11 M.R.S. § 9-1208 — ME Code / Title 11 / Chapter 9-A / Section 9-1208
11 §9-1208. Additional duties of secured party having control of collateral
Status: in_force

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

(2). Within 20 days after receiving a signed demand by the debtor: (a). A secured party having control of a deposit account under section 9‑1104, subsection (1), paragraph (b) shall send to the bank with which the deposit account is maintained a signed record that releases the bank from any further obligation to comply with instructions originated by the secured party; [PL 2023, c. 669, Pt. A, §93 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). A secured party having control of a deposit account under section 9‑1104, subsection (1), paragraph (c) shall: (i) Pay the debtor the balance on deposit in the deposit account; or (ii) Transfer the balance on deposit into a deposit account in the debtor's name; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). [PL 2023, c. 669, Pt. A, §93 (RP); PL 2023, c. 669, Pt. E, §1 (AFF).] (c-1). A secured party, other than a buyer, having control under section 9‑1105‑A of an authoritative electronic copy of a record evidencing chattel paper shall transfer control of the electronic copy to the debtor or a person designated by the debtor; [PL 2023, c. 669, Pt. A, §93 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (d). A secured party having control of investment property under section 8‑1106, subsection (4), paragraph (b) or 9‑1106, subsection (2) shall send to the securities intermediary or commodity intermediary with which the security entitlement or commodity contract is maintained a signed record that releases the securities intermediary or commodity intermediary from any further obligation to comply with entitlement orders or directions originated by the secured party; [PL 2023, c. 669, Pt. A, §93 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] (e). A secured party having control of a letter-of-credit right under section 9‑1107 shall send to each person having an unfulfilled obligation to pay or deliver proceeds of the letter of credit to the secured party a signed release from any further obligation to pay or deliver proceeds of the letter of credit to the secured party; [PL 2023, c. 669, Pt. A, §93 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] (f). [PL 2023, c. 669, Pt. A, §93 (RP); PL 2023, c. 669, Pt. E, §1 (AFF).] (f-1). A secured party having control under section 7‑1106 of an authoritative electronic copy of an electronic document shall transfer control of the electronic copy to the debtor or a person designated by the debtor; and [PL 2023, c. 669, Pt. A, §93 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (g). A secured party having control under section 12‑105 of a controllable electronic record, other than a buyer of a controllable account or controllable payment intangible evidenced by the controllable electronic record, shall transfer control of the controllable electronic record to the debtor or a person designated by the debtor. [PL 2023, c. 669, Pt. A, §93 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §93 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 2-1503 — ME Code / Title 11 / Chapter 2-A / Section 2-1503
11 §2-1503. Modification or impairment of rights and remedies
Status: in_force

(1). Except as otherwise provided in this Article, the lease agreement may include rights and remedies for default in addition to or in substitution for those provided in this Article and may limit or alter the measure of damages recoverable under this Article. [PL 1991, c. 805, §4 (NEW).]

(2). Resort to a remedy provided under this Article or in the lease agreement is optional unless the remedy is expressly agreed to be exclusive. If circumstances cause an exclusive or limited remedy to fail of its essential purpose, or provision for an exclusive remedy is unconscionable, remedy may be had as provided in this Article. [PL 1991, c. 805, §4 (NEW).]

(3). Consequential damages may be liquidated under section 2‑1504 , or may otherwise be limited, altered or excluded unless the limitation, alteration or exclusion is unconscionable. Limitation, alteration or exclusion of consequential damages for injury to the person in the case of consumer goods is prima facie unconscionable but limitation, alteration or exclusion of damages where the loss is commercial is not prima facie unconscionable. [PL 1991, c. 805, §4 (NEW).]

(4). Rights and remedies on default by the lessor or the lessee with respect to any obligation or promise collateral or ancillary to the lease contract are not impaired by this Article. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 3-1115 — ME Code / Title 11 / Chapter 3-A / Section 3-1115
11 §3-1115. Incomplete instrument
Status: in_force

(1). "Incomplete instrument" means a signed writing, whether or not issued by the signer, the contents of which show at the time of signing that it is incomplete but that the signer intended it to be completed by the addition of words or numbers. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). Subject to subsection (3) , if an incomplete instrument is an instrument under section 3‑1104 , it may be enforced according to its terms if it is not completed or according to its terms as augmented by completion. If an incomplete instrument is not an instrument under section 3‑1104 , but after completion the requirements of section 3‑1104 are met, the instrument may be enforced according to its terms as augmented by completion. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). If words or numbers are added to an incomplete instrument without authority of the signer, there is an alteration of the incomplete instrument under section 3‑1407 . [PL 1993, c. 293, Pt. A, §2 (NEW).]

(4). The burden of establishing that words or numbers were added to an incomplete instrument without authority of the signer is on the person asserting the lack of authority. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 2-1513 — ME Code / Title 11 / Chapter 2-A / Section 2-1513
11 §2-1513. Cure by lessor of improper tender or delivery; replacement
Status: in_force

(1). If any tender or delivery by the lessor or the supplier is rejected because nonconforming and the time for performance has not yet expired, the lessor or the supplier may seasonably notify the lessee of the lessor's or the supplier's intention to cure and may then make a conforming delivery within the time period in the lease contract. [PL 1991, c. 805, §4 (NEW).]

(2). If the lessee rejects a nonconforming tender that the lessor or the supplier had reasonable grounds to believe would be acceptable with or without money allowance, the lessor or the supplier may have a further reasonable time to substitute a conforming tender if the lessee or the supplier seasonably notifies the lessee. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 9-1704 — ME Code / Title 11 / Chapter 9-A / Section 9-1704
11 §9-1704. Security interest unperfected before effective date
Status: in_force

A security interest that is enforceable immediately before this Article takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time: [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(1). Remains an enforceable security interest for one year after this Article takes effect; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). Remains enforceable thereafter if the security interest becomes enforceable under section 9‑1203 when this Article takes effect or within one year thereafter; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(3). Becomes perfected: (a). Without further action, when this Article takes effect if the applicable requirements for perfection under this Article are satisfied before or at that time; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). When the applicable requirements for perfection are satisfied if the requirements are satisfied after that time. [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. § 9-1332 — ME Code / Title 11 / Chapter 9-A / Section 9-1332
11 §9-1332. Transfer of money; transfer of funds from deposit account
Status: in_force

(1). A transferee of money takes the money free of a security interest if the transferee receives possession of the money without acting in collusion with the debtor in violating the rights of the secured party. [PL 2023, c. 669, Pt. A, §129 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). A transferee of funds from a deposit account takes the funds free of a security interest in the deposit account if the transferee receives the funds without acting in collusion with the debtor in violating the rights of the secured party. [PL 2023, c. 669, Pt. A, §129 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 12-106 — ME Code / Title 11 / Chapter 12 / Section 12-106
11 §12-106. Discharge of account debtor on controllable account or controllable payment intangible
Status: in_force

(1). An account debtor on a controllable account or controllable payment intangible may discharge its obligation by paying: (a). The person having control of the controllable electronic record that evidences the controllable account or controllable payment intangible; or [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). Except as provided in subsection (2) , a person that formerly had control of the controllable electronic record. [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). Subject to subsection (4) , the account debtor may not discharge its obligation by paying a person that formerly had control of the controllable electronic record if the account debtor receives a notification that: (a). Is signed by a person that formerly had control or the person to which control was transferred; [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). Reasonably identifies the controllable account or controllable payment intangible; [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (c). Notifies the account debtor that control of the controllable electronic record that evidences the controllable account or controllable payment intangible was transferred; [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (d). Identifies the transferee, in any reasonable way, including by name, identifying number, cryptographic key, office or account number; and [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (e). Provides a commercially reasonable method by which the account debtor is to pay the transferee. [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). After receipt of a notification that complies with subsection (2) , the account debtor may discharge its obligation by paying in accordance with the notification and may not discharge the obligation by paying a person that formerly had control. [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(4). Subject to subsection (8) , notification is ineffective under subsection (2) : (a). Unless, before the notification is sent, the account debtor and the person that, at that time, had control of the controllable electronic record that evidences the controllable account or controllable payment intangible agree in a signed record to a commercially reasonable method by which a person may furnish reasonable proof that control has been transferred; [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). To the extent an agreement between the account debtor and seller of a payment intangible limits the account debtor's duty to pay a person other than the seller and the limitation is effective under law other than this Article; or [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (c). At the option of the account debtor, if the notification notifies the account debtor to: (i) Divide a payment; (ii) Make less than the full amount of an installment or other periodic payment; or (iii) Pay any part of a payment by more than one method or to more than one person. [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(5). Subject to subsection (8) , if requested by the account debtor, the person giving the notification under subsection (2) seasonably shall furnish reasonable proof, using the method in the agreement referred to in subsection (4), paragraph (a) , that control of the controllable electronic record has been transferred. Unless the person complies with the request, the account debtor may discharge its obligation by paying a person that formerly had control, even if the account debtor has received a notification under subsection (2) . [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(6). A person furnishes reasonable proof under subsection (5) that control has been transferred if the person demonstrates, using the method in the agreement referred to in subsection (4), paragraph (a) , that the transferee has the power to: (a). Avail itself of substantially all the benefit from the controllable electronic record; [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). Prevent others from availing themselves of substantially all the benefit from the controllable electronic record; and [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (c). Transfer the powers specified in paragraphs (a) and (b) to another person. [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(7). Subject to subsection (8) , an account debtor may not waive or vary its rights under subsection (4), paragraph (a) and subsection (5) or its option under subsection (4), paragraph (c) . [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(8). This section is subject to law other than this Article that establishes a different rule for an account debtor who is an individual and who incurred the obligation primarily for personal, family or household purposes. [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 4-503 — ME Code / Title 11 / Chapter 4 / Section 4-503
11 §4-503. Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need
Status: in_force

Unless otherwise instructed and except as provided in Article 5, a bank presenting a documentary draft: [PL 1993, c. 293, Pt. B, §47 (AMD).]

(1). Must deliver the documents to the drawee on acceptance of the draft, if it is payable more than 3 days after presentment; otherwise, only on payment; and

(2). Upon dishonor, either in the case of presentment for acceptance or presentment for payment, may seek and follow instruction from any referee in case of need designated in the draft or, if the presenting bank does not choose to utilize the referee's services, it must use diligence and good faith to ascertain the reason for dishonor, must notify its transferor of the dishonor and of the results of its effort to ascertain the reasons therefor, and must request instructions. [PL 1993, c. 293, Pt. B, §47 (AMD).]

However the presenting bank is under no obligation with respect to goods represented by the documents, except to follow any reasonable instructions seasonably received; it has a right to reimbursement for any expense incurred in following instructions and to prepayment of or indemnity for those expenses. [PL 1993, c. 293, Pt. B, §47 (AMD).]
11 M.R.S. § 2-1203 — ME Code / Title 11 / Chapter 2-A / Section 2-1203
11 §2-1203. Seals inoperative
Status: in_force

The affixing of a seal to a record evidencing a lease contract or an offer to enter into a lease contract does not render the record a sealed instrument and the law with respect to sealed instruments does not apply to the lease contract or offer. [PL 2023, c. 669, Pt. A, §30 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 9-1319 — ME Code / Title 11 / Chapter 9-A / Section 9-1319
11 §9-1319. Rights and title of consignee with respect to creditors and purchasers
Status: in_force

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

(2). For purposes of determining the rights of a creditor of a consignee, law other than this Article determines the rights and title of a consignee while goods are in the consignee's possession if, under this Part, a perfected security interest held by the consignor would have priority over the rights of the creditor. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 4-104 — ME Code / Title 11 / Chapter 4 / Section 4-104
11 §4-104. Definitions and index of definitions
Status: in_force

(1). In this Article, unless the context otherwise indicates, the following terms have the following meanings. (a). Account. "Account" means any deposit or credit account with a bank, including a demand, time, savings, passbook, share draft or like account, other than an account evidenced by a certificate of deposit. [PL 1993, c. 293, Pt. B, §9 (AMD).] (b). Afternoon. "Afternoon" means the period of a day between noon and midnight. (c). Banking day. "Banking day" means the part of a day on which a bank is open to the public for carrying on substantially all of its banking functions. [PL 1993, c. 293, Pt. B, §9 (AMD).] (d). Clearinghouse. "Clearinghouse" means an association of banks or other payors regularly clearing items. [PL 1993, c. 293, Pt. B, §9 (AMD).] (e). Customer. "Customer" means a person having an account with a bank or for whom a bank has agreed to collect items, including a bank that maintains an account at another bank. [PL 1993, c. 293, Pt. B, §9 (AMD).] (f). Documentary draft. "Documentary draft" means a draft to be presented for acceptance or payment if specified documents, certificated securities as defined in section 8‑1102 , instructions for uncertificated securities as defined in section 8‑1102 , or other certificates, statements or the like are to be received by the drawee or other payor before acceptance or payment of the draft. [PL 1997, c. 429, Pt. C, §5 (AMD).] (f-1). Draft. "Draft" means a draft as defined in section 3‑1104 or an item, other than an instrument, that is an order. [PL 1993, c. 293, Pt. B, §9 (NEW).] (f-2). Drawee. "Drawee" means a person ordered in a draft to make payment. [PL 1993, c. 293, Pt. B, §9 (NEW).] (g). Item. "Item" means an instrument, promise or order to pay money handled by a bank for collection or payment. The term does not include a payment order governed by Article 4‑A or a credit or debit card slip. [PL 1993, c. 293, Pt. B, §9 (AMD).] (h). Midnight deadline. "Midnight deadline" with respect to a bank is midnight on its next banking day following the banking day on which it receives the relevant item or notice or from which the time for taking action commences to run, whichever is later. (i). [PL 1993, c. 293, Pt. B, §9 (RP).] (j). Settle. "Settle" means to pay in cash, by clearinghouse settlement, in a charge or credit or by remittance, or otherwise as agreed. A settlement may be either provisional or final. [PL 1993, c. 293, Pt. B, §9 (AMD).] (k). Suspends payments. "Suspends payments" with respect to a bank means that it has been closed by order of the supervisory authorities, that a public officer has been appointed to take it over, or that it ceases or refuses to make payments in the ordinary course of business. [PL 1993, c. 293, Pt. B, §9 (AMD).] [PL 1997, c. 429, Pt. C, §5 (AMD).]

(2). Other definitions applying to this Article and the sections in which they appear are: "Agreement for electronic presentment." Section 4‑110. "Bank." Section 4‑105. "Collecting bank." Section 4‑105. "Depositary bank." Section 4‑105. "Intermediary bank." Section 4‑105. "Payor bank." Section 4‑105. "Presenting bank." Section 4‑105 . "Presentment notice." Section 4‑110 . [PL 1993, c. 293, Pt. B, §9 (AMD).]

(3). "Control" as provided in section 7‑1106 and the following definitions in other Articles apply to this Article: "Acceptance." Section 3‑1409. "Alteration." Section 3‑1407 . "Cashier's check." Section 3‑1104. "Certificate of deposit." Section 3‑1104. "Certified Check." Section 3‑1409 . "Check." Section 3‑1104. "Demand draft." Section 3‑1104. "Draft." Section 3‑1104. "Holder in due course." Section 3‑1102 . "Instrument." Section 3‑1104. "Notice of dishonor." Section 3‑1503 . "Order." Section 3‑1103. "Ordinary care." Section 3‑1103. "Person entitled to enforce." Section 3‑1301 . "Presentment." Section 3‑1501 . "Promise." Section 3‑1103. "Prove." Section 3‑1103 . "Teller's check." Section 3‑1104 . "Unauthorized signature." Section 3‑1403 . [PL 2009, c. 652, Pt. A, §9 (RPR); PL 2009, c. 652, Pt. A, §10 (AFF).]

(4). In addition, Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article.
11 M.R.S. § 8-1115 — ME Code / Title 11 / Chapter 8-A / Section 8-1115
11 §8-1115. Securities intermediary and others not liable to adverse claimant
Status: in_force

(1). A securities intermediary that has transferred a financial asset pursuant to an effective entitlement order or a broker or other agent or bailee that has dealt with a financial asset at the direction of its customer or principal is not liable to a person having an adverse claim to the financial asset, unless the securities intermediary or broker or other agent or bailee: (a). Took the action after it had been served with an injunction, restraining order or other legal process enjoining it from doing so, issued by a court of competent jurisdiction, and had a reasonable opportunity to act on the injunction, restraining order or other legal process; [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). Acted in collusion with the wrongdoer in violating the rights of the adverse claimant; or [PL 1997, c. 429, Pt. B, §2 (NEW).] (c). In the case of a security certificate that has been stolen, acted with notice of the adverse claim. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 9-1331 — ME Code / Title 11 / Chapter 9-A / Section 9-1331
11 §9-1331. Priority of rights of purchasers of controllable accounts, controllable electronic records, controllable payment intangibles, documents, instruments and securities under other Articles; priority of interests in financial assets and security entitlements and protection against assertion of claim under Articles 8-A and 12
Status: in_force

(1). This Article does not limit the rights of a holder in due course of a negotiable instrument, a holder to which a negotiable document of title has been duly negotiated, a protected purchaser of a security or a qualifying purchaser of a controllable account, controllable electronic record or controllable payment intangible. These holders or purchasers take priority over an earlier security interest, even if perfected, to the extent provided in Articles 3‑A , 7‑A , 8‑A and 12 . [PL 2023, c. 669, Pt. A, §128 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). This Article does not limit the rights of or impose liability on a person to the extent that the person is protected against the assertion of a claim under Article 8‑A or 12 . [PL 2023, c. 669, Pt. A, §128 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). Filing under this Article does not constitute notice of a claim or defense to the holders, or purchasers, or persons described in subsections (1) and (2) . [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 9-1611 — ME Code / Title 11 / Chapter 9-A / Section 9-1611
11 §9-1611. Notification before disposition of collateral
Status: in_force

(1). In this section, "notification date" means the earlier of the date on which: (a). A secured party sends to the debtor and any secondary obligor a signed notification of disposition; or [PL 2023, c. 669, Pt. A, §146 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). The debtor and any secondary obligor waive the right to notification. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 2023, c. 669, Pt. A, §146 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). Except as otherwise provided in subsection (4) , a secured party that disposes of collateral under section 9‑1610 shall send to the persons specified in subsection (3) a reasonable signed notification of disposition. [PL 2023, c. 669, Pt. A, §147 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). To comply with subsection (2) , the secured party shall send a signed notification of disposition to: (a). The debtor; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Any secondary obligor; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). If the collateral is other than consumer goods: (i) Any other person from which the secured party has received, before the notification date, a signed notification of a claim of an interest in the collateral; (ii) Any other secured party or lienholder that, 10 days before the notification date, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that: (A) Identified the collateral; (B) Was indexed under the debtor's name as of that date; and (C) Was filed in the appropriate office in which to file a financing statement against the debtor covering the collateral as of that date; and (iii) Any other secured party that, 10 days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation or treaty described in section 9‑1311, subsection (1). [PL 2023, c. 669, Pt. A, §148 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §148 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(4). Subsection (2) does not apply if the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(5). A secured party complies with the requirement for notification prescribed by subsection (3), paragraph (c) , subparagraph (ii) if: (a). Not later than 20 days or earlier than 30 days before the notification date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor's name in the office indicated in subsection (3), paragraph (c) , subparagraph (ii); and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Before the notification date, the secured party: (i) Did not receive a response to the request for information; or (ii) Received a response to the request for information and sent a signed notification of disposition to each secured party or other lienholder named in that response whose financing statement covered the collateral. [PL 2023, c. 669, Pt. A, §149 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §149 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 4-1303 — ME Code / Title 11 / Chapter 4-A / Section 4-1303
11 §4-1303. Erroneous execution of payment order
Status: in_force

(1). A receiving bank that executes the payment order of the sender by issuing a payment order in an amount greater than the amount of the sender's order or issues a payment order in execution of the sender's order and then issues a duplicate order is entitled to payment of the amount of the sender's order under section 4‑1402, subsection (3) if that subsection is otherwise satisfied. The bank is entitled to recover from the beneficiary of the erroneous order the excess payment received to the extent allowed by the law governing mistake and restitution. [PL 1991, c. 812, §2 (NEW).]

(2). A receiving bank that executes the payment order of the sender by issuing a payment order in an amount less than the amount of the sender's order is entitled to payment of the amount of the sender's order under section 4‑1402, subsection (3) if that subsection is otherwise satisfied and the bank corrects its mistake by issuing an additional payment order for the benefit of the beneficiary of the sender's order. If the error is not corrected, the issuer of the erroneous order is entitled to receive or retain payment from the sender of the order it accepted only to the extent of the amount of the erroneous order. This subsection does not apply if the receiving bank executes the sender's payment order by issuing a payment order in an amount less than the amount of the sender's order for the purpose of obtaining payment of its charges for services and expenses pursuant to an instruction of the sender. [PL 1991, c. 812, §2 (NEW).]

(3). If a receiving bank executes the payment order of the sender by issuing a payment order to a beneficiary different from the beneficiary of the sender's order and the funds transfer is completed on the basis of that error, the sender of the payment order that was erroneously executed and all previous senders in the funds transfer are not obliged to pay the payment orders they issued. The issuer of the erroneous order is entitled to recover from the beneficiary of the order the payment received to the extent allowed by the law governing mistake and restitution. [PL 1991, c. 812, §2 (NEW).]
11 M.R.S. § 2-505 — ME Code / Title 11 / Chapter 2 / Section 2-505
11 §2-505. Seller's shipment under reservation
Status: in_force

(1). Where the seller has identified goods to the contract by or before shipment, (a). His procurement of a negotiable bill of lading to his own order or otherwise reserves in him a security interest in the goods. His procurement of the bill to the order of a financing agency or of the buyer indicates in addition only the seller's expectation of transferring that interest to the person named. (b). A nonnegotiable bill of lading to the seller or the seller's nominee reserves possession of the goods as security, but except in a case of conditional delivery under section 2‑507, subsection (2) a nonnegotiable bill of lading naming the buyer as consignee reserves no security interest even though the seller retains possession or control of the bill of lading. [PL 2009, c. 324, Pt. B, §12 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).] [PL 2009, c. 324, Pt. B, §12 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).]

(2). When shipment by the seller with reservation of a security interest is in violation of the contract for sale, it constitutes an improper contract for transportation within section 2‑504 but impairs neither the rights given to the buyer by shipment and identification of the goods to the contract nor the seller's powers as a holder of a negotiable document of title. [PL 2009, c. 324, Pt. B, §13 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).]
11 M.R.S. § 7-1502 — ME Code / Title 11 / Chapter 7-A / Section 7-1502
11 §7-1502. Rights acquired by due negotiation
Status: in_force

(1). Subject to sections 7‑1205 and 7‑1503 , a holder to which a negotiable document of title has been duly negotiated acquires thereby: (a). Title to the document; [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (b). Title to the goods; [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (c). All rights accruing under the law of agency or estoppel, including rights to goods delivered to the bailee after the document was issued; and [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (d). The direct obligation of the issuer to hold or deliver the goods according to the terms of the document free of any defense or claim by the issuer except those arising under the terms of the document or under this Article, but in the case of a delivery order, the bailee's obligation accrues only upon the bailee's acceptance of the delivery order and the obligation acquired by the holder is that the issuer and any indorser will procure the acceptance of the bailee. [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). Subject to section 7‑1503 , title and rights acquired by due negotiation are not defeated by any stoppage of the goods represented by the document of title or by surrender of the goods by the bailee and are not impaired even if: (a). The due negotiation or any prior due negotiation constituted a breach of duty; [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (b). Any person has been deprived of possession of a negotiable tangible document or control of a negotiable electronic document by misrepresentation, fraud, accident, mistake, duress, loss, theft or conversion; or [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (c). A previous sale or other transfer of the goods or document has been made to a 3rd person. [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. § 12-102 — ME Code / Title 11 / Chapter 12 / Section 12-102
11 §12-102. Definitions
Status: in_force

(1). In this Article, unless the context otherwise indicates, the following terms have the following meanings. (a). "Controllable electronic record" means a record stored in an electronic medium that can be subjected to control under section 12‑105 . "Controllable electronic record" does not include a controllable account, a controllable payment intangible, a deposit account, an electronic copy of a record evidencing chattel paper, an electronic document of title, investment property, a transferable record or an electronic record that is a medium of exchange currently authorized or adopted by a domestic or foreign government and is not a medium of exchange that was recorded or transferable in a system that existed and operated for a medium of exchange before the medium of exchange was authorized or adopted by the government. [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). "Qualifying purchaser" means a purchaser of a controllable electronic record or an interest in a controllable electronic record that obtains control of the controllable electronic record for value, in good faith, and without notice of a claim of a property right in the controllable electronic record. [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (c). "Transferable record" has the same meaning as in: (i) 15 United States Code, Section 7021(a)(1); or (ii) Title 10, section 9416, subsection 1 . [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (d). "Value" has the same meaning provided in section 3‑1303, subsection (1) , as if references in that subsection to an "instrument" were references to a controllable account, controllable electronic record or controllable payment intangible. [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). The definitions in Article 9‑A of "account debtor," "controllable account," "controllable payment intangible," "chattel paper," "deposit account" and "investment property" apply to this Article. [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). Article 1‑A contains general definitions and principles of construction and interpretation applicable throughout this Article. [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 5-1110 — ME Code / Title 11 / Chapter 5-A / Section 5-1110
11 §5-1110. Warranties
Status: in_force

(1). If its presentation is honored, the beneficiary warrants to: (a). The issuer, any other person to whom presentation is made and the applicant that there is no fraud or forgery of the kind described in section 5‑1109, subsection (1) ; and [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (b). The applicant that the drawing does not violate any agreement between the applicant and beneficiary or any other agreement intended by them to be augmented by the letter of credit. [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). The warranties in subsection (1) are in addition to warranties arising under Articles 3‑A , 4 , 7‑A and 8‑A because of the presentation or transfer of documents covered by any of those Articles. [PL 2009, c. 324, Pt. B, §25 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).]
11 M.R.S. § 4-1207 — ME Code / Title 11 / Chapter 4-A / Section 4-1207
11 §4-1207. Misdescription of beneficiary
Status: in_force

(1). Subject to subsection (2) , if, in a payment order received by the beneficiary's bank, the name, bank account number or other identification of the beneficiary refers to a nonexistent or unidentifiable person or account, no person has rights as a beneficiary of the order and acceptance of the order can not occur. [PL 1991, c. 812, §2 (NEW).]

(2). If a payment order received by the beneficiary's bank identifies the beneficiary both by name and by an identifying or bank account number and the name and number identify different persons, the following rules apply. (a). Except as otherwise provided in subsection (3) , if the beneficiary's bank does not know that the name and number refer to different persons, it may rely on the number as the proper identification of the beneficiary of the order. The beneficiary's bank need not determine whether the name and number refer to the same person. [PL 1991, c. 812, §2 (NEW).] (b). If the beneficiary's bank pays the person identified by name or knows that the name and number identify different persons, no person has rights as beneficiary except the person paid by the beneficiary's bank if that person was entitled to receive payment from the originator of the funds transfer. If no person has rights as beneficiary, acceptance of the order can not occur. [PL 1991, c. 812, §2 (NEW).] [PL 1991, c. 812, §2 (NEW).]

(3). If a payment order described in subsection (2) is accepted, the originator's payment order described the beneficiary inconsistently by name and number and the beneficiary's bank pays the person identified by number as permitted by subsection (2), paragraph (a) , the following rules apply. (a). If the originator is a bank, the originator is obliged to pay its order. [PL 1991, c. 812, §2 (NEW).] (b). If the originator is not a bank and proves that the person identified by number was not entitled to receive payment from the originator, the originator is not obliged to pay its order unless the originator's bank proves that the originator, before acceptance of the originator's order, had notice that payment of a payment order issued by the originator might be made by the beneficiary's bank on the basis of an identifying or bank account number even if it identifies a person different from the named beneficiary. Proof of notice may be made by any admissible evidence. The originator's bank satisfies the burden of proof if it proves that the originator, before the payment order was accepted, signed a record stating the information to which the notice relates. [PL 2023, c. 669, Pt. A, §44 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §44 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(4). In a case governed by subsection (2), paragraph (a) , if the beneficiary's bank rightfully pays the person identified by number and that person was not entitled to receive payment from the originator, the amount paid may be recovered from that person to the extent allowed by the law governing mistake and restitution as follows. (a). If the originator is obliged to pay its payment order as stated in subsection (3) , the originator has the right to recover. [PL 1991, c. 812, §2 (NEW).] (b). If the originator is not a bank and is not obliged to pay its payment order, the originator's bank has the right to recover. [PL 1991, c. 812, §2 (NEW).] [PL 1991, c. 812, §2 (NEW).]
11 M.R.S. § 3-1203 — ME Code / Title 11 / Chapter 3-A / Section 3-1203
11 §3-1203. Transfer of instrument; rights acquired by transfer
Status: in_force

(1). An instrument is transferred when it is delivered by a person other than its issuer for the purpose of giving to the person receiving delivery the right to enforce the instrument. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). Transfer of an instrument, whether or not the transfer is a negotiation, vests in the transferee any right of the transferor to enforce the instrument, including any right as a holder in due course, but the transferee can not acquire rights of a holder in due course by a transfer, directly or indirectly, from a holder in due course if the transferee engaged in fraud or illegality affecting the instrument. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). Unless otherwise agreed, if an instrument is transferred for value and the transferee does not become a holder because of lack of indorsement by the transferor, the transferee has a specifically enforceable right to the unqualified indorsement of the transferor, but negotiation of the instrument does not occur until the indorsement is made. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(4). If a transferor purports to transfer less than the entire instrument, negotiation of the instrument does not occur. The transferee obtains no rights under this Article and has only the rights of a partial assignee. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 2-324 — ME Code / Title 11 / Chapter 2 / Section 2-324
11 §2-324. "No arrival, no sale" term
Status: in_force

Under a term "no arrival, no sale" or terms of like meaning, unless otherwise agreed

(1). The seller must properly ship conforming goods, and if they arrive by any means he must tender them on arrival but he assumes no obligation that the goods will arrive unless he has caused the non-arrival; and

(2). Where without fault of the seller the goods are in part lost or have so deteriorated as no longer to conform to the contract or arrive after the contract time, the buyer may proceed as if there had been casualty to identified goods ( section 2‑613 ).
11 M.R.S. § 7-1603 — ME Code / Title 11 / Chapter 7-A / Section 7-1603
11 §7-1603. Conflicting claims; interpleader
Status: in_force

If more than one person claims title to or possession of the goods, the bailee is excused from delivery until the bailee has a reasonable time to ascertain the validity of the adverse claims or to commence an action for interpleader. The bailee may assert an interpleader either in defending an action for nondelivery of the goods or by original action. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 4-1404 — ME Code / Title 11 / Chapter 4-A / Section 4-1404
11 §4-1404. Obligation of beneficiary's bank to pay and give notice to beneficiary
Status: in_force

(1). Subject to section 4‑1211, subsection (5) , and section 4‑1405, subsections (4) and (5) , if a beneficiary's bank accepts a payment order, the bank is obliged to pay the amount of the order to the beneficiary of the order. Payment is due on the payment date of the order, but if acceptance occurs on the payment date after the close of the funds transfer business day of the bank, payment is due on the next funds transfer business day. If the bank refuses to pay after demand by the beneficiary and receipt of notice of particular circumstances that will give rise to consequential damages as a result of nonpayment, the beneficiary may recover damages resulting from the refusal to pay to the extent the bank had notice of the damages, unless the bank proves that it did not pay because of a reasonable doubt concerning the right of the beneficiary to payment. [PL 1991, c. 812, §2 (NEW).]

(2). If a payment order accepted by the beneficiary's bank instructs payment to an account of the beneficiary, the bank is obliged to notify the beneficiary of receipt of the order before midnight of the next funds transfer business day following the payment date. If the payment order does not instruct payment to an account of the beneficiary, the bank is required to notify the beneficiary only if notice is required by the order. Notice may be given by first class mail or any other means reasonable in the circumstances. If the bank fails to give the required notice, the bank is obliged to pay interest to the beneficiary on the amount of the payment order from the day notice should have been given until the day the beneficiary learned of receipt of the payment order by the bank. Other damages are not recoverable. Reasonable attorney's fees are also recoverable if demand for interest is made and refused before an action is brought on the claim. [PL 1991, c. 812, §2 (NEW).]

(3). The right of a beneficiary to receive payment and damages as stated in subsection (1) may not be varied by agreement or a funds transfer system rule. The right of a beneficiary to be notified as stated in subsection (2) may be varied by agreement of the beneficiary or by a funds transfer system rule if the beneficiary is notified of the rule before initiation of the funds transfer. [PL 1991, c. 812, §2 (NEW).]
11 M.R.S. § 5-1107 — ME Code / Title 11 / Chapter 5-A / Section 5-1107
11 §5-1107. Confirmer, nominated person and adviser
Status: in_force

(1). A confirmer is directly obligated on a letter of credit and has the rights and obligations of an issuer to the extent of its confirmation. The confirmer also has rights against and obligations to the issuer as if the issuer were an applicant and the confirmer had issued the letter of credit at the request and for the account of the issuer. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(2). A nominated person who is not a confirmer is not obligated to honor or otherwise give value for a presentation. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(3). A person requested to advise may decline to act as an adviser. An adviser that is not a confirmer is not obligated to honor or give value for a presentation. An adviser undertakes to the issuer and to the beneficiary accurately to advise the terms of the letter of credit, confirmation, amendment or advice received by that person and undertakes to the beneficiary to check the apparent authenticity of the request to advise. Even if the advice is inaccurate, the letter of credit, confirmation or amendment is enforceable as issued. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(4). A person who notifies a transferee beneficiary of the terms of a letter of credit, confirmation, amendment or advice has the rights and obligations of an adviser under subsection (3) . The terms in the notice to the transferee beneficiary may differ from the terms in any notice to the transferor beneficiary to the extent permitted by the letter of credit, confirmation, amendment or advice received by the person who so notifies. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]
11 M.R.S. § 2-725 — ME Code / Title 11 / Chapter 2 / Section 2-725
11 §2-725. Statute of limitations in contracts for sale
Status: in_force

(1). An action for breach of any contract for sale must be commenced within 4 years after the cause of action has accrued. By the original agreement the parties may reduce the period of limitation to not less than one year but may not extend it.

(2). A cause of action accrues when the breach occurs, regardless of the aggrieved party's lack of knowledge of the breach. A breach of warranty occurs when tender of delivery is made, except that where a warranty explicitly extends to future performance of the goods and discovery of the breach must await the time of such performance the cause of action accrues when the breach is or should have been discovered. A cause of action for personal injuries arising under this Article for breach of warranty occurs when the injury takes place and is governed by the limitation of action period under Title 14, section 752 . [PL 1973, c. 442, §1 (AMD).]

(3). Where an action commenced within the time limited by subsection (1) is so terminated as to leave available a remedy by another action for the same breach such other action may be commenced after the expiration of the time limited and within 6 months after the termination of the first action unless the termination resulted from voluntary discontinuance or from dismissal for failure or neglect to prosecute.

(4). This section does not alter the law on tolling of the statute of limitations nor does it apply to causes of action which have accrued before this Title becomes effective.
11 M.R.S. § 2-320 — ME Code / Title 11 / Chapter 2 / Section 2-320
11 §2-320. C.I.F. and C.& F. terms
Status: in_force

(1). The term C.I.F. means that the price includes in a lump sum the cost of the goods and the insurance and freight to the named destination. The term C.& F. or C.F. means that the price so includes cost and freight to the named destination.

(2). Unless otherwise agreed and even though used only in connection with the stated price and destination, the term C.I.F. destination or its equivalent requires the seller at his own expense and risk to (a). Put the goods into the possession of a carrier at the port for shipment and obtain a negotiable bill or bills of lading covering the entire transportation to the named destination; and (b). Load the goods and obtain a receipt from the carrier (which may be contained in the bill of lading) showing that the freight has been paid or provided for; and (c). Obtain a policy or certificate of insurance, including any war risk insurance, of a kind and on terms then current at the port of shipment in the usual amount, in the currency of the contract, shown to cover the same goods covered by the bill of lading and providing for payment of loss to the order of the buyer or for the account of whom it may concern; but the seller may add to the price the amount of the premium for any such war risk insurance; and (d). Prepare an invoice of the goods and procure any other documents required to effect shipment or to comply with the contract; and (e). Forward and tender with commercial promptness all the documents in due form and with any indorsement necessary to perfect the buyer's rights.

(3). Unless otherwise agreed the term C.& F. or its equivalent has the same effect and imposes upon the seller the same obligations and risks as a C.I.F. term except the obligation as to insurance. [PL 1965, c. 306, §6 (AMD).]

(4). Under the term C.I.F. or C.& F. unless otherwise agreed the buyer must make payment against tender of the required documents and the seller may not tender nor the buyer demand delivery of goods in substitution for the documents.
11 M.R.S. § 9-1618 — ME Code / Title 11 / Chapter 9-A / Section 9-1618
11 §9-1618. Rights and duties of certain secondary obligors
Status: in_force

(1). A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: (a). Receives an assignment of a secured obligation from the secured party; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Is subrogated to the rights of a secured party with respect to 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).]

(2). An assignment, transfer or subrogation described in subsection (1) : (a). Is not a disposition of collateral under section 9‑1610 ; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Relieves the secured party of further duties under this Article. [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. § 9-1103-A — ME Code / Title 11 / Chapter 9-A / Section 9-1103-A
11 §9-1103-A. Production-money crops; production-money obligation; production-money security interest; burden of establishing
Status: in_force

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

(2). If the extent to which a security interest is a production-money security interest depends on the application of a payment to a particular obligation, the payment must be applied: (a). In accordance with any reasonable method of application to which the parties agree; [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 production-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).]

(3). A production-money security interest does not lose its status as such, even if: (a). The production-money crops also secure an obligation that is not a production-money obligation; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Collateral that is not production-money crops also secures the production-money obligation; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). The production-money obligation has been renewed, refinanced 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).]

(4). A secured party claiming a production-money security interest has the burden of establishing the extent to which the security interest is a production-money security interest. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 8-1113 — ME Code / Title 11 / Chapter 8-A / Section 8-1113
11 §8-1113. Statute of frauds inapplicable
Status: in_force

A contract or modification of a contract for the sale or purchase of a security is enforceable whether or not there is a writing signed or record authenticated by a party against whom enforcement is sought, even if the contract or modification is not capable of performance within one year of its making. [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 2-714 — ME Code / Title 11 / Chapter 2 / Section 2-714
11 §2-714. Buyer's damages for breach in regard to accepted goods
Status: in_force

(1). Where the buyer has accepted goods and given notification ( section 2‑607, subsection (3) ) he may recover as damages for any nonconformity of tender the loss resulting in the ordinary course of events from the seller's breach as determined in any manner which is reasonable.

(2). The measure of damages for breach of warranty is the difference at the time and place of acceptance between the value of the goods accepted and the value they would have had if they had been as warranted, unless special circumstances show proximate damages of a different amount.

(3). In a proper case any incidental and consequential damages under section 2‑715 may also be recovered.
11 M.R.S. § 2-613 — ME Code / Title 11 / Chapter 2 / Section 2-613
11 §2-613. Casualty to identified goods
Status: in_force

Where the contract requires for its performance goods identified when the contract is made, and the goods suffer casualty without fault of either party before the risk of loss passes to the buyer, or in a proper case under a "no arrival, no sale" term ( section 2‑324 ) then

(1). If the loss is total, the contract is avoided; and

(2). If the loss is partial or the goods have so deteriorated as no longer to conform to the contract, the buyer may nevertheless demand inspection and at his option either treat the contract as avoided or accept the goods with due allowance from the contract price for the deterioration or deficiency in quantity but without further right against the seller.
11 M.R.S. § 3-1202 — ME Code / Title 11 / Chapter 3-A / Section 3-1202
11 §3-1202. Negotiation subject to rescission
Status: in_force

(1). Negotiation is effective even if obtained: (a). From an infant, a corporation exceeding its powers or a person without capacity; [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). By fraud, duress or mistake; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (c). In breach of duty or as part of an illegal transaction. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). To the extent permitted by other law, negotiation may be rescinded or may be subject to other remedies, but those remedies may not be asserted against a subsequent holder in due course or a person paying the instrument in good faith and without knowledge of facts that are a basis for rescission or other remedy. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 8-1209 — ME Code / Title 11 / Chapter 8-A / Section 8-1209
11 §8-1209. Issuer's lien
Status: in_force

A lien in favor of an issuer upon a certificated security is valid against a purchaser only if the right of the issuer to the lien is noted conspicuously on the security certificate. [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 9-1314 — ME Code / Title 11 / Chapter 9-A / Section 9-1314
11 §9-1314. Perfection by control
Status: in_force

(1). A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, investment property or letter‑of‑credit rights may be perfected by control of the collateral under section 7‑1106 , 9‑1104 , 9‑1106 , 9‑1107 or 9‑1107‑A . [PL 2023, c. 669, Pt. A, §110 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents or letter‑of‑credit rights is perfected by control under section 7‑1106 , 9‑1104 , 9‑1107 or 9‑1107‑A not earlier than the time the secured party obtains control and remains perfected by control only while the secured party retains control. [PL 2023, c. 669, Pt. A, §110 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). A security interest in investment property is perfected by control under section 9‑1106 not earlier than the time the secured party obtains control and remains perfected by control until: (a). The secured party does not have control; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). One of the following occurs: (i) If the collateral is a certificated security, the debtor has or acquires possession of the security certificate; (ii) If the collateral is an uncertificated security, the issuer has registered or registers the debtor as the registered owner; or (iii) If the collateral is a security entitlement, the debtor is or becomes the entitlement holder. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 2023, c. 669, Pt. A, §110 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 1-1305 — ME Code / Title 11 / Chapter 1-A / Section 1-1305
11 §1-1305. Remedies to be liberally administered
Status: in_force

(1). The remedies provided by the Uniform Commercial Code must be liberally administered to the end that the aggrieved party may be put in as good a position as if the other party had fully performed but neither consequential or special damages nor penal damages may be had except as specifically provided in the Uniform Commercial Code or by other rule of law. [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).]

(2). Any right or obligation declared by the Uniform Commercial Code is enforceable by action unless the provision declaring it specifies a different and limited effect. [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).]
11 M.R.S. § 9-1404 — ME Code / Title 11 / Chapter 9-A / Section 9-1404
11 §9-1404. Rights acquired by assignee; claims and defenses against assignee
Status: in_force

(1). Unless an account debtor has made an enforceable agreement not to assert defenses or claims, and subject to subsections (2) through (5) , the rights of an assignee are subject to: (a). All terms of the agreement between the account debtor and assignor and any defense or claim in recoupment arising from the transaction that gave rise to the contract; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Any other defense or claim of the account debtor against the assignor that accrues before the account debtor receives a notification of the assignment signed by the assignor or the assignee. [PL 2023, c. 669, Pt. A, §136 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §136 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). Subject to subsection (3) and except as otherwise provided in subsection (4) , the claim of an account debtor against an assignor may be asserted against an assignee under subsection (1) only to reduce the amount the account debtor owes. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(3). This section is subject to law other than this Article that establishes a different rule for an account debtor who is an individual and who incurred the obligation primarily for personal, family or household purposes. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(4). In a consumer transaction, if a record evidences the account debtor's obligation, law other than this Article requires that the record include a statement to the effect that the account debtor's recovery against an assignee with respect to claims and defenses against the assignor may not exceed amounts paid by the account debtor under the record, and the record does not include such a statement, the extent to which a claim of an account debtor against the assignor may be asserted against an assignee is determined as if the record included such a statement. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(5). This section does not apply to an assignment of a health-care-insurance receivable. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 2-101 — ME Code / Title 11 / Chapter 2 / Section 2-101
11 §2-101. Short title
Status: in_force

This Article shall be known and may be cited as "Uniform Commercial Code -- Sales."
11 M.R.S. § 2-1208 — ME Code / Title 11 / Chapter 2-A / Section 2-1208
11 §2-1208. Modification, rescission and waiver
Status: in_force

(1). An agreement modifying a lease contract needs no consideration to be binding. [PL 1991, c. 805, §4 (NEW).]

(2). A signed lease agreement that excludes modification or rescission except by a signed record may not be otherwise modified or rescinded, but, except as between merchants, such a requirement on a form supplied by a merchant must be separately signed by the other party. [PL 2023, c. 669, Pt. A, §32 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). Although an attempt at modification or rescission does not satisfy the requirements of subsection (2) , it may operate as a waiver. [PL 1991, c. 805, §4 (NEW).]

(4). A party who has made a waiver affecting an executory portion of a lease contract may retract the waiver by reasonable notification received by the other party that strict performance will be required of any term waived, unless the retraction would be unjust in view of a material change of position in reliance on the waiver. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 8-1509 — ME Code / Title 11 / Chapter 8-A / Section 8-1509
11 §8-1509. Specification of duties of securities intermediary by other statute or regulation; manner of performance of duties of securities intermediary and exercise of rights of entitlement holder
Status: in_force

(1). If the substance of a duty imposed upon a securities intermediary by sections 8‑1504 to 8‑1508 is the subject of other statute, regulation or rule, compliance with that statute, regulation or rule satisfies the duty. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(2). To the extent that specific standards for the performance of the duties of a securities intermediary or the exercise of the rights of an entitlement holder are not specified by other statute, regulation or rule or by agreement between the securities intermediary and entitlement holder, the securities intermediary shall perform its duties and the entitlement holder shall exercise its rights in a commercially reasonable manner. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(3). The obligation of a securities intermediary to perform the duties imposed by sections 8‑1504 to 8‑1508 is subject to: (a). Rights of the securities intermediary arising out of a security interest under a security agreement with the entitlement holder or otherwise; and [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). Rights of the securities intermediary under other law, regulation, rule or agreement to withhold performance of its duties as a result of unfulfilled obligations of the entitlement holder to the securities intermediary. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]

(4). Sections 8‑1504 to 8‑1508 do not require a securities intermediary to take any action that is prohibited by other statute, regulation or rule. [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 9-1619 — ME Code / Title 11 / Chapter 9-A / Section 9-1619
11 §9-1619. Transfer of record or legal title
Status: in_force

(1). In this section, "transfer statement" means a record signed by a secured party stating: (a). That the debtor has defaulted in connection with an obligation secured by specified collateral; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 2023, c. 699, Pt. A, §4 (AFF).] (b). That the secured party has exercised its post-default remedies with respect to the collateral; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). That, by reason of the exercise, a transferee has acquired the rights of the debtor in the collateral; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). The name and mailing address of the secured party, debtor and transferee. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 2023, c. 669, Pt. A, §159 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). A transfer statement entitles the transferee to the transfer of record of all rights of the debtor in the collateral specified in the statement in any official filing, recording, registration or certificate-of-title system covering the collateral. If a transfer statement is presented with the applicable fee and request form to the official or office responsible for maintaining the system, the official or office shall: (a). Accept the transfer statement; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Promptly amend its records to reflect the transfer; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). If applicable, issue a new appropriate certificate of title in the name of the transferee. [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 transfer of the record or legal title to collateral to a secured party under subsection (2) or otherwise is not of itself a disposition of collateral under this Article and does not of itself relieve the secured party of its duties under this Article. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 7-1701 — ME Code / Title 11 / Chapter 7-A / Section 7-1701
11 §7-1701. Effective date
Status: in_force

This Article takes effect February 15, 2010. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 4-504 — ME Code / Title 11 / Chapter 4 / Section 4-504
11 §4-504. Privilege of presenting bank to deal with goods; security interest for expenses
Status: in_force

(1). A presenting bank that, following the dishonor of a documentary draft, has seasonably requested instructions but does not receive them within a reasonable time may store, sell or otherwise deal with the goods in any reasonable manner. [PL 1993, c. 293, Pt. B, §48 (AMD).]

(2). For its reasonable expenses incurred by action under subsection (1) the presenting bank has a lien upon the goods or their proceeds, which may be foreclosed in the same manner as an unpaid seller's lien.
11 M.R.S. § 4-210 — ME Code / Title 11 / Chapter 4 / Section 4-210
11 §4-210. Presentment by notice of item not payable by, through or at a bank; liability of drawer or indorser
Status: in_force

(1). Unless otherwise instructed, a collecting bank may present an item not payable by, through or at a bank by sending to the party to accept or pay a written notice that the bank holds the item for acceptance or payment. The notice must be sent in time to be received on or before the day when presentment is due and the bank must meet any requirement of the party to accept or pay under section 3‑1501 by the close of the bank's next banking day after it knows of the requirement. [PL 1993, c. 293, Pt. B, §30 (AMD).]

(2). If presentment is made by notice and payment, acceptance or request for compliance with a requirement under section 3‑1501 is not received by the close of business on the day after maturity or in the case of demand items by the close of business on the 3rd banking day after notice was sent, the presenting bank may treat the item as dishonored and charge any drawer or indorser by sending it notice of the facts. [PL 1993, c. 293, Pt. B, §30 (AMD).]
11 M.R.S. § 4-214 — ME Code / Title 11 / Chapter 4 / Section 4-214
11 §4-214. Insolvency and preference
Status: in_force

(1). If an item is in or comes into the possession of a payor or collecting bank that suspends payment and the item has not been finally paid, the item must be returned by the receiver, trustee or agent in charge of the closed bank to the presenting bank or the closed bank's customer. [PL 1993, c. 293, Pt. B, §35 (AMD).]

(2). If a payor bank finally pays an item and suspends payments without making a settlement for the item with its customer or the presenting bank which settlement is or becomes final, the owner of the item has a preferred claim against the payor bank.

(3). If a payor bank gives or a collecting bank gives or receives a provisional settlement for an item and thereafter suspends payments, the suspension does not prevent or interfere with the settlement's becoming final if the finality occurs automatically upon the lapse of certain time or the happening of certain events. [PL 1993, c. 293, Pt. B, §35 (AMD).]

(4). If a collecting bank receives from subsequent parties settlement for an item, which settlement is or becomes final and the bank suspends payments without making a settlement for the item with its customer which settlement is or becomes final, the owner of the item has a preferred claim against the collecting bank. [PL 1993, c. 293, Pt. B, §35 (AMD).]
11 M.R.S. § 3-1112 — ME Code / Title 11 / Chapter 3-A / Section 3-1112
11 §3-1112. Interest
Status: in_force

(1). Unless otherwise provided in the instrument: (a). An instrument is not payable with interest; and [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). Interest on an interest-bearing instrument is payable from the date of the instrument. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). Interest may be stated in an instrument as a fixed or variable amount of money or it may be expressed as a fixed or variable rate or rates. The amount or rate of interest may be stated or described in the instrument in any manner and may require reference to information not contained in the instrument. If an instrument provides for interest, but the amount of interest payable can not be ascertained from the description, interest is payable at the judgment rate in effect at the place of payment of the instrument and at the time interest first accrues. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 4-213 — ME Code / Title 11 / Chapter 4 / Section 4-213
11 §4-213. Final payment of item by payor bank; when provisional debits and credits become final; when certain credits become available for withdrawal
Status: in_force

(1). An item is finally paid by a payor bank when the bank has first done any of the following: (a). Paid the item in cash; [PL 1993, c. 293, Pt. B, §34 (AMD).] (b). Settled for the item without having a right to revoke the settlement under statute, clearinghouse rule or agreement; or [PL 1993, c. 293, Pt. B, §34 (AMD).] (c). [PL 1993, c. 293, Pt. B, §34 (RP).] (d). Made a provisional settlement for the item and failed to revoke the settlement in the time and manner permitted by statute, clearinghouse rule or agreement. [PL 1979, c. 541, Pt. A, §109 (AMD).] [PL 1993, c. 293, Pt. B, §34 (AMD).]

(1-A). If provisional settlement for an item does not become final, the item is not finally paid. [PL 1993, c. 293, Pt. B, §34 (NEW).]

(2). If provisional settlement for an item between the presenting and payor banks is made through a clearinghouse or by debits and credits in an account between them, then to the extent that provisional debits or credits for the item are entered in accounts between the presenting and payor banks or between the presenting and successive prior collecting banks seriatim, they become final upon final payment of the item by the payor bank. [PL 1993, c. 293, Pt. B, §34 (AMD).]

(3). If a collecting bank receives a settlement for an item which is or becomes final, the bank is accountable to its customer for the amount of the item and any provisional credit given for the item in an account with its customer becomes final. [PL 1993, c. 293, Pt. B, §34 (AMD).]

(4). Subject to applicable law stating a time for availability of funds and any right of the bank to apply the credit to an obligation of the customer, credit given by a bank for an item in a customer's account becomes available for withdrawal as of right: (a). If the bank has received a provisional settlement for the item, when the settlement becomes final and the bank has had a reasonable time to receive return of the item and the item has not been received within that time; or [PL 1993, c. 293, Pt. B, §34 (AMD).] (b). If the bank is both the depositary bank and the payor bank and the item is finally paid, at the opening of the bank's 2nd banking day following receipt of the item. [PL 1993, c. 293, Pt. B, §34 (AMD).] [PL 1993, c. 293, Pt. B, §34 (AMD).]

(5). Subject to applicable law stating a time for availability of funds and any right of a bank to apply a deposit to an obligation of the depositor, a deposit of money becomes available for withdrawal as of right at the opening of the bank's next banking day after receipt of the deposit. [PL 1993, c. 293, Pt. B, §34 (AMD).]
11 M.R.S. § 4-1305 — ME Code / Title 11 / Chapter 4-A / Section 4-1305
11 §4-1305. Liability for late or improper execution or failure to execute payment order
Status: in_force

(1). If a funds transfer is completed but execution of a payment order by the receiving bank in breach of section 4‑1302 results in delay in payment to the beneficiary, the bank is obliged to pay interest to either the originator or the beneficiary of the funds transfer for the period of delay caused by the improper execution. Except as provided in subsection (3) , additional damages are not recoverable. [PL 1991, c. 812, §2 (NEW).]

(2). If execution of a payment order by a receiving bank in breach of section 4‑1302 results in noncompletion of the funds transfer, failure to use an intermediary bank designated by the originator or issuance of a payment order that does not comply with the terms of the payment order of the originator, the bank is liable to the originator for its expenses in the funds transfer and for incidental expenses and interest losses, to the extent not covered by subsection (1) , resulting from the improper execution. Except as provided in subsection (3) , additional damages are not recoverable. [PL 1991, c. 812, §2 (NEW).]

(3). In addition to the amounts payable under subsections (1) and (2) , damages, including consequential damages, are recoverable to the extent provided in an express agreement of the receiving bank, evidenced by a record. [PL 2023, c. 669, Pt. A, §48 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(4). If a receiving bank fails to execute a payment order it was obliged by express agreement to execute, the receiving bank is liable to the sender for its expenses in the transaction and for incidental expenses and interest losses resulting from the failure to execute. Additional damages, including consequential damages, are recoverable to the extent provided in an express agreement of the receiving bank, evidenced by a record, but are not otherwise recoverable. [PL 2023, c. 669, Pt. A, §49 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(5). Reasonable attorney's fees are recoverable if demand for compensation under subsection (1) or (2) is made and refused before an action is brought on the claim. If a claim is made for breach of an agreement under subsection (4) and the agreement does not provide for damages, reasonable attorney's fees are recoverable if demand for compensation under subsection (4) is made and refused before an action is brought on the claim. [PL 1991, c. 812, §2 (NEW).]

(6). Except as stated in this section, the liability of a receiving bank under subsections (1) and (2) may not be varied by agreement. [PL 1991, c. 812, §2 (NEW).]
11 M.R.S. § 9-1501 — ME Code / Title 11 / Chapter 9-A / Section 9-1501
11 §9-1501. Filing office
Status: in_force

(1). Except as otherwise provided in subsection (2) , if the local law of this State governs perfection of a security interest or agricultural lien, the office in which to file a financing statement to perfect the security interest or agricultural lien is: (a). The registry of deeds for the county in which the related real property is located, if: (i) The collateral is as-extracted collateral or timber to be cut; or (ii) The financing statement is recorded as a fixture filing and the collateral is goods that are or are to become fixtures; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The office of the Secretary of State, in all other cases, including a case in which the collateral is goods that are or are to become fixtures and the financing statement is not filed as a fixture filing. [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 office in which to file a financing statement to perfect a security interest in collateral, including fixtures, of a transmitting utility is the office of the Secretary of State. The financing statement also constitutes a fixture filing as to the collateral indicated in the financing statement that is or is to become fixtures. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 4-1405 — ME Code / Title 11 / Chapter 4-A / Section 4-1405
11 §4-1405. Payment by beneficiary's bank to beneficiary
Status: in_force

(1). If the beneficiary's bank credits an account of the beneficiary of a payment order, payment of the bank's obligation under section 4‑1404, subsection (1) occurs when and to the extent: (a). The beneficiary is notified of the right to withdraw the credit; [PL 1991, c. 812, §2 (NEW).] (b). The bank lawfully applies the credit to a debt of the beneficiary; or [PL 1991, c. 812, §2 (NEW).] (c). Funds with respect to the order are otherwise made available to the beneficiary by the bank. [PL 1991, c. 812, §2 (NEW).] [PL 1991, c. 812, §2 (NEW).]

(2). If the beneficiary's bank does not credit an account of the beneficiary of a payment order, the time when payment of the bank's obligation under section 4‑1404, subsection (1) occurs is governed by principles of law that determine when an obligation is satisfied. [PL 1991, c. 812, §2 (NEW).]

(3). Except as stated in subsections (4) and (5) , if the beneficiary's bank pays the beneficiary of a payment order under a condition to payment or agreement of the beneficiary giving the bank the right to recover payment from the beneficiary if the bank does not receive payment of the order, the condition to payment or agreement is not enforceable. [PL 1991, c. 812, §2 (NEW).]

(4). A funds transfer system rule may provide that payments made to a beneficiary of funds transfers made through the system are provisional until receipt of payment by the beneficiary's bank of the payment order it accepted. A beneficiary's bank that makes a payment that is provisional under the rule is entitled to a refund from the beneficiary if: (a). The rule requires that both the beneficiary and the originator be given notice of the provisional nature of the payment before the funds transfer is initiated; [PL 1991, c. 812, §2 (NEW).] (b). The beneficiary, the beneficiary's bank and the originator's bank agreed to be bound by the rule; and [PL 1991, c. 812, §2 (NEW).] (c). The beneficiary's bank did not receive payment of the payment order that it accepted. [PL 1991, c. 812, §2 (NEW).] If the beneficiary is obliged to refund payment to the beneficiary's bank, acceptance of the payment order by the beneficiary's bank is nullified and no payment by the originator of the funds transfer to the beneficiary occurs under section 4‑1406 . [PL 1991, c. 812, §2 (NEW).]

(5). This subsection applies to a funds transfer that includes a payment order transmitted over a funds transfer system that nets obligations multilaterally among participants and has in effect a loss-sharing agreement among participants for the purpose of providing funds necessary to complete settlement of the obligations of one or more participants that do not meet their settlement obligations. If the beneficiary's bank in the funds transfer accepts a payment order and the system fails to complete settlement pursuant to its rules with respect to any payment order in the funds transfer: (a). The acceptance by the beneficiary's bank is nullified and no person has any right or obligation based on the acceptance; [PL 1991, c. 812, §2 (NEW).] (b). The beneficiary's bank is entitled to recover payment from the beneficiary; [PL 1991, c. 812, §2 (NEW).] (c). No payment by the originator to the beneficiary occurs under section 4‑1406 ; and [PL 1991, c. 812, §2 (NEW).] (d). Subject to section 4‑1402, subsection (5) , each sender in the funds transfer is excused from its obligation to pay its payment order under section 4‑1402, subsection (3) because the funds transfer has not been completed. [PL 1991, c. 812, §2 (NEW).] [PL 1991, c. 812, §2 (NEW).]
11 M.R.S. § 8-1404 — ME Code / Title 11 / Chapter 8-A / Section 8-1404
11 §8-1404. Wrongful registration
Status: in_force

(1). Except as otherwise provided in section 8‑1406 , an issuer is liable for wrongful registration of transfer if the issuer has registered a transfer of a security to a person not entitled to it and the transfer was registered: (a). Pursuant to an ineffective indorsement or instruction; [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). After a demand that the issuer not register transfer became effective under section 8‑1403, subsection (1) and the issuer did not comply with section 8‑1403, subsection (2) ; [PL 1997, c. 429, Pt. B, §2 (NEW).] (c). After the issuer had been served with an injunction, restraining order or other legal process enjoining it from registering the transfer, issued by a court of competent jurisdiction, and the issuer had a reasonable opportunity to act on the injunction, restraining order or other legal process; or [PL 1997, c. 429, Pt. B, §2 (NEW).] (d). By an issuer acting in collusion with the wrongdoer. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]

(2). An issuer that is liable for wrongful registration of transfer under subsection (1) on demand shall provide the person entitled to the security with a like certificated or uncertificated security and any payments or distributions that the person did not receive as a result of the wrongful registration. If an overissue would result, the issuer's liability to provide the person with a like security is governed by section 8‑1210 . [PL 1997, c. 429, Pt. B, §2 (NEW).]

(3). Except as otherwise provided in subsection (1) or in a law relating to the collection of taxes, an issuer is not liable to an owner or other person suffering loss as a result of the registration of a transfer of a security if registration was made pursuant to an effective indorsement or instruction. [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 2-1309 — ME Code / Title 11 / Chapter 2-A / Section 2-1309
11 §2-1309. Lessor's and lessee's rights when goods become fixtures
Status: in_force

(1). In this section: (a). Goods are "fixtures" when they become so related to particular real estate that an interest in them arises under real estate law; [PL 1991, c. 805, §4 (NEW).] (b). A "fixture filing" is the filing, in the office where a record of a mortgage on the real estate would be filed or recorded, of a financing statement covering goods that are or are to become fixtures and conforming to the requirements of section 9‑1502, subsections (1) and (2) ; [PL 1999, c. 699, Pt. B, §16 (AMD); PL 1999, c. 699, Pt. B, §28 (AFF).] (c). A lease is a "purchase money lease" unless the lessee has possession or use of the goods or the right to possession or use of the goods before the lease agreement is enforceable; [PL 1991, c. 805, §4 (NEW).] (d). A mortgage is a "construction mortgage" to the extent it secures an obligation incurred for the construction of an improvement on land including the acquisition cost of the land, if the recorded writing so indicates; and [PL 1991, c. 805, §4 (NEW).] (e). "Encumbrance" includes real estate mortgages and other liens on real estate and all other rights in real estate that are not ownership interests. [PL 1991, c. 805, §4 (NEW).] [PL 1999, c. 699, Pt. B, §16 (AMD); PL 1999, c. 699, Pt. B, §28 (AFF).]

(2). Under this Article, a lease may be of goods that are fixtures or may continue in goods that become fixtures, but no lease exists under this Article of ordinary building materials incorporated into an improvement on land. [PL 1991, c. 805, §4 (NEW).]

(3). This Article does not prevent creation of a lease of fixtures pursuant to real estate law. [PL 1991, c. 805, §4 (NEW).]

(4). The perfected interest of a lessor of fixtures has priority over a conflicting interest of an encumbrancer or owner of the real estate if: (a). The lease is a purchase money lease, the conflicting interest of the encumbrancer or owner arises before the goods become fixtures, the interest of the lessor is perfected by a fixture filing before the goods become fixtures or within 10 days thereafter and the lessee has an interest of record in the real estate or is in possession of the real estate; or [PL 1991, c. 805, §4 (NEW).] (b). The interest of the lessor is perfected by a fixture filing before the interest of the encumbrancer or owner is of record, the lessor's interest has priority over any conflicting interest of a predecessor in title of the encumbrancer or owner and the lessee has an interest of record in the real estate or is in possession of the real estate. [PL 1991, c. 805, §4 (NEW).] [PL 1991, c. 805, §4 (NEW).]

(5). The interest of a lessor of fixtures, whether or not perfected, has priority over the conflicting interest of an encumbrancer or owner of the real estate if: (a). The fixtures are readily removable factory or office machines, readily removable equipment that is not primarily used or leased for use in the operation of the real estate or readily removable replacements of domestic appliances that are goods subject to a consumer lease and, before the goods become fixtures, the lease contract is enforceable; [PL 1991, c. 805, §4 (NEW).] (b). The conflicting interest is a lien on the real estate obtained by legal or equitable proceedings after the lease contract is enforceable; [PL 1991, c. 805, §4 (NEW).] (c). The encumbrancer or owner has consented in writing to the lease or has disclaimed an interest in the goods as fixtures; or [PL 1991, c. 805, §4 (NEW).] (d). The lessee has a right to remove the goods as against the encumbrancer or owner. If the lessee's right to remove terminates, the priority of the interest of the lessor continues for a reasonable time. [PL 1991, c. 805, §4 (NEW).] [PL 1991, c. 805, §4 (NEW).]

(6). Notwithstanding subsection (4), paragraph (a) but otherwise subject to subsections (4) and (5) , the interest of a lessor of fixtures, including the lessor's residual interest, is subordinate to the conflicting interest of an encumbrancer of the real estate under a construction mortgage recorded before the goods become fixtures if the goods become fixtures before the completion of the construction. To the extent given to refinance a construction mortgage, the conflicting interest of an encumbrancer of the real estate under a mortgage has this priority to the same extent as the encumbrancer of the real estate under the construction mortgage. [PL 1991, c. 805, §4 (NEW).]

(7). In cases not within the preceding subsections, priority between the interest of a lessor of fixtures, including the lessor's residual interest, and the conflicting interest of an encumbrancer or owner of the real estate who is not the lessee, is determined by the priority rules governing conflicting interests in real estate. [PL 1991, c. 805, §4 (NEW).]

(8). If the interest of a lessor of fixtures, including the lessor's residual interest, has priority over all conflicting interests of all owners and encumbrancers of the real estate, the lessor or the lessee may, on default, expiration, termination or cancellation of the lease agreement but subject to the lease agreement and this Article, or, if necessary to enforce other rights and remedies of the lessor or lessee under this Article, remove the goods from the real estate, free and clear of all conflicting interests of all owners and encumbrancers of the real estate, but the lessor or lessee must reimburse any encumbrancer or owner of the real estate who is not the lessee and who has not otherwise agreed for the cost of repair of any physical injury, but not for any diminution in value of the real estate caused by the absence of the goods removed or by any necessity of replacing them. A person entitled to reimbursement may refuse permission to remove until the party seeking removal gives adequate security for the performance of this obligation. [PL 1991, c. 805, §4 (NEW).]

(9). Even though the lease agreement does not create a security interest, the interest of a lessor of fixtures, including the lessor's residual interest, is perfected by filing a financing statement as a fixture filing for leased goods that are or are to become fixtures in accordance with the relevant provisions of Article 9. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 5-1118 — ME Code / Title 11 / Chapter 5-A / Section 5-1118
11 §5-1118. Security interest of issuer or nominated person
Status: in_force

(1). An issuer or nominated person has a security interest in a document presented under a letter of credit to the extent that the issuer or nominated person honors or gives value for the presentation. [PL 1999, c. 699, Pt. B, §18 (NEW); PL 1999, c. 699, Pt. B, §28 (AFF).]

(2). So long as and to the extent that an issuer or nominated person has not been reimbursed or has not otherwise recovered the value given with respect to a security interest in a document under subsection (1) , the security interest continues and is subject to Article 9‑A , but: (a). A security agreement is not necessary to make the security interest enforceable under section 9‑1203, subsection (2), paragraph (c) ; [PL 1999, c. 699, Pt. B, §18 (NEW); PL 1999, c. 699, Pt. B, §28 (AFF).] (b). If the document is presented in a medium other than a written or other tangible medium, the security interest is perfected; and [PL 1999, c. 699, Pt. B, §18 (NEW); PL 1999, c. 699, Pt. B, §28 (AFF).] (c). If the document is presented in a written or other tangible medium and is not a certificated security, chattel paper, a document of title, an instrument or a letter of credit, the security interest is perfected and has priority over a conflicting security interest in the document so long as the debtor does not have possession of the document. [PL 1999, c. 699, Pt. B, §18 (NEW); PL 1999, c. 699, Pt. B, §28 (AFF).] [PL 1999, c. 699, Pt. B, §18 (NEW); PL 1999, c. 699, Pt. B, §28 (AFF).]
11 M.R.S. § 9-1206 — ME Code / Title 11 / Chapter 9-A / Section 9-1206
11 §9-1206. Security interest arising in purchase or delivery of financial asset
Status: in_force

(1). A security interest in favor of a securities intermediary attaches to a person's security entitlement if: (a). The person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchase price to the securities intermediary at the time of the purchase; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The securities intermediary credits the financial asset to the buyer's securities account before the buyer pays the securities intermediary. [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 security interest described in subsection (1) secures the person's obligation to pay for the financial asset. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(3). A security interest in favor of a person that delivers a certificated security or other financial asset represented by a writing attaches to the security or other financial asset if: (a). The security or other financial asset: (i) In the ordinary course of business is transferred by delivery with any necessary indorsement or assignment; and (ii) Is delivered under an agreement between persons in the business of dealing with such securities or financial assets; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The agreement calls for delivery against payment. [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 described in subsection (3) secures the obligation to make payment for the delivery. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 4-1101 — ME Code / Title 11 / Chapter 4-A / Section 4-1101
11 §4-1101. Short title
Status: in_force

This Article is known and may be cited as the "Uniform Commercial Code - Funds Transfers." [PL 1991, c. 812, §2 (NEW).]
11 M.R.S. § 3-1108 — ME Code / Title 11 / Chapter 3-A / Section 3-1108
11 §3-1108. Payable on demand or at definite time
Status: in_force

(1). A promise or order is "payable on demand" if it: (a). States that it is payable on demand or at sight, or otherwise indicates that it is payable at the will of the holder; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). Does not state any time of payment. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). A promise or order is "payable at a definite time" if it is payable on elapse of a definite period of time after sight or acceptance or at a fixed date or dates or at a time or times readily ascertainable at the time the promise or order is issued, subject to rights of: (a). Prepayment; [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). Acceleration; [PL 1993, c. 293, Pt. A, §2 (NEW).] (c). Extension at the option of the holder; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (d). Extension to a further definite time at the option of the maker or acceptor or automatically upon or after a specified act or event. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). If an instrument, payable at a fixed date, is also payable upon demand made before the fixed date, the instrument is payable on demand until the fixed date and, if demand for payment is not made before that date, becomes payable at a definite time on the fixed date. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 2-1219 — ME Code / Title 11 / Chapter 2-A / Section 2-1219
11 §2-1219. Risk of loss
Status: in_force

(1). Except in the case of a finance lease, risk of loss is retained by the lessor and does not pass to the lessee. In the case of a finance lease, risk of loss passes to the lessee. [PL 1991, c. 805, §4 (NEW).]

(2). Subject to the provisions of this Article on the effect of default on risk of loss ( section 2‑1220 ) if risk of loss is to pass to the lessee and the time of passage is not stated, the following rules apply. (a). If the lease contract requires or authorizes the goods to be shipped by carrier: (i) If it does not require delivery at a particular destination, the risk of loss passes to the lessee when the goods are duly delivered to the carrier; or (ii) If it does require delivery at a particular destination and the goods are there duly tendered while in the possession of the carrier, the risk of loss passes to the lessee when the goods are there duly so tendered as to enable the lessee to take delivery. [PL 1991, c. 805, §4 (NEW).] (b). If the goods are held by a bailee to be delivered without being moved, the risk of loss passes to the lessee on acknowledgment by the bailee of the lessee's right to possession of the goods. [PL 1991, c. 805, §4 (NEW).] (c). In any case not within paragraph (a) or (b) , the risk of loss passes to the lessee on the lessee's receipt of the goods if the lessor, or, in the case of a finance lease, the supplier, is a merchant; otherwise the risk passes to the lessee on tender or delivery. [RR 1993, c. 1, §29 (COR).] [RR 1993, c. 1, §29 (COR).]
11 M.R.S. § 2-1104 — ME Code / Title 11 / Chapter 2-A / Section 2-1104
11 §2-1104. Leases subject to other statutes
Status: in_force

(1). A lease, although subject to this Article, is also subject to any applicable: (a). Certificate of title statute of this State; [PL 1991, c. 805, §4 (NEW).] (b). Certificate of title statute of another jurisdiction ( section 2‑1105 ); or [PL 1991, c. 805, §4 (NEW).] (c). Consumer protection statute of this State, or final consumer protection decision of a court of this State existing on the effective date of this article. Consumer protection statutes include, but are not limited to, the Maine Unfair Trade Practices Act, Title 5, chapter 10 ; the Maine Consumer Credit Code, Title 9‑A ; consumer loan and lease agreements laws, Title 10, chapter 202 ; used car information laws, Title 10, chapter 217 ; and warranties on new motor vehicles, Title 10, chapter 203‑A . [PL 1991, c. 805, §4 (NEW).] [PL 1991, c. 805, §4 (NEW).]

(2). In case of conflict between this Article, other than section 2‑1105 , section 2‑1304, subsection (3) and section 2‑1305, subsection (3) , and any statute referred to in subsection (1) , the statute or decision controls. [PL 1991, c. 805, §4 (NEW).]

(3). Failure to comply with applicable law has only the effect specified in that law. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 7-1303 — ME Code / Title 11 / Chapter 7-A / Section 7-1303
11 §7-1303. Diversion; reconsignment; change of instructions
Status: in_force

(1). Unless the bill of lading otherwise provides, a carrier may deliver the goods to a person or destination other than that stated in the bill or may otherwise dispose of the goods, without liability for misdelivery, on instructions from: (a). The holder of a negotiable bill; [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (b). The consignor on a nonnegotiable bill, even if the consignee has given contrary instructions; [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (c). The consignee on a nonnegotiable bill in the absence of contrary instructions from the consignor, if the goods have arrived at the billed destination or if the consignee is in possession of the tangible bill or in control of the electronic bill; or [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (d). The consignee on a nonnegotiable bill, if the consignee is entitled as against the consignor to dispose of the goods. [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). Unless instructions described in subsection (1) are included in a negotiable bill of lading, a person to which the bill is duly negotiated may hold the bailee according to the original terms. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 4-108 — ME Code / Title 11 / Chapter 4 / Section 4-108
11 §4-108. Delays
Status: in_force

(1). Unless otherwise instructed, a collecting bank in a good faith effort to secure payment of a specific item drawn on a payor other than a bank and with or without the approval of any person involved, may waive, modify or extend time limits imposed or permitted by this Title for a period not exceeding 2 additional banking days without discharge of drawers or indorsers or liability to its transferor or a prior party. [PL 1993, c. 293, Pt. B, §14 (AMD).]

(2). Delay by a collecting bank or payor bank beyond time limits prescribed or permitted by this Title or by instructions is excused if: (a). The delay is caused by interruption of communication or computer facilities, suspension of payments by another bank, war, emergency conditions, failure of equipment or other circumstances beyond the control of the bank; and [PL 1993, c. 293, Pt. B, §14 (NEW).] (b). The bank exercises such diligence as the circumstances require. [PL 1993, c. 293, Pt. B, §14 (NEW).] [PL 1993, c. 293, Pt. B, §14 (AMD).]
11 M.R.S. § 9-1522 — ME Code / Title 11 / Chapter 9-A / Section 9-1522
11 §9-1522. Maintenance and destruction of records
Status: in_force

(1). The filing office shall maintain a record of the information provided in a filed financing statement for at least one year after the effectiveness of the financing statement has lapsed under section 9‑1515 with respect to all secured parties of record. The record must be retrievable by using the name of the debtor and: (a). If the record was recorded in the county registry of deeds, by using the book and page at which the initial financing statement to which the record relates was recorded; or [PL 2001, c. 286, §9 (AMD).] (b). If the record was filed in the office of the Secretary of State, by using the file number assigned to the initial financing statement to which the record relates. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 2001, c. 286, §9 (AMD).]

(2). Except to the extent that a statute governing disposition of public records provides otherwise, the filing office immediately may destroy any written record evidencing a financing statement. However, if the filing office destroys a written record, it shall maintain another record of the financing statement that complies with subsection (1) . [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 9-1321 — ME Code / Title 11 / Chapter 9-A / Section 9-1321
11 §9-1321. Licensee of general intangible and lessee of goods in ordinary course of business
Status: in_force

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

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

(3). A lessee in ordinary course of business takes its leasehold interest free of a security interest in the goods created by the lessor, even if the security interest is perfected and the lessee knows of its existence. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 2-1506 — ME Code / Title 11 / Chapter 2-A / Section 2-1506
11 §2-1506. Statute of limitations
Status: in_force

(1). An action for default under a lease contract, including breach of warranty or indemnity, must be commenced within 4 years after the cause of action accrued. By the original lease contract the parties may reduce the period of limitation to not less than one year. [PL 1991, c. 805, §4 (NEW).]

(2). A cause of action for default accrues when the act or omission on which the default or breach of warranty is based is or should have been discovered by the aggrieved party, or when the default occurs, whichever is later. A cause of action for indemnity accrues when the act or omission on which the claim for indemnity is based is or should have been discovered by the indemnified party, whichever is later. [PL 1991, c. 805, §4 (NEW).]

(3). If an action commenced within the time limited by subsection (1) is so terminated as to leave available a remedy by another action for the same default or breach of warranty or indemnity, the other action may be commenced after the expiration of the time limited and within 6 months after the termination of the first action unless the termination resulted from voluntary discontinuance or from dismissal for failure or neglect to prosecute. [PL 1991, c. 805, §4 (NEW).]

(4). This section does not alter the law on tolling of the statute of limitations nor does it apply to causes of action that have accrued before this Article becomes effective. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 2-615 — ME Code / Title 11 / Chapter 2 / Section 2-615
11 §2-615. Excuse by failure of presupposed conditions
Status: in_force

Except so far as a seller may have assumed a greater obligation and subject to section 2‑614 on substituted performance

(1). Delay in delivery or nondelivery in whole or in part by a seller who complies with subsections (2) and (3) is not a breach of his duty under a contract for sale, if performance as agreed has been made impracticable by the occurrence of a contingency the nonoccurrence of which was a basic assumption on which the contract was made or by compliance in good faith with any applicable foreign or domestic governmental regulation or order whether or not it later proves to be invalid.

(2). Where the causes mentioned in subsection (1) affect only a part of the seller's capacity to perform, he must allocate production and deliveries among his customers but may at his option include regular customers not then under contract as well as his own requirements for further manufacture. He may so allocate in any manner which is fair and reasonable.

(3). The seller must notify the buyer seasonably that there will be delay or nondelivery and, when allocation is required under subsection (2) , of the estimated quota thus made available for the buyer.
11 M.R.S. § 3-1119 — ME Code / Title 11 / Chapter 3-A / Section 3-1119
11 §3-1119. Notice of right to defend action
Status: in_force

In an action for breach of an obligation for which a 3rd person is answerable over pursuant to this Article or Article 4 , the defendant may give the 3rd person written notice of the litigation and the person notified may then give similar notice to any other person who is answerable over. If the notice states that the person notified may come in and defend and that failure to do so will bind the person notified in an action later brought by the person giving the notice as to any determination of fact common to the 2 litigations, the person notified is so bound unless after seasonable receipt of the notice the person notified does come in and defend. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 4-207-A — ME Code / Title 11 / Chapter 4 / Section 4-207-A
11 §4-207-A. Transfer warranties
Status: in_force

(1). A customer or collecting bank that transfers an item and receives a settlement or other consideration warrants to the transferee and to any subsequent collecting bank that: (a). The warrantor is a person entitled to enforce the item; [PL 1993, c. 293, Pt. B, §25 (NEW).] (b). All signatures on the item are authentic and authorized; [PL 1993, c. 293, Pt. B, §25 (NEW).] (c). The item has not been altered; [PL 1993, c. 293, Pt. B, §25 (NEW).] (d). The item is not subject to a defense or claim in recoupment ( section 3‑1305, subsection (1) ) of any party that can be asserted against the warrantor; [PL 2003, c. 594, §10 (AMD).] (e). The warrantor has no knowledge of any insolvency proceeding commenced with respect to the maker or acceptor or, in the case of an unaccepted draft, the drawer; and [PL 2003, c. 594, §10 (AMD).] (f). If the item is a demand draft, creation of the item according to the terms on its face was authorized by the person identified as the drawer. [PL 2003, c. 594, §11 (NEW).] [PL 2003, c. 594, §§10, 11 (AMD).]

(2). If an item is dishonored, a customer or collecting bank transferring the item and receiving settlement or other consideration is obliged to pay the amount due on the item: (a). According to the terms of the item at the time it was transferred; or [PL 1993, c. 293, Pt. B, §25 (NEW).] (b). If the transfer was of an incomplete item, according to its terms when completed as stated in sections 3‑1115 and 3‑1407 . [PL 1993, c. 293, Pt. B, §25 (NEW).] The obligation of a transferor is owed to the transferee and to any subsequent collecting bank that takes the item in good faith. A transferor can not disclaim its obligation under this subsection by an indorsement stating that it is made "without recourse" or otherwise disclaiming liability. [PL 1993, c. 293, Pt. B, §25 (NEW).]

(3). A person to whom the warranties under subsection (1) are made 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, but not more than the amount of the item plus expenses and loss of interest incurred as a result of the breach. [PL 1993, c. 293, Pt. B, §25 (NEW).]

(4). The warranties stated in subsection (1) can not be disclaimed with respect to checks. Unless notice of a claim for breach of warrant is given to the warrantor within 30 days after the claimant has reason to know of the breach and the identity of the warrantor, the warrantor is discharged to the extent of any loss caused by the delay in giving notice of the claim. [PL 1993, c. 293, Pt. B, §25 (NEW).]

(5). A cause of action for breach of warranty under this section accrues when the claimant has reason to know of the breach. [PL 1993, c. 293, Pt. B, §25 (NEW).]

(6). If the warranty in subsection (1), paragraph (f) is not given by a transferor or collecting bank under applicable conflict of laws rules, then the warranty is not given to that transferor when that transferor is a transferee nor to any prior collecting bank of that transferee. [PL 2003, c. 594, §12 (NEW).]
11 M.R.S. § 8-1303 — ME Code / Title 11 / Chapter 8-A / Section 8-1303
11 §8-1303. Protected purchaser
Status: in_force

(1). "Protected purchaser" means a purchaser of a certificated or uncertificated security or of an interest in a certificated or uncertificated security who: (a). Gives value; [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). Does not have notice of any adverse claim to the security; and [PL 1997, c. 429, Pt. B, §2 (NEW).] (c). Obtains control of the certificated or uncertificated security. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]

(2). A protected purchaser acquires its interest in the security free of any adverse claim. [PL 2023, c. 669, Pt. A, §64 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 2-1302 — ME Code / Title 11 / Chapter 2-A / Section 2-1302
11 §2-1302. Title to and possession of goods
Status: in_force

Except as otherwise provided in this Article, each provision of this Article applies whether the lessor or a third party has title to the goods, and whether the lessor, the lessee or a third party has possession of the goods, notwithstanding any statute or rule of law that possession or the absence of possession is fraudulent. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 2-512 — ME Code / Title 11 / Chapter 2 / Section 2-512
11 §2-512. Payment by buyer before inspection
Status: in_force

(1). Where the contract requires payment before inspection nonconformity of the goods does not excuse the buyer from so making payment unless (a). The nonconformity appears without inspection; or (b). Despite tender of the required documents the circumstances would justify injunction against honor under the provisions of section 5‑1109, subsection (2) . [PL 1997, c. 429, Pt. C, §4 (AMD).] [PL 1997, c. 429, Pt. C, §4 (AMD).]

(2). Payment pursuant to subsection (1) does not constitute an acceptance of the goods or impair the buyer's right to inspect or any of his remedies.
11 M.R.S. § 3-1306 — ME Code / Title 11 / Chapter 3-A / Section 3-1306
11 §3-1306. Claims to an instrument
Status: in_force

A person taking an instrument, other than a person having rights of a holder in due course, is subject to a claim of a property or possessory right in the instrument or its proceeds, including a claim to rescind a negotiation and to recover the instrument or its proceeds. A person having rights of a holder in due course takes free of the claim to the instrument. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 2-717 — ME Code / Title 11 / Chapter 2 / Section 2-717
11 §2-717. Deduction of damages from price
Status: in_force

The buyer on notifying the seller of his intention to do so may deduct all or any part of the damages resulting from any breach of the contract from any part of the price still due under the same contract. [PL 1965, c. 306, §9 (AMD).]
11 M.R.S. § 1-1306 — ME Code / Title 11 / Chapter 1-A / Section 1-1306
11 §1-1306. Waiver or renunciation of claim or right after breach
Status: in_force

A claim or right arising out of an alleged breach may be discharged in whole or in part without consideration by agreement of the aggrieved party in a signed record. [PL 2023, c. 669, Pt. A, §12 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 9-1626 — ME Code / Title 11 / Chapter 9-A / Section 9-1626
11 §9-1626. Action in which deficiency or surplus is in issue
Status: in_force

(1). In an action arising from a transaction, other than a consumer transaction, in which the amount of a deficiency or surplus is in issue, the following rules apply. (a). A secured party need not prove compliance with the provisions of this part relating to collection, enforcement, disposition or acceptance unless the debtor or a secondary obligor places the secured party's compliance in issue. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). If the secured party's compliance is placed in issue, the secured party has the burden of establishing that the collection, enforcement, disposition or acceptance was conducted in accordance with this part. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Except as otherwise provided in section 9‑1628 , if a secured party fails to prove that the collection, enforcement, disposition or acceptance was conducted in accordance with the provisions of this part relating to collection, enforcement, disposition or acceptance, the liability of a debtor or a secondary obligor for a deficiency is limited to an amount by which the sum of the secured obligation, expenses and attorney's fees exceeds the greater of: (i) The proceeds of the collection, enforcement, disposition or acceptance; or (ii) The amount of proceeds that would have been realized had the noncomplying secured party proceeded in accordance with the provisions of this part relating to collection, enforcement, disposition or acceptance. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). For purposes of paragraph (c) , subparagraph (ii), the amount of proceeds that would have been realized is equal to the sum of the secured obligation, expenses and attorney's fees unless the secured party proves that the amount is less than that sum. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (e). If a deficiency or surplus is calculated under section 9‑1615, subsection (6) , the debtor or obligor has the burden of establishing that the amount of proceeds of the disposition is significantly below the range of prices that a complying disposition to a person other than the secured party, a person related to the secured party or a secondary obligor would have brought. [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). In an action arising from a consumer transaction in which the amount of a deficiency or surplus is in issue, the following rules apply. (a). If a secured party represents by affidavit that it has complied with the provisions of this Part relating to collection, enforcement, disposition or acceptance, the secured party need not further prove compliance unless the debtor or a secondary obligor places the secured party's compliance in issue. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). If the secured party's compliance is placed in issue, the secured party has the burden of establishing that the collection, enforcement, disposition or acceptance was conducted in accordance with this Part. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Except as otherwise provided in section 9‑1628 , if a secured party fails to prove that the collection, enforcement, disposition or acceptance was conducted in accordance with the provisions of this Part relating to collection, enforcement, disposition or acceptance, neither the debtor nor a secondary obligor is liable for a deficiency. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 2-107 — ME Code / Title 11 / Chapter 2 / Section 2-107
11 §2-107. Goods to be severed from realty: recording
Status: in_force

(1). A contract for the sale of minerals or the like, including oil and gas, or a structure or its materials to be removed from realty is a contract for the sale of goods within this Article if they are to be severed by the seller but until severance a purported present sale thereof which is not effective as a transfer of an interest in land is effective only as a contract to sell. [PL 1977, c. 526, §4 (AMD).]

(2). A contract for the sale apart from the land of growing crops or other things attached to realty and capable of severance without material harm thereto but not described in subsection (1) or of timber to be cut is a contract for the sale of goods within this Article whether the subject matter is to be severed by the buyer or by the seller even though it forms part of the realty at the time of contracting, and the parties can by identification effect a present sale before severance. [PL 1965, c. 306, §5 (AMD).]

(3). The provisions of this section are subject to any third party rights provided by the law relating to realty records, and the contract for sale may be executed and recorded as a document transferring an interest in land and shall then constitute notice to third parties of the buyer's rights under the contract for sale.
11 M.R.S. § 3-1114 — ME Code / Title 11 / Chapter 3-A / Section 3-1114
11 §3-1114. Contradictory terms of instrument
Status: in_force

If an instrument contains contradictory terms, typewritten terms prevail over printed terms, handwritten terms prevail over both and words prevail over numbers. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 9-1204 — ME Code / Title 11 / Chapter 9-A / Section 9-1204
11 §9-1204. After-acquired property; future advances
Status: in_force

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

(2). Subject to subsection (2‑A) , a security interest does not attach under a term constituting an after-acquired property clause to: (a). Consumer goods, other than an accession when given as additional security, unless the debtor acquires rights in them within 10 days after the secured party gives value; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). A commercial tort claim. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 2023, c. 669, Pt. A, §90 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2-A). Subsection (2) does not prevent a security interest from attaching: (a). To consumer goods as proceeds under section 9‑1315, subsection (1) or commingled goods under section 9‑1336, subsection (3) ; [PL 2023, c. 669, Pt. A, §91 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). To a commercial tort claim as proceeds under section 9‑1315, subsection (1) ; or [PL 2023, c. 669, Pt. A, §91 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (c). Under an after-acquired property clause to property that is proceeds of consumer goods or a commercial tort claim. [PL 2023, c. 669, Pt. A, §91 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §91 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). A security agreement may provide that collateral secures, or that accounts, chattel paper, payment intangibles or promissory notes are sold in connection with future advances or other value whether or not the advances or value are given pursuant to commitment. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 9-1512 — ME Code / Title 11 / Chapter 9-A / Section 9-1512
11 §9-1512. Amendment of financing statement
Status: in_force

(1). Subject to Section 9‑1509 , a person may add or delete collateral covered by, continue or terminate the effectiveness of or, subject to subsection (5) , otherwise amend the information provided in a financing statement by filing an amendment that: (a). Identifies, by its file number, the initial financing statement to which the amendment relates; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). If the amendment relates to an initial financing statement recorded in the county registry of deeds, provides the book and page at which the initial financing statement was recorded and the name of the debtor and secured party. [PL 2001, c. 286, §5 (AMD).] [PL 2001, c. 286, §5 (AMD).]

(2). Except as otherwise provided in section 9‑1515 , the filing of an amendment does not extend the period of effectiveness of the financing statement. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(3). A financing statement that is amended by an amendment that adds collateral is effective as to the added collateral only from the date of the filing of the amendment. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(4). A financing statement that is amended by an amendment that adds a debtor is effective as to the added debtor only from the date of the filing of the amendment. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(5). An amendment is ineffective to the extent it: (a). Purports to delete all debtors and fails to provide the name of a debtor to be covered by the financing statement; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Purports to delete all secured parties of record and fails to provide the name of a new secured party of record. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 2-1407 — ME Code / Title 11 / Chapter 2-A / Section 2-1407
11 §2-1407. Irrevocable promises; finance leases
Status: in_force

(1). In the case of a finance lease that is not a consumer lease, the lessee's promises under the lease contract become irrevocable and independent upon the lessee's acceptance of the goods. [PL 1991, c. 805, §4 (NEW).]

(2). A promise that has become irrevocable and independent under subsection (1) : (a). Is effective and enforceable between the parties and by or against third parties including assignees of the parties; and [PL 1991, c. 805, §4 (NEW).] (b). Is not subject to cancellation, termination, modification, repudiation, excuse or substitution without the consent of the party to whom the promise runs. [PL 1991, c. 805, §4 (NEW).] [PL 1991, c. 805, §4 (NEW).]

(3). This section does not affect the validity under any other law of a covenant in any lease contract making the lessee's promises irrevocable and independent upon the lessee's acceptance of the goods. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 7-1306 — ME Code / Title 11 / Chapter 7-A / Section 7-1306
11 §7-1306. Altered bills of lading
Status: in_force

An unauthorized alteration or filling in of a blank in a bill of lading leaves the bill enforceable according to its original tenor. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 2-1213 — ME Code / Title 11 / Chapter 2-A / Section 2-1213
11 §2-1213. Implied warranty of fitness for particular purpose
Status: in_force

Except in a finance lease, if the lessor at the time the lease contract is made has reason to know of any particular purpose for which the goods are required and that the lessee is relying on the lessor's skill or judgment to select or furnish suitable goods, there is in the lease contract an implied warranty that the goods will be fit for that purpose. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 2-1510 — ME Code / Title 11 / Chapter 2-A / Section 2-1510
11 §2-1510. Installment lease contracts; rejection and default
Status: in_force

(1). Under an installment lease contract, a lessee may reject any delivery that is nonconforming if the nonconformity substantially impairs the value of that delivery and can not be cured or if the nonconformity is a defect in the required documents; but if the nonconformity does not fall within subsection (2) and the lessor or the supplier gives adequate assurance of its cure, the lessee must accept that delivery. [PL 1991, c. 805, §4 (NEW).]

(2). Whenever nonconformity or default with respect to one or more deliveries substantially impairs the value of the installment lease contract as a whole, there is a default with respect to the whole. The aggrieved party shall reinstate the installment lease contract as a whole if the aggrieved party accepts a nonconforming delivery without seasonably notifying of cancellation, brings an action with respect only to past deliveries or demands performance as to future deliveries. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 8-1511 — ME Code / Title 11 / Chapter 8-A / Section 8-1511
11 §8-1511. Priority among security interests and entitlement holders
Status: in_force

(1). Except as otherwise provided in subsections (2) and (3) , if a securities intermediary does not have sufficient interests in a particular financial asset to satisfy both its obligations to entitlement holders who have security entitlements to that financial asset and its obligation to a creditor of the securities intermediary who has a security interest in that financial asset, the claims of entitlement holders, other than the creditor, have priority over the claim of the creditor. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(2). A claim of a creditor of a securities intermediary who has a security interest in a financial asset held by a securities intermediary has priority over claims of the securities intermediary's entitlement holders who have security entitlements with respect to that financial asset if the creditor has control over the financial asset. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(3). If a clearing corporation does not have sufficient financial assets to satisfy both its obligations to entitlement holders who have security entitlements with respect to a financial asset and its obligation to a creditor of the clearing corporation who has a security interest in that financial asset, the claim of the creditor has priority over the claims of entitlement holders. [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 2-321 — ME Code / Title 11 / Chapter 2 / Section 2-321
11 §2-321. C.I.F. or C.& F.: "net landed weights"; "payment on arrival"; warranty of condition on arrival
Status: in_force

Under a contract containing a term C.I.F. or C.& F.

(1). Where the price is based on or is to be adjusted according to "net landed weights", "delivered weights", "out turn" quantity or quality or the like, unless otherwise agreed the seller must reasonably estimate the price. The payment due on tender of the documents called for by the contract is the amount so estimated, but after final adjustment of the price a settlement must be made with commercial promptness.

(2). An agreement described in subsection (1) or any warranty of quality or condition of the goods on arrival places upon the seller the risk of ordinary deterioration, shrinkage and the like in transportation but has no effect on the place or time of identification to the contract for sale or delivery or on the passing of the risk of loss.

(3). Unless otherwise agreed where the contract provides for payment on or after arrival of the goods the seller must before payment allow such preliminary inspection as is feasible; but if the goods are lost delivery of the documents and payments are due when the goods should have arrived.
11 M.R.S. § 9-1110 — ME Code / Title 11 / Chapter 9-A / Section 9-1110
11 §9-1110. Security interests arising under Article 2 or 2-A
Status: in_force

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

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

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

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

(4). The security interest has priority over a conflicting security interest created by the debtor. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 10-102 — ME Code / Title 11 / Chapter 10 / Section 10-102
11 §10-102. Preservation of old transition provision
Status: in_force

Chapter 362, section 41 of the public laws of 1963 shall continue to apply to the new code and for this purpose the old code and the new code shall be considered one continuous statute. [PL 1977, c. 586 (NEW).]
11 M.R.S. § 15-302 — ME Code / Title 11 / Chapter 15 / Section 15-302
11 §15-302. Security interest perfected before effective date
Status: in_force

(1). A security interest that is enforceable and perfected immediately before July 1, 2025 is a perfected security interest under this Title if, on July 1, 2025, the requirements for enforceability and perfection under this Title as in effect on July 1, 2025 are satisfied without further action. [PL 2023, c. 669, Pt. C, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). If a security interest is enforceable and perfected immediately before July 1, 2025, but the requirements for enforceability or perfection under this Title as in effect on July 1, 2025 are not satisfied on July 1, 2025, the security interest: (a). Is a perfected security interest until the earlier of the time perfection would have ceased under the law in effect immediately before July 1, 2025 and the adjustment date; [PL 2023, c. 669, Pt. C, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). Remains enforceable thereafter only if the security interest satisfies the requirements for enforceability under section 9‑1203 , as in effect on July 1, 2025, before the adjustment date; and [PL 2023, c. 669, Pt. C, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (c). Remains perfected thereafter only if the requirements for perfection under this Title as in effect on July 1, 2025 are satisfied before the time specified in paragraph (a) . [PL 2023, c. 669, Pt. C, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. C, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 9-1409 — ME Code / Title 11 / Chapter 9-A / Section 9-1409
11 §9-1409. Restrictions on assignment of letter-of-credit rights ineffective
Status: in_force

(1). A term in a letter of credit or a rule of law, statute, regulation, custom or practice applicable to the letter of credit that prohibits, restricts or requires the consent of an applicant, issuer or nominated person to a beneficiary's assignment of or creation of a security interest in a letter-of-credit right is ineffective to the extent that the term or rule of law, statute, regulation, custom or practice: (a). Would impair the creation, attachment or perfection of a security interest in the letter-of-credit right; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Provides that the assignment or the creation, attachment or perfection of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination or remedy under the letter-of-credit right. [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 the extent that a term in a letter of credit is ineffective under subsection (1) but would be effective under law other than this Article or a custom or practice applicable to the letter of credit, to the transfer of a right to draw or otherwise demand performance under the letter of credit or to the assignment of a right to proceeds of the letter of credit, the creation, attachment or perfection of a security interest in the letter-of-credit right: (a). Is not enforceable against the applicant, issuer, nominated person or transferee beneficiary; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Imposes no duties or obligations on the applicant, issuer, nominated person or transferee beneficiary; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Does not require the applicant, issuer, nominated person or transferee beneficiary to recognize the security interest, pay or render performance to the secured party or accept payment or other performance from 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).]
11 M.R.S. § 8-1307 — ME Code / Title 11 / Chapter 8-A / Section 8-1307
11 §8-1307. Purchaser's right to requisites for registration of transfer
Status: in_force

Unless otherwise agreed, the transferor of a security on due demand shall supply the purchaser with proof of authority to transfer or with any other requisite necessary to obtain registration of the transfer of the security, but, if the transfer is not for value, a transferor need not comply unless the purchaser pays the necessary expenses. If the transferor fails within a reasonable time to comply with the demand, the purchaser may reject or rescind the transfer. [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 7-1505 — ME Code / Title 11 / Chapter 7-A / Section 7-1505
11 §7-1505. Indorser not guarantor for other parties
Status: in_force

The indorsement of a tangible document of title issued by a bailee does not make the indorser liable for any default by the bailee or previous indorsers. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 2-508 — ME Code / Title 11 / Chapter 2 / Section 2-508
11 §2-508. Cure by seller of improper tender or delivery; replacement
Status: in_force

(1). Where any tender or delivery by the seller is rejected because nonconforming and the time for performance has not yet expired, the seller may seasonably notify the buyer of his intention to cure and may then within the contract time make a conforming delivery.

(2). Where the buyer rejects a nonconforming tender which the seller had reasonable grounds to believe would be acceptable with or without money allowance the seller may if he seasonably notifies the buyer have a further reasonable time to substitute a conforming tender.
11 M.R.S. § 2-302 — ME Code / Title 11 / Chapter 2 / Section 2-302
11 §2-302. Unconscionable contract or clause
Status: in_force

(1). If the court as a matter of law finds the contract or any clause of the contract to have been unconscionable at the time it was made the court may refuse to enforce the contract, or it may enforce the remainder of the contract without the unconscionable clause, or it may so limit the application of any unconscionable clause as to avoid any unconscionable result.

(2). When it is claimed or appears to the court that the contract or any clause thereof may be unconscionable the parties shall be afforded a reasonable opportunity to present evidence as to its commercial setting, purpose and effect to aid the court in making the determination.
11 M.R.S. § 8-1508 — ME Code / Title 11 / Chapter 8-A / Section 8-1508
11 §8-1508. Duty of securities intermediary to change entitlement holder's position to other form of security holding
Status: in_force

A securities intermediary shall act at the direction of an entitlement holder to change a security entitlement into another available form of holding for which the entitlement holder is eligible or to cause the financial asset to be transferred to a securities account of the entitlement holder with another securities intermediary. A securities intermediary satisfies the duty if: [PL 1997, c. 429, Pt. B, §2 (NEW).]

(1). The securities intermediary acts as agreed upon by the entitlement holder and the securities intermediary; or [PL 1997, c. 429, Pt. B, §2 (NEW).]

(2). In the absence of agreement, the securities intermediary exercises due care in accordance with reasonable commercial standards to follow the direction of the entitlement holder. [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 3-1302 — ME Code / Title 11 / Chapter 3-A / Section 3-1302
11 §3-1302. Holder in due course
Status: in_force

(1). Subject to subsection (3) and section 3‑1106, subsection (3) , "holder in due course" means the holder of an instrument if: (a). The instrument when issued or negotiated to the holder does not bear such apparent evidence of forgery or alteration or is not otherwise so irregular or incomplete as to call into question its authenticity; and [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). The holder took the instrument: (i) For value; (ii) In good faith; (iii) Without notice that the instrument is overdue or has been dishonored or that there is an uncured default with respect to payment of another instrument issued as part of the same series; (iv) Without notice that the instrument contains an unauthorized signature or has been altered; (v) Without notice of any claim to the instrument described in section 3‑1306 ; and (vi) Without notice that any party has a defense or claim in recoupment described in section 3‑1305, subsection (1) . [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). Notice of discharge of a party, other than discharge in an insolvency proceeding, is not notice of a defense under subsection (1) , but discharge is effective against a person who became a holder in due course with notice of the discharge. Public filing or recording of a document does not of itself constitute notice of a defense, claim in recoupment or claim to the instrument. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). Except to the extent a transferor or predecessor in interest has rights as a holder in due course, a person does not acquire rights of a holder in due course of an instrument taken: (a). By legal process or by purchase in an execution, bankruptcy or creditor's sale or similar proceeding; [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). By purchase as part of a bulk transaction not in ordinary course of business of the transferor; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (c). As the successor in interest to an estate or other organization. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(4). If, under section 3‑1303, subsection (1), paragraph (a) , the promise of performance that is the consideration for an instrument has been partially performed, the holder may assert rights as a holder in due course of the instrument only to the fraction of the amount payable under the instrument equal to the value of the partial performance divided by the value of the promised performance. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(5). The person entitled to enforce the instrument may assert rights as a holder in due course only to an amount payable under the instrument which, at the time of enforcement of the instrument, does not exceed the amount of the unpaid obligation secured if: (a). The person entitled to enforce an instrument has only a security interest in the instrument; and [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). The person obliged to pay the instrument has a defense, claim in recoupment or claim to the instrument that may be asserted against the person who granted the security interest. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(6). To be effective, notice must be received at a time and in a manner that gives a reasonable opportunity to act on it. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(7). This section is subject to any law limiting status as a holder in due course in particular classes of transactions. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 3-1604 — ME Code / Title 11 / Chapter 3-A / Section 3-1604
11 §3-1604. Discharge by cancellation or renunciation
Status: in_force

(1). A person entitled to enforce an instrument, with or without consideration, may discharge the obligation of a party to pay the instrument: (a). By an intentional voluntary act, such as surrender of the instrument to the party, destruction, mutilation or cancellation of the instrument, cancellation or striking out of the party's signature or the addition of words to the instrument indicating discharge; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). By agreeing not to sue or otherwise renouncing rights against the party by a signed record. [PL 2023, c. 669, Pt. A, §37 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] The obligation of a party to pay a check is not discharged solely by destruction of the check in connection with a process in which information is extracted from the check and an image of the check is made and, subsequently, the information and image are transmitted for payment. [PL 2023, c. 669, Pt. A, §§37, 38 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). Cancellation or striking out of an indorsement pursuant to subsection (1) does not affect the status and rights of a party derived from the indorsement. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 9-1330 — ME Code / Title 11 / Chapter 9-A / Section 9-1330
11 §9-1330. Priority of purchaser of chattel paper or instrument
Status: in_force

(1). A purchaser of chattel paper has priority over a security interest in the chattel paper that is claimed merely as proceeds of inventory subject to a security interest if: (a). In good faith and in the ordinary course of the purchaser's business, the purchaser gives new value, takes possession of each authoritative tangible copy of the record evidencing the chattel paper and obtains control under section 9‑1105‑A of each authoritative electronic copy of the record evidencing the chattel paper; and [PL 2023, c. 669, Pt. A, §125 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). The authoritative copies of the record evidencing the chattel paper do not indicate that the chattel paper has been assigned to an identified assignee other than the purchaser. [PL 2023, c. 669, Pt. A, §125 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §125 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). A purchaser of chattel paper has priority over a security interest in the chattel paper that is claimed other than merely as proceeds of inventory subject to a security interest if the purchaser gives new value, takes possession of each authoritative tangible copy of the record evidencing the chattel paper and obtains control under section 9‑1105‑A of each authoritative electronic copy of the record evidencing the chattel paper in good faith, in the ordinary course of the purchaser's business and without knowledge that the purchase violates the rights of the secured party. [PL 2023, c. 669, Pt. A, §126 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). Except as otherwise provided in section 9‑1327 , a purchaser having priority in chattel paper under subsection (1) or (2) also has priority in proceeds of the chattel paper to the extent that: (a). Section 9‑1322 provides for priority in the proceeds; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The proceeds consist of the specific goods covered by the chattel paper or cash proceeds of the specific goods, even if the purchaser's security interest in the proceeds is unperfected. [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). Except as otherwise provided in section 9‑1331, subsection (1) , a purchaser of an instrument has priority over a security interest in the instrument perfected by a method other than possession if the purchaser gives value and takes possession of the instrument in good faith and without knowledge that the purchase violates the rights of the secured party. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(5). For purposes of subsections (1) and (2) , the holder of a purchase-money security interest in inventory gives new value for chattel paper constituting proceeds of the inventory. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(6). For purposes of subsections (2) and (4) , if the authoritative copies of the record evidencing chattel paper or an instrument indicate that the chattel paper or instrument has been assigned to an identified secured party other than the purchaser, a purchaser of the chattel paper or instrument has knowledge that the purchase violates the rights of the secured party. [PL 2023, c. 669, Pt. A, §127 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 2-1405 — ME Code / Title 11 / Chapter 2-A / Section 2-1405
11 §2-1405. Excused performance
Status: in_force

Subject to section 2‑1404 on substituted performance, the following rules apply. [PL 1991, c. 805, §4 (NEW).]

(1). Delay in delivery or nondelivery in whole or in part by a lessor or a supplier who complies with subsections (2) and (3) is not a default under the lease contract if performance as agreed has been made impracticable by the occurrence of a contingency the nonoccurrence of which was a basic assumption on which the lease contract was made or by compliance in good faith with any applicable foreign or domestic governmental regulation or order, whether or not the regulation or order later proves to be invalid. [PL 1991, c. 805, §4 (NEW).]

(2). If the causes mentioned in subsection (1) affect only part of the lessor's or the supplier's capacity to perform, the lessor or supplier shall allocate production and deliveries among the lessor's or supplier's customers but at the lessor's or supplier's option may include regular customers not then under contract for sale or lease as well as the lessor's or supplier's own requirements for further manufacture. The lessor or supplier may so allocate in any manner that is fair and reasonable. [PL 1991, c. 805, §4 (NEW).]

(3). The lessor seasonably shall notify the lessee and in the case of a finance lease the supplier seasonably shall notify the lessor and the lessee, if known, that there will be delay or nondelivery and, if allocation is required under subsection (2) , of the estimated quota thus made available for the lessee. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 2-724 — ME Code / Title 11 / Chapter 2 / Section 2-724
11 §2-724. Admissibility of market quotations
Status: in_force

Whenever the prevailing price or value of any goods regularly bought and sold in any established commodity market is in issue, reports in official publications or trade journals or in newspapers or periodicals of general circulation published as the reports of such market shall be admissible in evidence. The circumstances of the preparation of such a report may be shown to affect its weight but not its admissibility.
11 M.R.S. § 8-1305 — ME Code / Title 11 / Chapter 8-A / Section 8-1305
11 §8-1305. Instruction
Status: in_force

(1). If an instruction has been originated by an appropriate person but is incomplete in any other respect, any person may complete it as authorized and the issuer may rely on it as completed, even though it has been completed incorrectly. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(2). Unless otherwise agreed, a person initiating an instruction assumes only the obligations imposed by section 8‑1108 and not an obligation that the security will be honored by the issuer. [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 2-303 — ME Code / Title 11 / Chapter 2 / Section 2-303
11 §2-303. Allocation or division of risks
Status: in_force

Where this Article allocates a risk or a burden as between the parties "unless otherwise agreed," the agreement may not only shift the allocation but may also divide the risk or burden.
11 M.R.S. § 8-1202 — ME Code / Title 11 / Chapter 8-A / Section 8-1202
11 §8-1202. Issuer's responsibility and defenses; notice of defect or defense
Status: in_force

(1). Even against a purchaser for value and without notice, the terms of a certificated security include terms stated on the certificate and terms made part of the security by reference on the certificate to another instrument, indenture or document or to a constitution, statute, ordinance, rule, regulation, order or the like, to the extent the terms referred to do not conflict with terms stated on the certificate. A reference under this subsection does not of itself charge a purchaser for value with notice of a defect going to the validity of the security, even if the certificate expressly states that a person accepting it admits notice. The terms of an uncertificated security include those stated in any instrument, indenture or document or in a constitution, statute, ordinance, rule, regulation, order or the like, pursuant to which the security is issued. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(2). The following rules apply if an issuer asserts that a security is not valid. (a). A security other than one issued by a government or governmental subdivision, agency or instrumentality, even though issued with a defect going to its validity, is valid in the hands of a purchaser for value and without notice of the particular defect unless the defect involves a violation of a constitutional provision. In that case, the security is valid in the hands of a purchaser for value and without notice of the defect, other than one who takes by original issue. [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). Paragraph (a) applies to an issuer that is a government or governmental subdivision, agency or instrumentality only if there has been substantial compliance with the legal requirements governing the issue or the issuer has received a substantial consideration for the issue as a whole or for the particular security and a stated purpose of the issue is one for which the issuer has power to borrow money or issue the security. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]

(3). Except as otherwise provided in Section 8‑1205 , lack of genuineness of a certificated security is a complete defense, even against a purchaser for value and without notice. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(4). All other defenses of the issuer of a security, including nondelivery and conditional delivery of a certificated security, are ineffective against a purchaser for value who has taken the certificated security without notice of the particular defense. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(5). This section does not affect the right of a party to cancel a contract for a security "when, as and if issued" or "when distributed" in the event of a material change in the character of the security that is the subject of the contract or in the plan or arrangement pursuant to which the security is to be issued or distributed. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(6). If a security is held by a securities intermediary against whom an entitlement holder has a security entitlement with respect to the security, the issuer may not assert any defense that the issuer could not assert if the entitlement holder held the security directly. [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 2-709 — ME Code / Title 11 / Chapter 2 / Section 2-709
11 §2-709. Action for the price
Status: in_force

(1). When the buyer fails to pay the price as it becomes due, the seller may recover, together with any incidental damages under section 2‑710 , the price (a). Of goods accepted or of conforming goods lost or damaged within a commercially reasonable time after risk of their loss has passed to the buyer; and (b). Of goods identified to the contract if the seller is unable after reasonable effort to resell them at a reasonable price or the circumstances reasonably indicate that such effort will be unavailing.

(2). Where the seller sues for the price, he must hold for the buyer any goods which have been identified to the contract and are still in his control except that if resale become possible he may resell them at any time prior to the collection of the judgment. The net proceeds of any such resale must be credited to the buyer and payment of the judgment entitles him to any goods not resold.

(3). After the buyer has wrongfully rejected or revoked acceptance of the goods or has failed to make a payment due or has repudiated ( section 2‑610 ), a seller who is held not entitled to the price under this section shall nevertheless be awarded damages for nonacceptance under section 2‑708 .
11 M.R.S. § 7-1305 — ME Code / Title 11 / Chapter 7-A / Section 7-1305
11 §7-1305. Destination bills
Status: in_force

(1). Instead of issuing a bill of lading to the consignor at the place of shipment, a carrier, at the request of the consignor, may procure the bill to be issued at destination or at any other place designated in the request. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(2). Upon request of any person entitled as against a carrier to control the goods while in transit and on surrender of possession or control of any outstanding bill of lading or other receipt covering the goods, the issuer, subject to section 7‑1105 , may procure a substitute bill to be issued at any place designated in the request. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 12-104 — ME Code / Title 11 / Chapter 12 / Section 12-104
11 §12-104. Rights in controllable account, controllable electronic record and controllable payment intangible
Status: in_force

(1). This section applies to the acquisition and purchase of rights in a controllable account or controllable payment intangible, including the rights and benefits under subsections (3) , (4) , (5) , (6) and (7) of a purchaser and qualifying purchaser, in the same manner as this section applies to a controllable electronic record. [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). To determine whether a purchaser of a controllable account or a controllable payment intangible is a qualifying purchaser, the purchaser obtains control of the account or payment intangible if it obtains control of the controllable electronic record that evidences the account or payment intangible. [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). Except as provided in this section, law other than this Article determines whether a person acquires a right in a controllable electronic record and the right the person acquires. [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(4). A purchaser of a controllable electronic record acquires all rights in the controllable electronic record that the transferor had or had power to transfer, except that a purchaser of a limited interest in a controllable electronic record acquires rights only to the extent of the interest purchased. [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(5). A qualifying purchaser acquires its rights in a controllable electronic record free of a claim of a property right in the controllable electronic record. [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(6). Except as provided in subsections (1) and (5) for a controllable account and a controllable payment intangible or law other than this Article, a qualifying purchaser takes a right to payment, right to performance or other interest in property evidenced by the controllable electronic record subject to a claim of a property right in the right to payment, right to performance or other interest in property. [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(7). An action may not be asserted against a qualifying purchaser based on both a purchase by the qualifying purchaser of a controllable electronic record and a claim of a property right in another controllable electronic record, whether the action is framed in conversion, replevin, constructive trust, equitable lien or other theory. [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(8). Filing of a financing statement under Article 9‑A is not notice of a claim of a property right in a controllable electronic record. [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 2-716 — ME Code / Title 11 / Chapter 2 / Section 2-716
11 §2-716. Buyer's right to specific performance or replevin
Status: in_force

(1). Specific performance may be decreed where the goods are unique or in other proper circumstances

(2). The decree for specific performance may include such terms and conditions as to payment of the price, damages or other relief as the court may deem just.

(3). The buyer has a right of replevin for goods identified to the contract if after reasonable effort the buyer is unable to effect cover for such goods or the circumstances reasonably indicate that such effort will be unavailing, or if the goods have been shipped under reservation and satisfaction of the security interest in them has been made or tendered. In the case of goods bought for personal, family or household purposes, the buyer's right of replevin vests upon acquisition of a special property, even if the seller had not then repudiated or failed to deliver. [PL 1999, c. 699, Pt. B, §10 (AMD); PL 1999, c. 699, Pt. B, §28 (AFF).]
11 M.R.S. § 9-1610 — ME Code / Title 11 / Chapter 9-A / Section 9-1610
11 §9-1610. Disposition of collateral after default
Status: in_force

(1). After default, a secured party may sell, lease, license or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). Every aspect of a disposition of collateral, including the method, manner, time, place and other terms, must be commercially reasonable. If it is commercially reasonable, a secured party may dispose of collateral by public or private proceedings, by one or more contracts, as a unit or in parcels and at any time and place and on any terms. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(3). A secured party may purchase collateral: (a). At a public disposition; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). At a private disposition only if the collateral is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations. [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 contract for sale, lease, license or other disposition includes the warranties relating to title, possession, quiet enjoyment and the like that by operation of law accompany a voluntary disposition of property of the kind subject to the contract. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(5). A secured party may disclaim or modify warranties under subsection (4) : (a). In a manner that would be effective to disclaim or modify the warranties in a voluntary disposition of property of the kind subject to the contract of disposition; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). By communicating to the purchaser a record evidencing the contract for disposition and including an express disclaimer or modification of the warranties. [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). A record is sufficient to disclaim warranties under subsection (5) if it indicates "There is no warranty relating to title, possession, quiet enjoyment or the like in this disposition" or uses words of similar import. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 2-616 — ME Code / Title 11 / Chapter 2 / Section 2-616
11 §2-616. Procedure on notice claiming excuse
Status: in_force

(1). Where the buyer receives notification of a material or indefinite delay or an allocation justified under section 2‑615 , he may by written notification to the seller as to any delivery concerned, and where the prospective deficiency substantially impairs the value of the whole contract under the provisions of this Article relating to breach of installment contracts ( section 2‑612 ), then also as to the whole (a). Terminate and thereby discharge any unexecuted portion of the contract; or (b). Modify the contract by agreeing to take his available quota in substitution.

(2). If after receipt of such notification from the seller the buyer fails so to modify the contract within a reasonable time not exceeding 30 days, the contract lapses with respect to any deliveries affected.

(3). The provisions of this section may not be negated by agreement except in so far as the seller has assumed a greater obligation under section 2‑615 .
11 M.R.S. § 2-203 — ME Code / Title 11 / Chapter 2 / Section 2-203
11 §2-203. Seals inoperative
Status: in_force

The affixing of a seal to a record evidencing a contract for sale or an offer to buy or sell goods does not render the record a sealed instrument and the law with respect to sealed instruments does not apply to such a contract or offer. [PL 2023, c. 669, Pt. A, §19 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 2-104 — ME Code / Title 11 / Chapter 2 / Section 2-104
11 §2-104. Definitions: "merchant"; "between merchants"; "financing agency"
Status: in_force

(1). Merchant. "Merchant" means a person who deals in goods of the kind or otherwise by his occupation holds himself out as having knowledge or skill peculiar to the practices or goods involved in the transaction or to whom such knowledge or skill may be attributed by his employment of an agent or broker or other intermediary who by his occupation holds himself out as having such knowledge or skill.

(2). Financing agency. "Financing agency" means a bank, finance company or other person who in the ordinary course of business makes advances against goods or documents of title or who by arrangement with either the seller or the buyer intervenes in ordinary course to make or collect payment due or claimed under the contract for sale, as by purchasing or paying the seller's draft or making advances against it or by merely taking it for collection whether or not documents of title accompany or are associated with the draft. "Financing agency" includes also a bank or other person who similarly intervenes between persons who are in the position of seller and buyer in respect to the goods ( section 2‑707 ). [PL 2009, c. 324, Pt. B, §5 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).]

(3). Between merchants. "Between merchants" means in any transaction with respect to which both parties are chargeable with the knowledge or skill of merchants.
11 M.R.S. § 2-515 — ME Code / Title 11 / Chapter 2 / Section 2-515
11 §2-515. Preserving evidence of goods in dispute
Status: in_force

In furtherance of the adjustment of any claim or dispute,

(1). Either party on reasonable notification to the other and for the purpose of ascertaining the facts and preserving evidence has the right to inspect, test and sample the goods, including such of them as may be in the possession or control of the other; and

(2). The parties may agree to a third party inspection or survey to determine the conformity or condition of the goods and may agree that the findings shall be binding upon them in any subsequent litigation or adjustment.
11 M.R.S. § 9-1341 — ME Code / Title 11 / Chapter 9-A / Section 9-1341
11 §9-1341. Bank's rights and duties with respect to deposit account
Status: in_force

Except as otherwise provided in section 9‑1340, subsection (3) , and unless the bank otherwise agrees in a signed record, a bank's rights and duties with respect to a deposit account maintained with the bank are not terminated, suspended or modified by: [PL 2023, c. 669, Pt. A, §132 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(1). The creation, attachment or perfection of a security interest in the deposit account; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). The bank's knowledge of the security interest; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(3). The bank's receipt of instructions from the secured party. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 2-311 — ME Code / Title 11 / Chapter 2 / Section 2-311
11 §2-311. Options and cooperation respecting performance
Status: in_force

(1). An agreement for sale which is otherwise sufficiently definite ( section 2‑204, subsection (3) ) to be a contract is not made invalid by the fact that it leaves particulars of performance to be specified by one of the parties. Any such specification must be made in good faith and within limits set by commercial reasonableness.

(2). Unless otherwise agreed specifications relating to assortment of goods are at the buyer's option and except as otherwise provided in section 2‑319, subsection (1), paragraph (c) and subsection (3) , specifications or arrangements relating to shipment are at the seller's option.

(3). Where such specification would materially affect the other party's performance but is not seasonably made or where one party's cooperation is necessary to the agreed performance of the other but is not seasonably forthcoming, the other party in addition to all other remedies (a). Is excused for any resulting delay in his own performance; and (b). May also either proceed to perform in any reasonable manner or after the time for a material part of his own performance treat the failure to specify or to cooperate as a breach by failure to deliver or accept the goods.
11 M.R.S. § 2-1530 — ME Code / Title 11 / Chapter 2-A / Section 2-1530
11 §2-1530. Lessor's incidental damages
Status: in_force

Incidental damages to an aggrieved lessor include any commercially reasonable charges, expenses or commissions incurred in stopping delivery, in the transportation, care and custody of goods after the lessee's default, in connection with return or disposition of the goods, or otherwise resulting from the default. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 10-106 — ME Code / Title 11 / Chapter 10 / Section 10-106
11 §10-106. Required refilings
Status: repealed

(1). If a security interest is perfected or has priority when public law, 1977, chapter 526 takes effect as to all persons or as to certain persons without any filing or recording and if the filing of a financing statement would be required for the perfection or priority of the security interest against those persons under the new code, the perfection and priority rights of the security interest continue until 3 years after the effective date of public law, 1977, chapter 526. The perfection shall then lapse unless a financing statement is filed as provided in subsection (4) or unless the security interest is perfected otherwise than by filing. [PL 1977, c. 586 (NEW).]

(2). If a security interest is perfected when public law, 1977, chapter 526 takes effect under a law other than the Uniform Commercial Code which requires no further filing, refiling or recording to continue its perfection, perfection continues until and shall lapse 3 years after public law, 1977, chapter 526 takes effect, unless a financing statement is filed as provided in subsection (4) or unless the security interest is perfected otherwise than by filing, or unless under section 9‑302, subsection (3) the other law continues to govern filing. [PL 1977, c. 586 (NEW).]

(3). If a security interest is perfected by a filing, refiling or recording under a law repealed by public law, 1977, chapter 526 which required further filing, refiling or recording to continue its perfection, perfection continues and shall lapse on the date provided by the law so repealed for the further filing, refiling or recording unless a financing statement is filed as provided in subsection (4) or unless the security interest is perfected otherwise than by filing. [PL 1977, c. 586 (NEW).]

(4). A financing statement may be filed within 6 months before the perfection of a security interest would otherwise lapse. Any such financing statement may be signed by either the debtor or the secured party. It shall identify the security agreement, statement or notice, however denominated in any statute or other law repealed or modified by public law, 1977, chapter 526 or this Article, state the office where and the date when the last filing, refiling or recording, if any, was made with respect thereto, and the filing number, if any, or book and page, if any, of recording and further state that the security agreement, statement or notice, however denominated, in another filing office under the Uniform Commercial Code or under any statute or law repealed or modified by public law, 1977, chapter 526 or this Article is still effective. Sections 9-103 and 9-401 determine the proper place to file such a financing statement. Except as specified in this subsection, the provisions of section 9-403, subsection (3) for continuation statements apply to such a financing statement. [PL 1977, c. 696, §156 (AMD).]
11 M.R.S. § 4-1209 — ME Code / Title 11 / Chapter 4-A / Section 4-1209
11 §4-1209. Acceptance of payment order
Status: in_force

(1). Subject to subsection (4) , a receiving bank other than the beneficiary's bank accepts a payment order when it executes the order. [PL 1991, c. 812, §2 (NEW).]

(2). Subject to subsections (3) and (4) , a beneficiary's bank accepts a payment order at the earliest of the following times: (a). When the bank pays the beneficiary as stated in section 4‑1405, subsection (1) or (2) , or notifies the beneficiary of receipt of the order or that the account of the beneficiary has been credited with respect to the order unless the notice indicates that the bank is rejecting the order or that funds with respect to the order may not be withdrawn or used until receipt of payment from the sender of the order; [PL 1991, c. 812, §2 (NEW).] (b). When the bank receives payment of the entire amount of the sender's order pursuant to section 4‑1403, subsection (1), paragraph (a) or (b) ; or [PL 1991, c. 812, §2 (NEW).] (c). The opening of the next funds transfer business day of the bank following the payment date of the order if at that time, the amount of the sender's order is fully covered by a withdrawable credit balance in an authorized account of the sender or the bank has otherwise received full payment from the sender, unless the order was rejected before that time or is rejected within one hour after that time or one hour after the opening of the next business day of the sender following the payment date if that time is later. If notice of rejection is received by the sender after the payment date and the authorized account of the sender does not bear interest, the bank is obliged to pay interest to the sender on the amount of the order for the number of days elapsing after the payment date to the day the sender receives notice or learns that the order was not accepted, counting that day as an elapsed day. If the withdrawable credit balance during that period falls below the amount of the order, the amount of interest payable is reduced accordingly. [PL 1991, c. 812, §2 (NEW).] [PL 1991, c. 812, §2 (NEW).]

(3). Acceptance of a payment order can not occur before the order is received by the receiving bank. Acceptance does not occur under subsection (2), paragraph (b) or (c) if the beneficiary of the payment order does not have an account with the receiving bank, the account has been closed or the receiving bank is not permitted by law to receive credits for the beneficiary's account. [PL 1991, c. 812, §2 (NEW).]

(4). A payment order issued to the originator's bank can not be accepted until the payment date if the bank is the beneficiary's bank or the execution date if the bank is not the beneficiary's bank. If the originator's bank executes the originator's payment order before the execution date or pays the beneficiary of the originator's payment order before the payment date and the payment order is subsequently canceled pursuant to section 4‑1211, subsection (2) , the bank may recover from the beneficiary any payment received to the extent allowed by the law governing mistake and restitution. [PL 1991, c. 812, §2 (NEW).]
11 M.R.S. § 8-1206 — ME Code / Title 11 / Chapter 8-A / Section 8-1206
11 §8-1206. Completion or alteration of security certificate
Status: in_force

(1). If a security certificate contains the signatures necessary to its issue or transfer but is incomplete in any other respect: (a). Any person may complete it by filling in the blanks as authorized; and [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). Even if the blanks are incorrectly filled in, the security certificate as completed is enforceable by a purchaser who took it for value and without notice of the incorrectness. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]

(2). A complete security certificate that has been improperly altered, even if fraudulently, remains enforceable, but only according to its original terms. [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 9-1603 — ME Code / Title 11 / Chapter 9-A / Section 9-1603
11 §9-1603. Agreement on standards concerning rights and duties
Status: in_force

(1). The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in section 9‑1602 if the standards are not manifestly unreasonable. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). Subsection (1) does not apply to the duty under section 9‑1609 to refrain from breaching the peace. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 4-1106 — ME Code / Title 11 / Chapter 4-A / Section 4-1106
11 §4-1106. Time payment order received
Status: in_force

(1). The time of receipt of a payment order or communication cancelling or amending a payment order is determined by the rules applicable to receipt of a notice stated in section 1‑1202 . A receiving bank may fix a cut-off time or times on a funds transfer business day for the receipt and processing of payment orders and communications cancelling or amending payment orders. Different cut-off times may apply to payment orders, cancellations or amendments, or to different categories of payment orders, cancellations or amendments. A cut-off time may apply to senders generally or different cut-off times may apply to different senders or categories of payment orders. If a payment order or communication cancelling or amending a payment order is received after the close of a funds transfer business day or after the appropriate cut-off time on a funds transfer business day, the receiving bank may treat the payment order or communication as received at the opening of the next funds transfer business day. [PL 2009, c. 325, Pt. B, §20 (AMD); PL 2009, c. 325, Pt. B, §27 (AFF).]

(2). If this Article refers to an execution date or payment date or states a day on which a receiving bank is required to take action, and the date or day does not fall on a funds transfer business day, the next day that is a funds transfer business day is treated as the date or day stated, unless the contrary is stated in this Article. [PL 1991, c. 812, §2 (NEW).]
11 M.R.S. § 2-1301 — ME Code / Title 11 / Chapter 2-A / Section 2-1301
11 §2-1301. Enforceability of lease contract
Status: in_force

Except as otherwise provided in this Article, a lease contract is effective and enforceable according to its terms between the parties, against purchasers of the goods and against creditors of the parties. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 1-1105 — ME Code / Title 11 / Chapter 1-A / Section 1-1105
11 §1-1105. Severability
Status: in_force

If any provision or clause of the Uniform Commercial Code or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of the Uniform Commercial Code that can be given effect without the invalid provision or application, and to this end the provisions of the Uniform Commercial Code are severable. [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).]
11 M.R.S. § 3-1207 — ME Code / Title 11 / Chapter 3-A / Section 3-1207
11 §3-1207. Reacquisition
Status: in_force

Reacquisition of an instrument occurs if it is transferred to a former holder by negotiation or otherwise. A former holder who reacquires the instrument may cancel indorsements made after the reacquirer first became a holder of the instrument. If the cancellation causes the instrument to be payable to the reacquirer or to bearer, the reacquirer may negotiate the instrument. An indorser whose indorsement is canceled is discharged and the discharge is effective against any subsequent holder. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 4-301 — ME Code / Title 11 / Chapter 4 / Section 4-301
11 §4-301. Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank
Status: in_force

(1). If a payor bank settles for a demand item other than a documentary draft presented otherwise than for immediate payment over the counter before midnight of the banking day of receipt, the payor bank may revoke the settlement and recover the settlement, if, before it has made final payment and before its midnight deadline, it: (a). Returns the item; or (b). Sends written notice of dishonor or nonpayment, if the item is unavailable for return. [PL 1993, c. 293, Pt. B, §36 (AMD).] [PL 1993, c. 293, Pt. B, §36 (AMD).]

(2). If a demand item is received by a payor bank for credit on its books, it may return the item or send notice of dishonor and may revoke any credit given or recover the amount thereof withdrawn by its customer, if it acts within the time limit and in the manner specified in subsection (1) . [PL 1993, c. 293, Pt. B, §36 (AMD).]

(3). Unless previous notice of dishonor has been sent, an item is dishonored at the time when for purposes of dishonor it is returned or notice sent in accordance with this section.

(4). An item is returned: (a). As to an item presented through a clearinghouse, when it is delivered to the presenting or last collecting bank or to the clearinghouse or is sent or delivered in accordance with clearinghouse rules; or [PL 1993, c. 293, Pt. B, §36 (AMD).] (b). In all other cases, when it is sent or delivered to the bank's customer or transferor or pursuant to instructions. [PL 1993, c. 293, Pt. B, §36 (AMD).] [PL 1993, c. 293, Pt. B, §36 (AMD).]
11 M.R.S. § 4-1507 — ME Code / Title 11 / Chapter 4-A / Section 4-1507
11 §4-1507. Choice of law
Status: in_force

(1). The following rules apply unless the affected parties otherwise agree or subsection (3) applies. (a). The rights and obligations between the sender of a payment order and the receiving bank are governed by the law of the jurisdiction in which the receiving bank is located. [PL 1991, c. 812, §2 (NEW).] (b). The rights and obligations between the beneficiary's bank and the beneficiary are governed by the law of the jurisdiction in which the beneficiary's bank is located. [PL 1991, c. 812, §2 (NEW).] (c). The issue of when payment is made pursuant to a funds transfer by the originator to the beneficiary is governed by the law of the jurisdiction in which the beneficiary's bank is located. [PL 1991, c. 812, §2 (NEW).] [PL 1991, c. 812, §2 (NEW).]

(2). If the parties described in subsection (1), paragraphs (a) , (b) and (c) have made an agreement and selected the law of a particular jurisdiction to govern rights and obligations between them, the law of that jurisdiction governs those rights and obligations whether or not the payment order or the funds transfer bears a reasonable relation to that jurisdiction. [PL 1991, c. 812, §2 (NEW).]

(3). A funds transfer system rule may select the law of a particular jurisdiction to govern the rights and obligations: (a). Between participating banks with respect to payment orders transmitted or processed through the system; or [PL 1991, c. 812, §2 (NEW).] (b). Of some or all parties to a funds transfer, any part of which is carried out by means of the system. [PL 1991, c. 812, §2 (NEW).] A choice of law made pursuant to paragraph (a) is binding on participating banks. A choice of law made pursuant to paragraph (b) is binding on the originator, other sender or a receiving bank having notice that the funds transfer system may be used in the funds transfer and notice of the choice of law by the system, when the originator, other sender or receiving bank issued or accepted a payment order. The beneficiary of a funds transfer is bound by the choice of law if, when the funds transfer is initiated, the beneficiary has notice that the funds transfer system may be used in the funds transfer and notice of the choice of law by the system. The law of a jurisdiction selected pursuant to this subsection may govern, whether or not that law bears a reasonable relation to the matter in issue. [PL 1991, c. 812, §2 (NEW).]

(4). In the event of inconsistency between an agreement under subsection (2) and a choice-of-law rule under subsection (3) , the agreement under subsection (2) prevails. [PL 1991, c. 812, §2 (NEW).]

(5). If a funds transfer is made by use of more than one funds transfer system and there is inconsistency between the choice-of-law rules of the systems, the matter in issue is governed by the law of the selected jurisdiction that has the most significant relationship to the matter in issue. [PL 1991, c. 812, §2 (NEW).]
11 M.R.S. § 4-1203 — ME Code / Title 11 / Chapter 4-A / Section 4-1203
11 §4-1203. Unenforceability of certain verified payment orders
Status: in_force

(1). If an accepted payment order is not under section 4‑1202, subsection (1) an authorized order of a customer identified as sender but is effective as an order of the customer pursuant to section 4‑1202, subsection (2) , the following rules apply. (a). By express agreement, evidenced by a record, the receiving bank may limit the extent to which it is entitled to enforce or retain payment of the payment order. [PL 2023, c. 669, Pt. A, §43 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). The receiving bank is not entitled to enforce or retain payment of the payment order if the customer proves that the order was not caused, directly or indirectly, by a person: (i) Entrusted at any time with duties to act for the customer with respect to payment orders or the security procedure or who obtained access to transmitting facilities of the customer; or (ii) Who obtained from a source controlled by the customer and without authority of the receiving bank information facilitating breach of the security procedure, regardless of how the information was obtained or whether the customer was at fault. Information includes any access device, computer software or the like. [PL 1991, c. 812, §2 (NEW).] [PL 2023, c. 669, Pt. A, §43 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). This section applies to amendments of payment orders to the same extent it applies to payment orders. [PL 1991, c. 812, §2 (NEW).]
11 M.R.S. § 3-1409 — ME Code / Title 11 / Chapter 3-A / Section 3-1409
11 §3-1409. Acceptance of draft; certified check
Status: in_force

(1). "Acceptance" means the drawee's signed agreement to pay a draft as presented. Acceptance must be written on the draft and may consist of the drawee's signature alone. Acceptance may be made at any time and becomes effective when notification pursuant to instructions is given or the accepted draft is delivered for the purpose of giving rights on the acceptance to any person. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). A draft may be accepted although it has not been signed by the drawer, is otherwise incomplete, is overdue or has been dishonored. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). If a draft is payable at a fixed period after sight and the acceptor fails to date the acceptance, the holder may complete the acceptance by supplying a date in good faith. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(4). "Certified check" means a check accepted by the bank on which it is drawn. Acceptance may be made as stated in subsection (1) or by a writing on the check that indicates that the check is certified. The drawee of a check has no obligation to certify the check, and refusal to certify is not dishonor of the check. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 2-206 — ME Code / Title 11 / Chapter 2 / Section 2-206
11 §2-206. Offer and acceptance in formation of contract
Status: in_force

(1). Unless otherwise unambiguously indicated by the language or circumstances (a). An offer to make a contract shall be construed as inviting acceptance in any manner and by any medium reasonable in the circumstances; (b). An order or other offer to buy goods for prompt or current shipment shall be construed as inviting acceptance either by a prompt promise to ship or by the prompt or current shipment of conforming or nonconforming goods, but such a shipment of nonconforming goods does not constitute an acceptance if the seller seasonably notifies the buyer that the shipment is offered only as an accommodation to the buyer.

(2). Where the beginning of a requested performance is a reasonable mode of acceptance an offeror who is not notified of acceptance within a reasonable time may treat the offer as having lapsed before acceptance.