary duty. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(5). The presence on an instrument of an indorsement to which this section applies does not prevent a purchaser of the instrument from becoming a holder in due course of the instrument unless the purchaser is a converter under subsection (3) or has notice or knowledge of breach of fiduciary duty as stated in subsection (4) . [PL 1993, c. 293, Pt. A, §2 (NEW).]

(6). In an action to enforce the obligation of a party to pay the instrument, the obligor has a defense if payment would violate an indorsement to which this section applies and the payment is not permitted by this section. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 4-102 — ME Code / Title 11 / Chapter 4 / Section 4-102
11 §4-102. Applicability
Status: in_force

(1). To the extent that items within this Article are also within Articles 3‑A and 8, they are subject to those Articles. If there is conflict, this Article governs Article 3‑A , but Article 8 governs this Article. [PL 1993, c. 293, Pt. B, §7 (AMD).]

(2). The liability of a bank for action or nonaction with respect to an item handled by it for purposes of presentment, payment or collection is governed by the law of the place where the bank is located. In the case of action or nonaction by or at a branch or separate office of a bank, its liability is governed by the law of the place where the branch or separate office is located. [PL 1993, c. 293, Pt. B, §7 (AMD).]
11 M.R.S. § 2-1507 — ME Code / Title 11 / Chapter 2-A / Section 2-1507
11 §2-1507. Proof of market rent; time and place
Status: in_force

(1). Damages based on market rent ( section 2‑1519 or 2‑1528 ) are determined according to the rent for the use of the goods concerned for a lease term identical to the remaining lease term of the original lease agreement and prevailing at the times specified in sections 2‑1519 and 2‑1528 . [PL 1991, c. 805, §4 (NEW).]

(2). If evidence of rent for the use of the goods concerned for a lease term identical to the remaining lease term of the original lease agreement and prevailing at the times or places described in this Article is not readily available, the rent prevailing within any reasonable time before or after the time described or at any other place or for a different lease term which in commercial judgment or under usage of trade would serve as a reasonable substitute for the one described may be used, making any proper allowance for the difference, including the cost of transporting the goods to or from the other place. [PL 1991, c. 805, §4 (NEW).]

(3). Evidence of a relevant rent prevailing at a time or place or for a lease term other than the one described in this Article offered by one party is not admissible unless and until that party has given the other party notice the court finds sufficient to prevent unfair surprise. [PL 1991, c. 805, §4 (NEW).]

(4). If the prevailing rent or value of any goods regularly leased in any established market is in issue, reports in official publications or trade journals or in newspapers or periodicals of general circulation published as the reports of that market are admissible in evidence. The circumstances of the preparation of the report may be shown to affect its weight but not its admissibility. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 9-1323 — ME Code / Title 11 / Chapter 9-A / Section 9-1323
11 §9-1323. Future advances
Status: in_force

(1). Except as otherwise provided in subsection (3) , for purposes of determining the priority of a perfected security interest under section 9‑1322, subsection (1), paragraph (a) , perfection of the security interest dates from the time an advance is made to the extent that the security interest secures an advance that: (a). Is made while the security interest is perfected only: (i) Under section 9‑1309 when it attaches; or (ii) Temporarily under section 9‑1312, subsection (5) , (6) or (7) ; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Is not made pursuant to a commitment entered into before or while the security interest is perfected by a method other than under section 9‑1309 or section 9‑1312, subsection (5) , (6) or (7) . [RR 2021, c. 2, Pt. A, §18 (COR).] [RR 2021, c. 2, Pt. A, §18 (COR).]

(2). Except as otherwise provided in subsection (3) , a security interest is subordinate to the rights of a person that becomes a lien creditor only to the extent that the security interest secures an advance made more than 45 days after the person becomes a lien creditor unless the advance is made: (a). Without knowledge of the lien; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Pursuant to a commitment entered into without knowledge of the lien. [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). Subsections (1) and (2) do not apply to a security interest held by a secured party that is a buyer of accounts, chattel paper, payment intangibles or promissory notes or a consignor. [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 buyer of goods takes free of a security interest to the extent that it secures advances made after the earlier of: (a). The time the secured party acquires knowledge of the buyer's purchase; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. Q, §4 (AFF).] (b). Forty-five days after the purchase. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 2023, c. 669, Pt. A, §120 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

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

(6). Except as otherwise provided in subsection (7) , a lessee of goods takes the leasehold interest free of a security interest to the extent that it secures advances made after the earlier of: (a). The time the secured party acquires knowledge of the lease; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Forty-five days after the lease contract becomes enforceable. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 2023, c. 669, Pt. A, §121 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(7). Subsection (6) does not apply if the advance is made pursuant to a commitment entered into without knowledge of the lease and before the expiration of the 45-day period. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 9-1628 — ME Code / Title 11 / Chapter 9-A / Section 9-1628
11 §9-1628. Nonliability and limitation on liability of secured party; liability of secondary obligor
Status: in_force

(1). Subject to subsection (6) , unless a secured party knows that a person is a debtor or obligor, knows the identity of the person and knows how to communicate with the person: (a). The secured party is not liable to the person or to a secured party or lienholder that has filed a financing statement against the person for failure to comply with this Article; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The secured party's failure to comply with this Article does not affect the liability of the person for a deficiency. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 2023, c. 669, Pt. A, §166 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). Subject to subsection (6) , a secured party is not liable because of its status as secured party: (a). To a person that is a debtor or obligor, unless the secured party knows: (i) That the person is a debtor or obligor; (ii) The identity of the person; and (iii) How to communicate with the person; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows: (i) That the person is a debtor; and (ii) The identity of the person. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 2023, c. 669, Pt. A, §167 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). A secured party is not liable to any person, and a person's liability for a deficiency is not affected because of any act or omission arising out of the secured party's reasonable belief that a transaction is not a consumer-goods transaction or a consumer transaction or that goods are not consumer goods, if the secured party's belief is based on its reasonable reliance on: (a). A debtor's representation concerning the purpose for which collateral was to be used, acquired or held; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). An obligor's representation concerning the purpose for which a secured obligation was incurred. [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). A secured party is not liable to any person under section 9‑1625, subsection (3), paragraph (b) for its failure to comply with section 9‑1616 . [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(5). A secured party is not liable under section 9‑1625, subsection (3), paragraph (b) more than once with respect to any one secured obligation. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(6). Subsections (1) and (2) do not apply to limit the liability of a secured party to a person if, at the time the secured party obtains control of collateral that is a controllable account, controllable electronic record or controllable payment intangible or at the time the security interest attaches to the collateral, whichever is later: (a). The person is a debtor or obligor; and [PL 2023, c. 669, Pt. A, §168 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). The secured party knows that the information in subsection (2), paragraph (a) , subparagraph (i), (ii) or (iii) relating to the person is not provided by the collateral, a record attached to or logically associated with the collateral or the system in which the collateral is recorded. [PL 2023, c. 669, Pt. A, §168 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §168 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 9-1324 — ME Code / Title 11 / Chapter 9-A / Section 9-1324
11 §9-1324. Priority of purchase-money security interests
Status: in_force

(1). Except as otherwise provided in subsection (7) , a perfected purchase-money security interest in goods other than inventory or livestock has priority over a conflicting security interest in the same goods, and, except as otherwise provided in section 9‑1327 , a perfected security interest in its identifiable proceeds also has priority, if the purchase-money security interest is perfected when the debtor receives possession of the collateral or: (a). In the case of goods covered by Title 29‑A, chapter 7 , within 30 days thereafter; or [PL 2003, c. 652, Pt. A, §2 (NEW); PL 2003, c. 652, Pt. A, §7 (AFF).] (b). In all other cases, within 20 days thereafter. [PL 2003, c. 652, Pt. A, §2 (NEW); PL 2003, c. 652, Pt. A, §7 (AFF).] [PL 2003, c. 652, Pt. A, §2 (AMD); PL 2003, c. 652, Pt. A, §7 (AFF).]

(2). Subject to subsection (3) and except as otherwise provided in subsection (7) , a perfected purchase-money security interest in inventory has priority over a conflicting security interest in the same inventory, has priority over a conflicting security interest in chattel paper or an instrument constituting proceeds of the inventory and in proceeds of the chattel paper, if so provided in section 9‑1330 , and, except as otherwise provided in section 9‑1327 , also has priority in identifiable cash proceeds of the inventory to the extent the identifiable cash proceeds are received on or before the delivery of the inventory to a buyer, if: (a). The purchase-money security interest is perfected when the debtor receives possession of the inventory; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The purchase-money secured party sends a signed notification to the holder of the conflicting security interest; [PL 2023, c. 669, Pt. A, §122 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] (c). The holder of the conflicting security interest receives the notification within 5 years before the debtor receives possession of the inventory; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). The notification states that the person sending the notification has or expects to acquire a purchase-money security interest in inventory of the debtor and describes the inventory. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 2023, c. 669, Pt. A, §122 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). Subsection (2), paragraphs (b) to (d) apply only if the holder of the conflicting security interest had filed a financing statement covering the same types of inventory: (a). If the purchase-money security interest is perfected by filing, before the date of the filing; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). If the purchase-money security interest is temporarily perfected without filing or possession under section 9‑1312, subsection (6) before the beginning of the 20-day period thereunder. [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 (7) , a perfected purchase-money security interest in livestock that are farm products has priority over a conflicting security interest in the same livestock, and, except as otherwise provided in section 9‑1327 , a perfected security interest in their identifiable proceeds and identifiable products in their unmanufactured states also has priority, if: (a). The purchase-money security interest is perfected when the debtor receives possession of the livestock; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The purchase-money secured party sends a signed notification to the holder of the conflicting security interest; [PL 2023, c. 669, Pt. A, §123 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] (c). The holder of the conflicting security interest receives the notification within 6 months before the debtor receives possession of the livestock; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). The notification states that the person sending the notification has or expects to acquire a purchase-money security interest in livestock of the debtor and describes the livestock. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 2023, c. 669, Pt. A, §123 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(5). Subsection (4), paragraphs (b) to (d) apply only if the holder of the conflicting security interest had filed a financing statement covering the same types of livestock: (a). If the purchase-money security interest is perfected by filing, before the date of the filing; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). If the purchase-money security interest is temporarily perfected without filing or possession under section 9‑1312, subsection (6) , before the beginning of the 20-day period thereunder. [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). Except as otherwise provided in subsection (7) , a perfected purchase-money security interest in software has priority over a conflicting security interest in the same collateral, and, except as otherwise provided in section 9‑1327 , a perfected security interest in its identifiable proceeds also has priority, to the extent that the purchase-money security interest in the goods in which the software was acquired for use has priority in the goods and proceeds of the goods under this section. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(7). If more than one security interest qualifies for priority in the same collateral under subsection (1) , (2) , (4) or (6) : (a). A security interest securing an obligation incurred as all or part of the price of the collateral has priority over a security interest securing an obligation incurred for value given to enable the debtor to acquire rights in or the use of collateral; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). In all other cases, section 9‑1322, subsection (1) applies to the qualifying security interests. [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. § 15-306 — ME Code / Title 11 / Chapter 15 / Section 15-306
11 §15-306. Priority of claims when priority rules of Article 9-A do not apply
Status: in_force

(1). Subject to subsections (2) and (3) , Article 12 determines the priority of conflicting claims to Article 12 property when the priority rules of Article 9‑A as in effect on July 1, 2025 do not apply. [PL 2023, c. 669, Pt. C, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). Subject to subsection (3) , when the priority rules of Article 9‑A as in effect on July 1, 2025 do not apply and the priorities of claims to Article 12 property were established before July 1, 2025, law other than Article 12 determines priority. [PL 2023, c. 669, Pt. C, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). When the priority rules of Article 9‑A as in effect on July 1, 2025 do not apply, to the extent the priorities determined by this Title as in effect on July 1, 2025 modify the priorities established before July 1, 2025, the priorities of claims to Article 12 property established before July 1, 2025 cease to apply on the adjustment date. [PL 2023, c. 669, Pt. C, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 9-1105-A — ME Code / Title 11 / Chapter 9-A / Section 9-1105-A
11 §9-1105-A. Control of electronic copy of record evidencing chattel paper
Status: in_force

(1). A purchaser has control of an authoritative electronic copy of a record evidencing chattel paper if a system employed for evidencing the assignment of interests in the chattel paper reliably establishes the purchaser as the person to which the authoritative electronic copy was assigned. [PL 2023, c. 669, Pt. A, §86 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). A system satisfies subsection (1) if the record or records evidencing the chattel paper are created, stored and assigned in a manner such that: (a). A single authoritative copy of the record or records exists that is unique, identifiable and, except as otherwise provided in paragraphs (d) , (e) and (f) , unalterable; [PL 2023, c. 669, Pt. A, §86 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). The authoritative copy identifies the purchaser as the assignee of the record or records; [PL 2023, c. 669, Pt. A, §86 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (c). The authoritative copy is communicated to and maintained by the purchaser or its designated custodian; [PL 2023, c. 669, Pt. A, §86 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (d). Copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the purchaser; [PL 2023, c. 669, Pt. A, §86 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (e). Each copy of the authoritative copy and any copy of a copy is readily identifiable as a copy that is not the authoritative copy; and [PL 2023, c. 669, Pt. A, §86 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (f). Any amendment of the authoritative copy is readily identifiable as authorized or unauthorized. [PL 2023, c. 669, Pt. A, §86 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §86 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). A system satisfies subsection (1) , and a purchaser has control of an authoritative electronic copy of a record evidencing chattel paper, if the electronic copy, a record attached to or logically associated with the electronic copy or a system in which the electronic copy is recorded: (a). Enables the purchaser readily to identify each electronic copy as either an authoritative copy or a nonauthoritative copy; [PL 2023, c. 669, Pt. A, §86 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). Enables the purchaser readily to identify itself in any way, including by name, identifying number, cryptographic key, office or account number, as the assignee of the authoritative electronic copy; and [PL 2023, c. 669, Pt. A, §86 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (c). Gives the purchaser exclusive power, subject to subsection (4) , to: (i) Prevent others from adding or changing an identified assignee of the authoritative electronic copy; and (ii) Transfer control of the authoritative electronic copy. [PL 2023, c. 669, Pt. A, §86 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §86 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(4). Subject to subsection (5) , a power is exclusive under subsection (3), paragraph (c) , subparagraphs (i) and (ii) even if: (a). The authoritative electronic copy, a record attached to or logically associated with the authoritative electronic copy or a system in which the authoritative electronic copy is recorded limits the use of the authoritative electronic copy or has a protocol that is programmed to cause a change, including a transfer or loss of control; or [PL 2023, c. 669, Pt. A, §86 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). The power is shared with another person. [PL 2023, c. 669, Pt. A, §86 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §86 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(5). A power of a purchaser is not shared with another person under subsection (4), paragraph (b) and the purchaser's power is not exclusive if: (a). The purchaser can exercise the power only if the power also is exercised by the other person; and [PL 2023, c. 669, Pt. A, §86 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). The other person: (i) Can exercise the power without exercise of the power by the purchaser; or (ii) Is the transferor to the purchaser of an interest in the chattel paper. [PL 2023, c. 669, Pt. A, §86 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §86 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(6). If a purchaser has the powers specified in subsection (3), paragraph (c) , subparagraphs (i) and (ii), the powers are presumed to be exclusive. [PL 2023, c. 669, Pt. A, §86 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(7). A purchaser has control of an authoritative electronic copy of a record evidencing chattel paper if another person, other than the transferor to the purchaser of an interest in the chattel paper: (a). Has control of the authoritative electronic copy and acknowledges that it has control on behalf of the purchaser; or [PL 2023, c. 669, Pt. A, §86 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). Obtains control of the authoritative electronic copy after having acknowledged that it will obtain control of the electronic copy on behalf of the purchaser. [PL 2023, c. 669, Pt. A, §86 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §86 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 3-1311 — ME Code / Title 11 / Chapter 3-A / Section 3-1311
11 §3-1311. Accord and satisfaction by use of instrument
Status: in_force

(1). Subsections (2) to (4) apply if a person against whom a claim is asserted proves that: (a). The person in good faith tendered an instrument to the claimant as full satisfaction of the claim; [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). The amount of the claim was unliquidated or subject to a bona fide dispute; and [PL 1993, c. 293, Pt. A, §2 (NEW).] (c). The claimant obtained payment of the instrument. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). Unless subsection (3) applies, the claim is discharged if the person against whom the claim is asserted proves that the instrument or an accompanying written communication contained a conspicuous statement to the effect that the instrument was tendered as full satisfaction of the claim. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). Subject to subsection (4) , a claim is not discharged under subsection (2) if either of the following applies: (a). The claimant, if an organization, proves that: (i) Within a reasonable time before the tender, the claimant sent a conspicuous statement to the person against whom the claim is asserted that communications concerning disputed debts, including an instrument tendered as full satisfaction of a debt, are to be sent to a designated person, office or place; and (ii) The instrument or accompanying communication was not received by that designated person, office or place; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). The claimant, whether or not an organization, proves that within 90 days after payment of the instrument, the claimant tendered repayment of the amount of the instrument to the person against whom the claim is asserted. This paragraph does not apply if the claimant is an organization that sent a statement complying with paragraph (a) , subparagraph (i). [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(4). A claim is discharged if the person against whom the claim is asserted proves that within a reasonable time before collection of the instrument was initiated, the claimant, or an agent of the claimant having direct responsibility with respect to the disputed obligation, knew that the instrument was tendered in full satisfaction of the claim. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 5-1102 — ME Code / Title 11 / Chapter 5-A / Section 5-1102
11 §5-1102. Definitions
Status: in_force

(1). As used in this Article, unless the context otherwise indicates, the following terms have the following meanings. (a). "Adviser" means a person who, at the request of the issuer, a confirmer or another adviser, notifies or requests another adviser to notify the beneficiary that a letter of credit has been issued, confirmed or amended. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (b). "Applicant" means a person at whose request or for whose account a letter of credit is issued. The term includes a person who requests an issuer to issue a letter of credit on behalf of another if the person making the request undertakes an obligation to reimburse the issuer. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (c). "Beneficiary" means a person who under the terms of a letter of credit is entitled to have its complying presentation honored. The term includes a person to whom drawing rights have been transferred under a transferable letter of credit. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (d). "Confirmer" means a nominated person who undertakes, at the request or with the consent of the issuer, to honor a presentation under a letter of credit issued by another. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (e). "Dishonor" of a letter of credit means failure to timely honor or to take an interim action, such as acceptance of a draft, that may be required by the letter of credit. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (f). "Document" means a written draft or other demand, document of title, investment security, certificate, invoice or other record, statement or representation of fact, law, right or opinion that: (i) Is presented in a written or other medium permitted by the letter of credit or, unless prohibited by the letter of credit, by the standard practice referred to in section 5‑1108, subsection (5) ; and (ii) Is capable of being examined for compliance with the terms and conditions of the letter of credit. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (g). "Good faith" means honesty in fact in the conduct or transaction concerned. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (h). "Honor" of a letter of credit means performance of the issuer's undertaking in the letter of credit to pay or deliver an item of value and unless otherwise provided occurs: (i) Upon payment; (ii) If the letter of credit provides for acceptance, upon acceptance of a draft and, at maturity, its payment; or (iii) If the letter of credit provides for incurring a deferred obligation, upon incurring the obligation and, at maturity, its performance. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (i). "Issuer" means a bank or other person that issues a letter of credit, but does not include an individual who makes an engagement for personal, family or household purposes. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (j). "Letter of credit" means a definite undertaking that satisfies the requirements of section 5‑1104 by an issuer to a beneficiary at the request or for the account of an applicant or, in the case of a financial institution, to itself or for its own account, to honor a documentary presentation by payment or delivery of an item of value. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (k). "Nominated person" means a person whom the issuer: (i) Designates or authorizes to pay, accept, negotiate or otherwise give value under a letter of credit; and (ii) Undertakes by agreement or custom and practice to reimburse. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (l). "Presentation" means delivery of a document to an issuer or nominated person for honor or giving of value under a letter of credit. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (m). "Presenter" means a person making a presentation as or on behalf of a beneficiary or nominated person. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (n). "Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (o). "Successor of a beneficiary" means a person who succeeds to substantially all of the rights of a beneficiary by operation of law, including a corporation with or into which the beneficiary has been merged or consolidated, an administrator, executor, personal representative, trustee in bankruptcy, debtor in possession, liquidator and receiver. [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).]

(2). Definitions in other Articles applying to this Article and the sections in which they appear are:

"Accept" or "Acceptance" section 3‑1408

"Value" sections 3‑1303 , 4‑211‑A . [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(3). Article 1 contains certain additional general definitions and principles of construction and interpretation applicable throughout this Article. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]
11 M.R.S. § 2-201 — ME Code / Title 11 / Chapter 2 / Section 2-201
11 §2-201. Formal requirements: statute of frauds
Status: in_force

(1). Except as otherwise provided in this section, a contract for the sale of goods for the price of $500 or more is not enforceable by way of action or defense unless there is a record sufficient to indicate that a contract for sale has been made between the parties and signed by the party against whom enforcement is sought or by the party's authorized agent or broker. A record is not insufficient because it omits or incorrectly states a term agreed upon but the contract is not enforceable under this subsection beyond the quantity of goods shown in the record. [PL 2023, c. 669, Pt. A, §16 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). Between merchants if within a reasonable time a record in confirmation of the contract and sufficient against the sender is received and the party receiving it has reason to know its contents, it satisfies the requirements of subsection (1) against the party unless notice in a record of objection to its contents is given within 10 days after it is received. [PL 2023, c. 669, Pt. A, §17 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). A contract which does not satisfy the requirements of subsection (1) but which is valid in other respects is enforceable (a). If the goods are to be specially manufactured for the buyer and are not suitable for sale to others in the ordinary course of the seller's business and the seller, before notice of repudiation is received and under circumstances which reasonably indicate that the goods are for the buyer, has made either a substantial beginning of their manufacture or commitments for their procurement; or (b). If the party against whom enforcement is sought admits in his pleading, testimony or otherwise in court that a contract for sale was made, but the contract is not enforceable under this provision beyond the quantity of goods admitted; or (c). With respect to goods for which payment has been made and accepted or which have been received and accepted ( section 2‑606 ).
11 M.R.S. § 7-1508 — ME Code / Title 11 / Chapter 7-A / Section 7-1508
11 §7-1508. Warranties of collecting bank as to documents of title
Status: in_force

A collecting bank or other intermediary known to be entrusted with documents of title on behalf of another or with collection of a draft or other claim against delivery of documents warrants by the delivery of the documents only its own good faith and authority even if the collecting bank or other intermediary has purchased or made advances against the claim or draft to be collected. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 2-602 — ME Code / Title 11 / Chapter 2 / Section 2-602
11 §2-602. Manner and effect of rightful rejection
Status: in_force

(1). Rejection of goods must be within a reasonable time after their delivery or tender. It is ineffective unless the buyer seasonably notifies the seller.

(2). Subject to the provisions of sections 2‑603 and 2‑604 on rejected goods, (a). After rejection any exercise of ownership by the buyer with respect to any commercial unit is wrongful as against the seller; and (b). If the buyer has before rejection taken physical possession of goods in which he does not have a security interest under the provisions of this Article ( section 2‑711, subsection (3) ), he is under a duty after rejection to hold them with reasonable care at the seller's disposition for a time sufficient to permit the seller to remove them; but (c). The buyer has no further obligations with regard to goods rightfully rejected.

(3). The seller's rights with respect to goods wrongfully rejected are governed by the provisions of this Article on seller's remedies in general ( section 2‑703 ).
11 M.R.S. § 2-720 — ME Code / Title 11 / Chapter 2 / Section 2-720
11 §2-720. Effect of "cancellation" or "rescission" on claims for antecedent breach
Status: in_force

Unless the contrary intention clearly appears, expressions of "cancellation" or "rescission" of the contract or the like shall not be construed as a renunciation or discharge of any claim in damages for an antecedent breach.
11 M.R.S. § 2-1403 — ME Code / Title 11 / Chapter 2-A / Section 2-1403
11 §2-1403. Retraction of anticipatory repudiation
Status: in_force

(1). Until the repudiating party's next performance is due, the repudiating party may retract the repudiation unless, since the repudiation, the aggrieved party has cancelled the lease contract or materially changed the aggrieved party's position or otherwise indicated that the aggrieved party considers the repudiation final. [PL 1991, c. 805, §4 (NEW).]

(2). Retraction may be by any method that clearly indicates to the aggrieved party that the repudiating party intends to perform under the lease contract and includes any assurance demanded under section 2‑1401 . [PL 1991, c. 805, §4 (NEW).]

(3). Retraction reinstates a repudiating party's rights under a lease contract with due excuse and allowance to the aggrieved party for any delay occasioned by the repudiation. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 4-202 — ME Code / Title 11 / Chapter 4 / Section 4-202
11 §4-202. Responsibility for collection or return; when action timely
Status: in_force

(1). A collecting bank must exercise ordinary care in: (a). Presenting an item or sending it for presentment; [PL 1993, c. 293, Pt. B, §19 (AMD).] (b). Sending notice of dishonor or nonpayment or returning an item other than a documentary draft to the bank's transferor after learning that the item has not been paid or accepted, as the case may be; [PL 1993, c. 293, Pt. B, §19 (AMD).] (c). Settling for an item when the bank receives final settlement; and (d). [PL 1993, c. 293, Pt. B, §19 (RP).] (e). Notifying its transferor of any loss or delay in transit within a reasonable time after discovery thereof. [PL 1993, c. 293, Pt. B, §19 (AMD).]

(2). A collecting bank exercises ordinary care under subsection (1) by taking proper action before its midnight deadline following receipt of an item, notice or settlement. Taking proper action within a reasonably longer time may constitute the exercise of ordinary care, but the bank has the burden of establishing timeliness. [PL 1993, c. 293, Pt. B, §19 (AMD).]

(3). Subject to subsection (1), paragraph (a) , a bank is not liable for the insolvency, neglect, misconduct, mistake or default of another bank or person or for loss or destruction of an item in the possession of others or in transit. [PL 1993, c. 293, Pt. B, §19 (AMD).]
11 M.R.S. § 2-103 — ME Code / Title 11 / Chapter 2 / Section 2-103
11 §2-103. Definitions and index of definitions
Status: in_force

(1). In this Article unless the context otherwise requires (a). Buyer. "Buyer" means a person who buys or contracts to buy goods. (b). [PL 2009, c. 325, Pt. B, §4 (RP); PL 2009, c. 325, Pt. B, §27 (AFF).] (c). Receipt. "Receipt" of goods means taking physical possession of them. (d). Seller. "Seller" means a person who sells or contracts to sell goods. [PL 2009, c. 325, Pt. B, §4 (AMD); PL 2009, c. 325, Pt. B, §27 (AFF).]

(2). Other definitions applying to this Article or to specified parts thereof, and the sections in which they appear are "Acceptance." Section 2‑606 . "Banker's credit." Section 2‑325. "Between merchants." Section 2‑104. "Cancellation." Section 2‑106, subsection (4) . "Commercial unit." Section 2‑105. "Confirmed credit." Section 2‑325. "Conforming to contract." Section 2‑106. "Contract for sale." Section 2‑106. "Cover." Section 2‑712 . "Entrusting." Section 2‑403 . "Financing agency." Section 2‑104. "Future goods." Section 2‑105. "Goods." Section 2‑105. "Identification." Section 2‑501 "Installment contract." Section 2‑612 . "Letter of credit." Section 2‑325 . "Lot." Section 2‑105 . "Merchant." Section 2‑104 . "Overseas." Section 2‑323 . "Person in position of seller." Section 2‑707 . "Present sale." Section 2‑106. "Sale." Section 2‑106 . "Sale on approval." Section 2‑326. "Sale or return." Section 2‑326 . "Termination." Section 2‑106 .

(3). The following definitions in other Articles apply to this Article: "Check." Section 3‑1104. "Consignee." Section 7‑1102. "Consignor." Section 7‑1102 . "Consumer goods." Section 9‑1102 . "Dishonor." Section 3‑1502 . "Draft." Section 3‑1104 . [RR 2019, c. 2, Pt. A, §15 (COR).]

(3-A). "Control" as provided in section 7‑1106 and the following definitions in other Articles apply to this Article: "Check." Section 3‑1104. "Consignee." Section 7‑1102. "Consignor." Section 7‑1102 . "Consumer goods." Section 9‑1102 . "Dishonor." Section 3‑1502 . "Draft." Section 3‑1104 . [RR 2019, c. 2, Pt. A, §16 (COR).]

(4). In addition Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article.
11 M.R.S. § 9-1706 — ME Code / Title 11 / Chapter 9-A / Section 9-1706
11 §9-1706. When initial financing statement suffices to continue effectiveness of financing statement
Status: in_force

(1). The filing of an initial financing statement in the office specified in section 9‑1501 continues the effectiveness of a financing statement filed before this Article takes effect if: (a). The filing of an initial financing statement in that office would be effective to perfect a security interest under this Article; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The pre-effective-date financing statement was filed in an office in another state or another office in this State; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). The initial financing statement satisfies 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).]

(2). The filing of an initial financing statement under subsection (1) continues the effectiveness of the pre-effective-date financing statement: (a). If the initial financing statement is filed before this Article takes effect, for the period provided in former section 9‑403 with respect to a financing statement; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). If the initial financing statement is filed after this Article takes effect, for the period provided in section 9‑1515 with respect to an initial 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).]

(3). To be effective for purposes of subsection (1) , an initial financing statement must: (a). Satisfy 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).] (b). Identify the pre-effective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Indicate that the pre-effective-date financing statement remains effective. [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. § 3-1420 — ME Code / Title 11 / Chapter 3-A / Section 3-1420
11 §3-1420. Conversion of instrument
Status: in_force

(1). The law applicable to conversion of personal property applies to instruments. An instrument is also converted if it is taken by transfer, other than a negotiation, from a person not entitled to enforce the instrument or a bank makes or obtains payment with respect to the instrument for a person not entitled to enforce the instrument or receive payment. An action for conversion of an instrument may not be brought by the issuer or acceptor of the instrument or a payee or indorsee who did not receive delivery of the instrument either directly or through delivery to an agent or a copayee. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). In an action under subsection (1) , the measure of liability is presumed to be the amount payable on the instrument, but recovery may not exceed the amount of the plaintiff's interest in the instrument. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). A representative, other than a depositary bank, who has in good faith dealt with an instrument or its proceeds on behalf of one who was not the person entitled to enforce the instrument is not liable in conversion to that person beyond the amount of any proceeds that it has not paid out. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 2-507 — ME Code / Title 11 / Chapter 2 / Section 2-507
11 §2-507. Effect of seller's tender; delivery on condition
Status: in_force

(1). Tender of delivery is a condition to the buyer's duty to accept the goods and, unless otherwise agreed, to his duty to pay for them. Tender entitles the seller to acceptance of the goods and to payment according to the contract.

(2). Where payment is due and demanded on the delivery to the buyer of goods or documents of title, his right as against the seller to retain or dispose of them is conditional upon his making the payment due.
11 M.R.S. § 2-1304 — ME Code / Title 11 / Chapter 2-A / Section 2-1304
11 §2-1304. Subsequent lease of goods by lessor
Status: in_force

(1). Subject to section 2‑1303 , a subsequent lessee from a lessor of goods under an existing lease contract obtains, to the extent of the leasehold interest transferred, the leasehold interest in the goods that the lessor had or had power to transfer, and, except as provided in subsection (2) and section 2‑1527, subsection (4) , takes subject to the existing lease contract. A lessor with voidable title has power to transfer a good leasehold interest to a good faith subsequent lessee for value, but only to the extent set forth in the preceding sentence. If goods have been delivered under a transaction of purchase, the lessor has that power even though: (a). The lessor's transferor was deceived as to the identity of the lessor; [PL 1991, c. 805, §4 (NEW).] (b). The delivery was in exchange for a check that is later dishonored; [PL 1991, c. 805, §4 (NEW).] (c). It was agreed that the transaction was to be a "cash sale"; or [PL 1991, c. 805, §4 (NEW).] (d). The delivery was procured through fraud punishable as larcenous under the criminal law. [PL 1991, c. 805, §4 (NEW).] [PL 1991, c. 805, §4 (NEW).]

(2). A subsequent lessee in the ordinary course of business from a lessor who is a merchant dealing in goods of that kind to whom the goods were entrusted by the existing lessee of that lessor before the interest of the subsequent lessee became enforceable against that lessor obtains, to the extent of the leasehold interest transferred, all of that lessor's and the existing lessee's rights to the goods, and takes free of the existing lease contract. [PL 1991, c. 805, §4 (NEW).]

(3). A subsequent lessee from the lessor of goods that are subject to an existing lease contract and are covered by a certificate of title issued under a statute of this State or of another jurisdiction takes no greater rights than those provided both by this section and by the certificate of title statute. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 8-1407 — ME Code / Title 11 / Chapter 8-A / Section 8-1407
11 §8-1407. Authenticating trustee, transfer agent and registrar
Status: in_force

A person acting as authenticating trustee, transfer agent, registrar or other agent for an issuer in the registration of a transfer of its securities, in the issue of new security certificates or uncertificated securities or in the cancellation of surrendered security certificates has the same obligation to the holder or owner of a certificated or uncertificated security with regard to the particular functions performed as the issuer has in regard to those functions. [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 3-1605 — ME Code / Title 11 / Chapter 3-A / Section 3-1605
11 §3-1605. Discharge of indorsers and accommodation parties
Status: in_force

(1). In this section, the term "indorser" includes a drawer having the obligation described in section 3‑1414, subsection (4) . [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). Discharge, under section 3‑1604 , of the obligation of a party to pay an instrument does not discharge the obligation of an indorser or accommodation party having a right of recourse against the discharged party. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). If a person entitled to enforce an instrument agrees, with or without consideration, to an extension of the due date of the obligation of a party to pay the instrument, the extension discharges an indorser or accommodation party having a right of recourse against the party whose obligation is extended to the extent the indorser or accommodation party proves that the extension caused loss to the indorser or accommodation party with respect to the right of recourse. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(4). If a person entitled to enforce an instrument agrees, with or without consideration, to a material modification of the obligation of a party other than an extension of the due date, the modification discharges the obligation of an indorser or accommodation party having a right of recourse against the person whose obligation is modified to the extent the modification causes loss to the indorser or accommodation party with respect to the right of recourse. The loss suffered by the indorser or accommodation party as a result of the modification is equal to the amount of the right of recourse unless the person enforcing the instrument proves that no loss was caused by the modification or that the loss caused by the modification was an amount less than the amount of the right of recourse. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(5). If the obligation of a party to pay an instrument is secured by an interest in collateral and a person entitled to enforce the instrument impairs the value of the interest in collateral, the obligation of an indorser or accommodation party having a right of recourse against the obligor is discharged to the extent of the impairment. The value of an interest in collateral is impaired to the extent: (a). That the value of the interest is reduced to an amount less than the amount of the right of recourse of the party asserting discharge; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). That the reduction in value of the interest causes an increase in the amount by which the amount of the right of recourse exceeds the value of the interest. The burden of proving impairment is on the party asserting discharge. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(6). If the obligation of a party is secured by an interest in collateral not provided by an accommodation party and a person entitled to enforce the instrument impairs the value of the interest in collateral, the obligation of any party who is jointly and severally liable with respect to the secured obligation is discharged to the extent that the impairment causes the party asserting discharge to pay more than that party would have been obliged to pay, taking into account rights of contribution, if impairment had not occurred. If the party asserting discharge is an accommodation party not entitled to discharge under subsection (5) , the party is deemed to have a right to contribution based on joint and several liability rather than a right to reimbursement. The burden of proving impairment is on the party asserting discharge. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(7). Under subsection (5) or (6) , impairing value of an interest in collateral includes: (a). Failure to obtain or maintain perfection or recordation of the interest in collateral; [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). Release of collateral without substitution of collateral of equal value; [PL 1993, c. 293, Pt. A, §2 (NEW).] (c). Failure to perform a duty to preserve the value of collateral owed, under Article 9 or other law, to a debtor or surety or other person secondarily liable; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (d). Failure to comply with applicable law in disposing of collateral. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(8). An accommodation party is not discharged under subsection (3) , (4) or (5) unless the person entitled to enforce the instrument knows of the accommodation or has notice under section 3‑1419, subsection (3) that the instrument was signed for accommodation. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(9). A party is not discharged under this section if: (a). The party asserting discharge consents to the event or conduct that is the basis of the discharge; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). The instrument or a separate agreement of the party provides for waiver of discharge under this section either specifically or by general language indicating that parties waive defenses based on suretyship or impairment of collateral. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 4-502 — ME Code / Title 11 / Chapter 4 / Section 4-502
11 §4-502. Presentment of "on arrival" drafts
Status: in_force

If a draft or the relevant instructions require presentment "on arrival," "when goods arrive" or the like, the collecting bank need not present until in its judgment a reasonable time for arrival of the goods has expired. Refusal to pay or accept because the goods have not arrived is not dishonor; the bank must notify its transferor of the refusal but need not present the draft again until it is instructed to do so or learns of the arrival of the goods. [PL 1993, c. 293, Pt. B, §46 (AMD).]
11 M.R.S. § 12-101 — ME Code / Title 11 / Chapter 12 / Section 12-101
11 §12-101. Short title
Status: in_force

This Article may be cited as "the Uniform Commercial Code - Controllable Electronic Records." [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 2-108 — ME Code / Title 11 / Chapter 2 / Section 2-108
11 §2-108. Miscellaneous health provisions; blood or tissue transfer services
Status: in_force

The procurement, processing, distribution or use of whole blood, plasma, blood products, blood derivatives and other human tissues such as corneas, bones or organs for the purpose of injecting, transfusing or transplanting any of them into the human body is declared to be, for all purposes, the rendition of a service by every person participating therein and, whether or not any remuneration is paid therefor, is declared not to be a sale of such whole blood, plasma, blood products, blood derivations or other tissues, for any purpose, subsequent to October 1, 1969. [PL 1973, c. 625, §60 (AMD).]
11 M.R.S. § 9-1340 — ME Code / Title 11 / Chapter 9-A / Section 9-1340
11 §9-1340. Effectiveness of right of recoupment or setoff against deposit account
Status: in_force

(1). Except as otherwise provided in subsection (3) , a bank with which a deposit account is maintained may exercise any right of recoupment or setoff against a secured party that holds a security interest in the deposit account. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). Except as otherwise provided in subsection (3) , the application of this Article to a security interest in a deposit account does not affect a right of recoupment or setoff of the secured party as to a deposit account maintained with the secured party. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(3). The exercise by a bank of a setoff against a deposit account is ineffective against a secured party that holds a security interest in the deposit account that is perfected by control under section 9‑1104, subsection (1), paragraph (c) , if the setoff is based on a claim against the debtor. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]