11 M.R.S. § 9-1109 — ME Code / Title 11 / Chapter 9-A / Section 9-1109
11 §9-1109. Scope
Status: in_force

(1). Except as otherwise provided in subsections (3) and (4) , this Article applies to: (a). A transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). An agricultural lien; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). A sale of accounts, chattel paper, payment intangibles or promissory notes; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). A consignment; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (e). A security interest arising under section 2‑401 , 2‑505 , 2‑711, subsection (3) or 2‑1508, subsection (5) , as provided in section 9‑1110 ; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (f). A security interest arising under section 4‑210 or 5‑1118 . [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 application of this Article to a security interest in a secured obligation is not affected by the fact that the obligation is itself secured by a transaction or interest to which this Article does not apply. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(3). This Article does not apply to the extent that: (a). A statute, regulation or treaty of the United States preempts this Article; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Another statute of this State expressly governs the creation, perfection, priority or enforcement of a security interest created by this State or a governmental unit of this State; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). A statute of another state, a foreign country or a governmental unit of another state or a foreign country, other than a statute generally applicable to security interests, expressly governs creation, perfection, priority or enforcement of a security interest created by the state, country or governmental unit; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). The rights of a transferee beneficiary or nominated person under a letter of credit are independent and superior under section 5‑1114 . [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). This Article does not apply to: (a). A landlord's lien, other than an agricultural lien; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). A lien, other than an agricultural lien, given by statute or other rule of law for services or materials, but section 9‑1333 applies with respect to priority of the lien; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). An assignment of a claim for wages, salary or other compensation of an employee; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). A sale of accounts, chattel paper, payment intangibles or promissory notes as part of a sale of the business out of which they arose; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (e). An assignment of accounts, chattel paper, payment intangibles or promissory notes that is for the purpose of collection only; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (f). An assignment of a right to payment under a contract to an assignee that is also obligated to perform under the contract; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (g). An assignment of a single account, payment intangible or promissory note to an assignee in full or partial satisfaction of a preexisting indebtedness; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (h). A transfer of an interest in or an assignment of a claim under a policy of insurance, other than an assignment by or to a health-care provider of a health-care-insurance receivable and any subsequent assignment of the right to payment, but sections 9‑1315 and 9‑1322 apply with respect to proceeds and priorities in proceeds; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (i). An assignment of a right represented by a judgment, other than a judgment taken on a right to payment that was collateral; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (j). A right of recoupment or setoff, but: (i) Section 9‑1340 applies with respect to the effectiveness of rights of recoupment or setoff against deposit accounts; and (ii) Section 9‑1404 applies with respect to defenses or claims of an account debtor; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (k). The creation or transfer of an interest in or lien on real property, including a lease or rents thereunder, except to the extent that provision is made for: (i) Liens on real property in sections 9‑1203 and 9‑1308 ; (ii) Fixtures in section 9‑1334 ; (iii) Fixture filings in sections 9‑1501 , 9‑1502 , 9‑1512 , 9‑1516 and 9‑1519 ; and (iv) Security agreements covering personal and real property in section 9‑1604 ; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (l). An assignment of a claim arising in tort, other than a commercial tort claim, but sections 9‑1315 and 9‑1322 apply with respect to proceeds and priorities in proceeds; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (m). An assignment of a deposit account in a consumer transaction, but sections 9‑1315 and 9‑1322 apply with respect to proceeds and priorities in proceeds; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (n). A claim or right to receive compensation for injuries or sickness, other than health-care insurance receivables, as described in 26 United States Code, Section 104(a)(1) or (2); or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (o). A claim or right to receive benefits under a special needs trust as described in 42 United States Code, Section 1396p(d)(4). [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. § 2-712 — ME Code / Title 11 / Chapter 2 / Section 2-712
11 §2-712. "Cover"; buyer's procurement of substitute goods
Status: in_force

(1). After a breach within section 2‑711 the buyer may "cover" by making in good faith and without unreasonable delay any reasonable purchase of or contract to purchase goods in substitution for those due from the seller.

(2). The buyer may recover from the seller as damages the difference between the cost of cover and the contract price together with any incidental or consequential damages as hereinafter defined ( section 2‑715 ), but less expenses saved in consequence of the seller's breach.

(3). Failure of the buyer to effect cover within this section does not bar him from any other remedy.
11 M.R.S. § 2-502 — ME Code / Title 11 / Chapter 2 / Section 2-502
11 §2-502. Buyer's right to goods on seller's repudiation, failure to deliver or insolvency
Status: in_force

(1). Subject to subsections (2) and (3) and even though the goods have not been shipped, a buyer who has paid a part or all of the price of goods in which the buyer has a special property under the provisions of section 2‑501 may, on making and keeping good a tender of any unpaid portion of the price of the goods, recover the goods from the seller if: (a). In the case of goods bought for personal, family or household purposes, the seller repudiates or fails to deliver as required by the contract; or [PL 1999, c. 699, Pt. B, §9 (NEW); PL 1999, c. 699, Pt. B, §28 (AFF).] (b). In all cases, the seller becomes insolvent within 10 days after receipt of the first installment on the price of the goods. [PL 1999, c. 699, Pt. B, §9 (NEW); PL 1999, c. 699, Pt. B, §28 (AFF).] [PL 1999, c. 699, Pt. B, §9 (RPR); PL 1999, c. 699, Pt. B, §28 (AFF).]

(2). The buyer's right to recover the goods under subsection (1), paragraph (a) 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, §9 (RPR); PL 1999, c. 699, Pt. B, §28 (AFF).]

(3). If the identification creating the buyer's special property has been made by the buyer, the buyer acquires the right to recover the goods only if they conform to the contract for sale. [PL 1999, c. 699, Pt. B, §9 (NEW); PL 1999, c. 699, Pt. B, §28 (AFF).]
11 M.R.S. § 2-328 — ME Code / Title 11 / Chapter 2 / Section 2-328
11 §2-328. Sale by auction
Status: reserved

(1). In a sale by auction if goods are put up in lots, each lot is the subject of a separate sale.

(2). A sale by auction is complete when the auctioneer so announces by the fall of the hammer or in other customary manner. Where a bid is made while the hammer is falling in acceptance of a prior bid, the auctioneer may in his discretion reopen the bidding or declare the goods sold under the bid on which the hammer was falling.

(3). Such a sale is with reserve unless the goods are in explicit terms put up without reserve. In an auction with reserve, the auctioneer may withdraw the goods at any time until he announces completion of the sale. In an auction without reserve, after the auctioneer calls for bids on an article or lot, that article or lot cannot be withdrawn unless no bid is made within a reasonable time. In either case a bidder may retract his bid until the auctioneer's announcement of completion of the sale, but a bidder's retraction does not revive any previous bid.

(4). If the auctioneer knowingly receives a bid on the seller's behalf or the seller makes or procures such a bid, and notice has not been given that liberty for such bidding is reserved, the buyer may at his option avoid the sale or take the goods at the price of the last good faith bid prior to the completion of the sale. This subsection shall not apply to any bid at a forced sale.
11 M.R.S. § 4-1208 — ME Code / Title 11 / Chapter 4-A / Section 4-1208
11 §4-1208. Misdescription of intermediary bank or beneficiary's bank
Status: in_force

(1). This subsection applies to a payment order identifying an intermediary bank or the beneficiary's bank only by an identifying number. (a). The receiving bank may rely on the number as the proper identification of the intermediary or beneficiary's bank and need not determine whether the number identifies a bank. [PL 1991, c. 812, §2 (NEW).] (b). The sender is obliged to compensate the receiving bank for any loss and expenses incurred by the receiving bank as a result of its reliance on the number in executing or attempting to execute the order. [PL 1991, c. 812, §2 (NEW).] [PL 1991, c. 812, §2 (NEW).]

(2). This subsection applies to a payment order identifying an intermediary bank or the beneficiary's bank both by name and an identifying number if the name and number identify different persons. (a). If the sender is a bank, the receiving bank may rely on the number as the proper identification of the intermediary or beneficiary's bank if the receiving bank, when it executes the sender's order, does not know that the name and number identify different persons. The receiving bank need not determine whether the name and number refer to the same person or whether the number refers to a bank. The sender is obliged to compensate the receiving bank for any loss and expenses incurred by the receiving bank as a result of its reliance on the number in executing or attempting to execute the order. [PL 1991, c. 812, §2 (NEW).] (b). If the sender is not a bank and the receiving bank proves that the sender, before the payment order was accepted, had notice that the receiving bank might rely on the number as the proper identification of the intermediary or beneficiary's bank even if it identifies a person different from the bank identified by name, the rights and obligations of the sender and the receiving bank are governed by paragraph (a) , as though the sender were a bank. Proof of notice may be made by any admissible evidence. The receiving bank satisfies the burden of proof if it proves that the sender, before the payment order was accepted, signed a record stating the information to which the notice relates. [PL 2023, c. 669, Pt. A, §45 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] (c). Regardless of whether the sender is a bank, the receiving bank may rely on the name as the proper identification of the intermediary or beneficiary's bank if the receiving bank, at the time it executes the sender's order, does not know that the name and number identify different persons. The receiving bank need not determine whether the name and number refer to the same person. [PL 1991, c. 812, §2 (NEW).] (d). If the receiving bank knows that the name and number identify different persons, reliance on either the name or the number in executing the sender's payment order is a breach of the obligation stated in section 4‑1302, subsection (1), paragraph (a) . [PL 1991, c. 812, §2 (NEW).] [PL 2023, c. 669, Pt. A, §45 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 2-605 — ME Code / Title 11 / Chapter 2 / Section 2-605
11 §2-605. Waiver of buyer's objections by failure to particularize
Status: in_force

(1). The buyer's failure to state in connection with rejection a particular defect which is ascertainable by reasonable inspection precludes him from relying on the unstated defect to justify rejection or to establish breach, (a). Where the seller could have cured it if stated seasonably; or (b). Between merchants when the seller has after rejection made a request in writing for a full and final written statement of all defects on which the buyer proposes to rely.

(2). Payment against documents made without reservation of rights precludes recovery of the payment for defects apparent in the documents. [PL 2009, c. 324, Pt. B, §17 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).]
11 M.R.S. § 7-1202 — ME Code / Title 11 / Chapter 7-A / Section 7-1202
11 §7-1202. Form of warehouse receipt; effect of omission
Status: in_force

(1). A warehouse receipt need not be in any particular form. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(2). Unless a warehouse receipt provides for each of the following, the warehouse is liable for damages caused to a person injured by its omission: (a). A statement of the location of the warehouse facility where the goods are stored; [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (b). The date of issue of the receipt; [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (c). The unique identification code of the receipt; [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (d). A statement whether the goods received will be delivered to the bearer, to a named person or to a named person or its order; [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (e). The rate of storage and handling charges, unless goods are stored under a field warehousing arrangement, in which case a statement of that fact is sufficient on a nonnegotiable receipt; [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (f). A description of the goods or the packages containing them; [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (g). The signature of the warehouse or its agent; [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (h). If the receipt is issued for goods that the warehouse owns, either solely, jointly or in common with others, a statement of the fact of that ownership; and [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (i). A statement of the amount of advances made and of liabilities incurred for which the warehouse claims a lien or security interest, unless the precise amount of advances made or liabilities incurred, at the time of the issue of the receipt, is unknown to the warehouse or to its agent that issued the receipt, in which case a statement of the fact that advances have been made or liabilities incurred and the purpose of the advances or liabilities is sufficient. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(3). A warehouse may insert in its receipt any terms that are not contrary to this Title and do not impair its obligation of delivery under section 7‑1403 or its duty of care under section 7‑1204 . Any contrary provision is ineffective. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 9-1306-A — ME Code / Title 11 / Chapter 9-A / Section 9-1306-A
11 §9-1306-A. Law governing perfection and priority of security interests in chattel paper
Status: in_force

(1). Except as provided in subsection (4) , if chattel paper is evidenced only by an authoritative electronic copy of the chattel paper or is evidenced by an authoritative electronic copy and an authoritative tangible copy, the local law of the chattel paper's jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a security interest in the chattel paper, even if the transaction does not bear any relation to the chattel paper's jurisdiction. [PL 2023, c. 669, Pt. A, §100 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). The following rules determine the chattel paper's jurisdiction under this section. (a). If the authoritative electronic copy of the record evidencing chattel paper, or a record attached to or logically associated with the electronic copy and readily available for review, expressly provides that a particular jurisdiction is the chattel paper's jurisdiction for purposes of this part, this Article or the Uniform Commercial Code, that jurisdiction is the chattel paper's jurisdiction. [PL 2023, c. 669, Pt. A, §100 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). If paragraph (a) does not apply and the rules of the system in which the authoritative electronic copy is recorded are readily available for review and expressly provide that a particular jurisdiction is the chattel paper's jurisdiction for purposes of this part, this Article or the Uniform Commercial Code, that jurisdiction is the chattel paper's jurisdiction. [PL 2023, c. 669, Pt. A, §100 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (c). If paragraphs (a) and (b) do not apply and the authoritative electronic copy, or a record attached to or logically associated with the electronic copy and readily available for review, expressly provides that the chattel paper is governed by the law of a particular jurisdiction, that jurisdiction is the chattel paper's jurisdiction. [PL 2023, c. 669, Pt. A, §100 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (d). If paragraphs (a) , (b) and (c) do not apply and the rules of the system in which the authoritative electronic copy is recorded are readily available for review and expressly provide that the chattel paper or the system is governed by the law of a particular jurisdiction, that jurisdiction is the chattel paper's jurisdiction. [PL 2023, c. 669, Pt. A, §100 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (e). If paragraphs (a) to (d) do not apply, the chattel paper's jurisdiction is the jurisdiction in which the debtor is located. [PL 2023, c. 669, Pt. A, §100 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §100 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). If an authoritative tangible copy of a record evidences chattel paper and the chattel paper is not evidenced by an authoritative electronic copy, while the authoritative tangible copy of the record evidencing chattel paper is located in a jurisdiction, the local law of that jurisdiction governs: (a). Perfection of a security interest in the chattel paper by possession under section 9‑1314‑A ; and [PL 2023, c. 669, Pt. A, §100 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). The effect of perfection or nonperfection and the priority of a security interest in the chattel paper. [PL 2023, c. 669, Pt. A, §100 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §100 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(4). The local law of the jurisdiction in which the debtor is located governs perfection of a security interest in chattel paper by filing. [PL 2023, c. 669, Pt. A, §100 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 3-1107 — ME Code / Title 11 / Chapter 3-A / Section 3-1107
11 §3-1107. Instrument payable in foreign money
Status: in_force

Unless the instrument otherwise provides, an instrument that states the amount payable in foreign money may be paid in the foreign money or in an equivalent amount in dollars calculated by using the current bank-offered spot rate at the place of payment for the purchase of dollars on the day on which the instrument is paid. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 2-1402 — ME Code / Title 11 / Chapter 2-A / Section 2-1402
11 §2-1402. Anticipatory repudiation
Status: in_force

If either party repudiates a lease contract with respect to a performance not yet due under the lease contract, the loss of which performance will substantially impair the value of the lease contract to the other, the aggrieved party may: [PL 1991, c. 805, §4 (NEW).]

(1). For a commercially reasonable time, await retraction of repudiation and performance by the repudiating party; [PL 1991, c. 805, §4 (NEW).]

(2). Make demand pursuant to section 2‑1401 and await assurance of future performance adequate under the circumstances of the particular case; or [PL 1991, c. 805, §4 (NEW).]

(3). Resort to any right or remedy upon default under the lease contract or this Article, even though the aggrieved party has notified the repudiating party that the aggrieved party would await the repudiating party's performance and assurance and has urged retraction. In addition, whether or not the aggrieved party is pursuing one of the foregoing remedies, the aggrieved party may suspend performance or, if the aggrieved party is the lessor, proceed in accordance with the provisions of this Article on the lessor's right to identify goods to the lease contract notwithstanding default or to salvage unfinished goods under section 2‑1524 . [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 2-723 — ME Code / Title 11 / Chapter 2 / Section 2-723
11 §2-723. Proof of market price; time and place
Status: in_force

(1). If an action based on anticipatory repudiation comes to trial before the time for performance with respect to some or all of the goods, any damages based on market price ( section 2‑708 or section 2‑713 ) shall be determined according to the price of such goods prevailing at the time when the aggrieved party learned of the repudiation.

(2). If evidence of a price prevailing at the times or places described in this Article is not readily available the price prevailing within any reasonable time before or after the time described or at any other place which in commercial judgment or under usage of trade would serve as a reasonable substitute for the one described may be used, making any proper allowance for the cost of transporting the goods to or from such other place.

(3). Evidence of a relevant price prevailing at a time or place other than the one described in this Article offered by one party is not admissible unless and until he has given the other party such notice as the court finds sufficient to prevent unfair surprise.
11 M.R.S. § 9-1311 — ME Code / Title 11 / Chapter 9-A / Section 9-1311
11 §9-1311. Perfection of security interests in property subject to certain statutes, regulations and treaties
Status: in_force

(1). Except as otherwise provided in subsection (4) , the filing of a financing statement is not necessary or effective to perfect a security interest in property subject to: (a). A statute, regulation, or treaty of the United States whose requirements for a security interest's obtaining priority over the rights of a lien creditor with respect to the property preempt section 9‑1310, subsection (1) ; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Title 29‑A, chapter 7 ; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). A statute of another jurisdiction that provides for a security interest to be indicated on a certificate of title as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the property. [PL 2013, c. 317, Pt. A, §13 (AMD).] [PL 2013, c. 317, Pt. A, §13 (AMD).]

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

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

(4). During any period in which collateral subject to a statute specified in subsection (1), paragraph (b) , is inventory held for sale or lease by a person or leased by that person as lessor and that person is in the business of selling goods of that kind, this section does not apply to a security interest in that collateral created by that person. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 3-1109 — ME Code / Title 11 / Chapter 3-A / Section 3-1109
11 §3-1109. Payable to bearer or to order
Status: in_force

(1). A promise or order is payable to bearer if it: (a). States that it is payable to bearer or to the order of bearer or otherwise indicates that the person in possession of the promise or order is entitled to payment; [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). Does not state a payee; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (c). States that it is payable to or to the order of cash or otherwise indicates that it is not payable to an identified person. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). A promise or order that is not payable to bearer is payable to order if it is payable: (a). To the order of an identified person; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). To an identified person or order. [PL 1993, c. 293, Pt. A, §2 (NEW).] A promise or order that is payable to order is payable to the identified person. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). An instrument payable to bearer may become payable to an identified person if it is specially indorsed pursuant to Section 3‑1205, subsection (1) . An instrument payable to an identified person may become payable to bearer if it is indorsed in blank pursuant to Section 3‑1205, subsection (2) . [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 4-404 — ME Code / Title 11 / Chapter 4 / Section 4-404
11 §4-404. Bank not obligated to pay check more than 6 months old
Status: in_force

A bank is under no obligation to a customer having a checking account to pay a check, other than a certified check, which is presented more than 6 months after its date, but it may charge its customer's account for a payment made thereafter in good faith.
11 M.R.S. § 3-1404 — ME Code / Title 11 / Chapter 3-A / Section 3-1404
11 §3-1404. Impostors; fictitious payees
Status: in_force

(1). If an impostor by use of the mails or otherwise induces the issuer of an instrument to issue the instrument to the impostor, or to a person acting in concert with the impostor, by impersonating the payee of the instrument or a person authorized to act for the payee, an indorsement of the instrument by any person in the name of the payee is effective as the indorsement of the payee in favor of a person who in good faith pays the instrument or takes it for value or for collection. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). If a person whose intent determines to whom an instrument is payable pursuant to section 3‑1110, subsection (1) or (2) does not intend the person identified as payee to have any interest in the instrument or the person identified as payee of an instrument is a fictitious person, the following rules apply until the instrument is negotiated by special indorsement. (a). Any person in possession of the instrument is its holder. [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). An indorsement by any person in the name of the payee stated in the instrument is effective as the indorsement of the payee in favor of a person who, in good faith, pays the instrument or takes it for value or for collection. [PL 1993, c. 293, Pt. A, §2 (NEW).] [RR 2021, c. 2, Pt. A, §17 (COR).]

(3). Under subsection (1) or (2) , an indorsement is made in the name of a payee if: (a). It is made in a name substantially similar to that of the payee; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). The instrument, whether or not indorsed, is deposited in a depositary bank to an account in a name substantially similar to that of the payee. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(4). With respect to an instrument to which subsection (1) or (2) applies, if a person paying the instrument or taking it for value or for collection fails to exercise ordinary care in paying or taking the instrument and that failure substantially contributes to loss resulting from payment of the instrument, the person bearing the loss may recover from the person failing to exercise ordinary care to the extent the failure to exercise ordinary care contributed to the loss. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 2-309 — ME Code / Title 11 / Chapter 2 / Section 2-309
11 §2-309. Absence of specific time provisions; notice of termination
Status: in_force

(1). The time for shipment or delivery or any other action under a contract if not provided in this Article or agreed upon shall be a reasonable time.

(2). Where the contract provides for successive performances but is indefinite in duration it is valid for a reasonable time but unless otherwise agreed may be terminated at any time by either party.

(3). Termination of a contract by one party except on the happening of an agreed event requires that reasonable notification be received by the other party and an agreement dispensing with notification is invalid if its operation would be unconscionable.
11 M.R.S. § 2-315 — ME Code / Title 11 / Chapter 2 / Section 2-315
11 §2-315. Implied warranty: fitness for particular purpose
Status: in_force

Where the seller at the time of contracting has reason to know any particular purpose for which the goods are required and that the buyer is relying on the seller's skill or judgment to select or furnish suitable goods, there is, unless excluded or modified under section 2‑316 , an implied warranty that the goods shall be fit for such purpose.
11 M.R.S. § 7-1308 — ME Code / Title 11 / Chapter 7-A / Section 7-1308
11 §7-1308. Enforcement of carrier's lien
Status: in_force

(1). A carrier's lien on goods may be enforced by public or private sale of the goods, in bulk or in packages, at any time or place and on any terms that are commercially reasonable, after notifying all persons known to claim an interest in the goods. The notification must include a statement of the amount due, the nature of the proposed sale and the time and place of any public sale. The fact that a better price could have been obtained by a sale at a different time or in a method different from that selected by the carrier is not of itself sufficient to establish that the sale was not made in a commercially reasonable manner. The carrier sells goods in a commercially reasonable manner if the carrier sells the goods in the usual manner in any recognized market therefor, sells at the price current in that market at the time of the sale or otherwise sells in conformity with commercially reasonable practices among dealers in the type of goods sold. A sale of more goods than apparently necessary to be offered to ensure satisfaction of the obligation is not commercially reasonable, except in cases covered by the preceding sentence. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(2). Before any sale pursuant to this section, any person claiming a right in the goods may pay the amount necessary to satisfy the lien and the reasonable expenses incurred in complying with this section. In that event, the goods may not be sold but must be retained by the carrier, subject to the terms of the bill of lading and this Article. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(3). A carrier may buy at any public sale pursuant to this section. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(4). A purchaser in good faith of goods sold to enforce a carrier's lien takes the goods free of any rights of persons against which the lien was valid, despite the carrier's noncompliance with this section. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(5). A carrier may satisfy its lien from the proceeds of any sale pursuant to this section but shall hold the balance, if any, for delivery on demand to any person to which the carrier would have been bound to deliver the goods. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(6). The rights provided by this section are in addition to all other rights allowed by law to a creditor against a debtor. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(7). A carrier's lien may be enforced pursuant to either subsection (1) or the procedure set forth in section 7‑1210, subsection (2) . [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(8). A carrier is liable for damages caused by failure to comply with the requirements for sale under this section and, in case of willful violation, is liable for conversion. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 3-1301 — ME Code / Title 11 / Chapter 3-A / Section 3-1301
11 §3-1301. Person entitled to enforce instrument
Status: in_force

"Person entitled to enforce" an instrument means: [PL 1993, c. 293, Pt. A, §2 (NEW).]

(1). The holder of the instrument; [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). A nonholder in possession of the instrument who has the rights of a holder; or [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). A person not in possession of the instrument who is entitled to enforce the instrument pursuant to section 3‑1309 or 3‑1418, subsection (4) . [PL 2011, c. 691, Pt. D, §3 (AMD).]

A person may be a person entitled to enforce the instrument even though the person is not the owner of the instrument or is in wrongful possession of the instrument. [PL 2011, c. 691, Pt. D, §3 (NEW).]
11 M.R.S. § 7-1208 — ME Code / Title 11 / Chapter 7-A / Section 7-1208
11 §7-1208. Altered warehouse receipts
Status: in_force

If a blank in a negotiable tangible warehouse receipt has been filled in without authority, a good faith purchaser for value and without notice of the lack of authority may treat the insertion as authorized. Any other unauthorized alteration leaves any tangible or electronic warehouse receipt enforceable against the issuer 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. § 9-1514 — ME Code / Title 11 / Chapter 9-A / Section 9-1514
11 §9-1514. Assignment of powers of secured party of record
Status: in_force

(1). Except as otherwise provided in subsection (3) , an initial financing statement may reflect an assignment of all of the secured party's power to authorize an amendment to the financing statement by providing the name and mailing address of the assignee as the name and address of the secured party. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). Except as otherwise provided in subsection (3) , a secured party of record may assign of record all or part of its power to authorize an amendment to a financing statement by filing in the filing office an amendment of the financing statement that: (a). Identifies, by its file number, the initial financing statement to which it relates; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Provides the name of the assignor; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Provides the name and mailing address of the assignee. [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). An assignment of record of a security interest in a fixture covered by a record of a mortgage that is effective as a financing statement recorded as a fixture filing under section 9‑1502, subsection (3) may be made only by an assignment of record of the mortgage in the manner provided by the laws of this State other than this Title. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 9-1306-B — ME Code / Title 11 / Chapter 9-A / Section 9-1306-B
11 §9-1306-B. Law governing perfection and priority of security interests in controllable accounts, controllable electronic records and controllable payment intangibles
Status: in_force

(1). Except as provided in subsection (2) , the local law of the controllable electronic record's jurisdiction specified in section 12‑107, subsection (3), paragraphs (c) and (d) governs perfection, the effect of perfection or nonperfection and the priority of a security interest in a controllable electronic record and a security interest in a controllable account or controllable payment intangible evidenced by the controllable electronic record. [PL 2025, c. 390, Pt. A, §27 (AMD); PL 2025, c. 390, Pt. A, §28 (AFF).]

(2). The local law of the jurisdiction in which the debtor is located governs: (a). Perfection of a security interest in a controllable account, controllable electronic record or controllable payment intangible by filing; and [PL 2023, c. 669, Pt. A, §101 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). Automatic perfection of a security interest in a controllable payment intangible created by a sale of the controllable payment intangible. [PL 2023, c. 669, Pt. A, §101 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §101 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 4-1301 — ME Code / Title 11 / Chapter 4-A / Section 4-1301
11 §4-1301. Execution and execution date
Status: in_force

(1). A payment order is "executed" by the receiving bank when it issues a payment order intended to carry out the payment order received by the bank. A payment order received by the beneficiary's bank can be accepted but can not be executed. [PL 1991, c. 812, §2 (NEW).]

(2). "Execution date" of a payment order means the day on which the receiving bank may properly issue a payment order in execution of the sender's order. The execution date may be determined by instruction of the sender but can not be earlier than the day the order is received and, unless otherwise determined, is the day the order is received. If the sender's instruction states a payment date, the execution date is the payment date or an earlier date on which execution is reasonably necessary to allow payment to the beneficiary on the payment date. [PL 1991, c. 812, §2 (NEW).]
11 M.R.S. § 8-1111 — ME Code / Title 11 / Chapter 8-A / Section 8-1111
11 §8-1111. Clearing corporation rules
Status: in_force

A rule adopted by a clearing corporation governing rights and obligations among the clearing corporation and its participants in the clearing corporation is effective even if the rule conflicts with this Act and affects another party who does not consent to the rule. [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 7-1304 — ME Code / Title 11 / Chapter 7-A / Section 7-1304
11 §7-1304. Tangible bills of lading in a set
Status: in_force

(1). Except as customary in international transportation, a tangible bill of lading may not be issued in a set of parts. The issuer is liable for damages caused by violation of this subsection. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(2). If a tangible bill of lading is lawfully issued in a set of parts, each of which contains an identification code and is expressed to be valid only if the goods have not been delivered against any other part, the whole of the parts constitutes one bill. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(3). If a tangible negotiable bill of lading is lawfully issued in a set of parts and different parts are negotiated to different persons, the title of the holder to which the first due negotiation is made prevails as to both the document of title and the goods even if any later holder may have received the goods from the carrier in good faith and discharged the carrier's obligation by surrendering its part. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(4). A person that negotiates or transfers a single part of a tangible bill of lading issued in a set is liable to holders of that part as if it were the whole set. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(5). The bailee shall deliver in accordance with Part 4 against the first presented part of a tangible bill of lading lawfully issued in a set. Delivery in this manner discharges the bailee's obligation on the whole bill. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 10-105 — ME Code / Title 11 / Chapter 10 / Section 10-105
11 §10-105. Transition provision on change of place of filing
Status: in_force

(1). A financing statement or continuation statement filed prior to January 1, 1978, which shall not have lapsed prior to January 1, 1978, shall remain effective for the period provided in the old code, but not less than 5 years after the filing. [PL 2017, c. 475, Pt. A, §17 (AMD).]

(2). With respect to any collateral acquired by the debtor subsequent to the effective date of public law 1977, chapter 526, any effective financing statement or continuation statement described in this section shall apply only if the filing or filings are in the office or offices that would be appropriate to perfect the security interests in the new collateral under the new code. [PL 1977, c. 586 (NEW).]

(3). The effectiveness of any financing statement or continuation statement filed prior to January 1, 1978, may be continued by a continuation statement as permitted by the new code, except that if the new code requires a filing in an office where there was no previous financing statement, a new financing statement conforming to section 10‑106 shall be filed in that office. [PL 1977, c. 586 (NEW).]

(4). If the record of a mortgage of real estate would have been effective as a fixture filing of goods described therein if the new code had been in effect on the date of recording the mortgage, the mortgage shall be deemed effective as a fixture filing as to those goods under section 9‑402, subsection (6) of the new code on the effective date of public law, 1977, chapter 526. [PL 1977, c. 696, §155 (AMD).]
11 M.R.S. § 2-1102 — ME Code / Title 11 / Chapter 2-A / Section 2-1102
11 §2-1102. Scope
Status: in_force

(1). This Article applies to any transaction, regardless of form, that creates a lease and, in the case of a hybrid lease, it applies to the extent provided in subsection (2) . [PL 2023, c. 669, Pt. A, §22 (NEW); PL 2025, c. 390, Pt. A, §61 (AFF).]

(2). In a hybrid lease: (a). If the aspects of the lease that relate to the lease of goods do not predominate: (i) Only the provisions of this Article that relate primarily to those aspects of the transaction apply and the provisions that relate primarily to the transaction as a whole do not apply; (ii) Section 2‑1209 applies if the lease is a finance lease; and (iii) Section 2‑1407 applies to the promises of the lessee in a finance lease to the extent the promises are consideration for the right to possession and use of the leased goods; and [PL 2023, c. 699, Pt. A, §22 (NEW); PL 2025, c. 390, Pt. A, §61 (AFF).] (b). If the aspects of the lease that relate to the lease of goods predominate, this Article applies to the transaction but does not preclude application in appropriate circumstances of other law to aspects of the lease that do not relate to the lease of goods. [PL 2023, c. 669, Pt. A, §22 (NEW); PL 2025, c. 390, Pt. A, §61 (AFF).] [PL 2023, c. 669, Pt. A, §22 (NEW); PL 2025, c. 390, Pt. A, §61 (AFF).]
11 M.R.S. § 2-1519 — ME Code / Title 11 / Chapter 2-A / Section 2-1519
11 §2-1519. Lessee's damages for nondelivery, repudiation, default and breach of warranty in regard to accepted goods
Status: in_force

(1). Except as otherwise provided with respect to damages liquidated in the lease agreement ( section 2‑1504 ), or otherwise determined pursuant to agreement of the parties ( section 1‑1302 and section 2‑1503 ) if a lessee elects not to cover or a lessee elects to cover and the cover is by lease agreement that for any reason does not qualify for treatment under section 2‑1518, subsection (2) or is by purchase or otherwise, the measure of damages for nondelivery or repudiation by the lessor or for rejection or revocation of acceptance by the lessee is the present value, as of the date of the default, of the then market rent minus the present value as of the same date of the original rent, computed for the remaining lease term of the original lease agreement, together with incidental and consequential damages minus expenses saved in consequence of the lessor's default. [PL 2009, c. 325, Pt. B, §11 (AMD); PL 2009, c. 325, Pt. B, §27 (AFF).]

(2). Market rent is to be determined as of the place for tender or, in cases of rejection after arrival or revocation of acceptance, as of the place of arrival. [PL 1991, c. 805, §4 (NEW).]

(3). Except as otherwise agreed, if the lessee has accepted goods and given notification ( section 2‑1516, subsection (3) ) the measure of damages for nonconforming tender or delivery or other default by a lessor is the loss resulting in the ordinary course of events from the lessor's default as determined in any manner that is reasonable together with incidental and consequential damages minus expenses saved in consequence of the lessor's default. [PL 1991, c. 805, §4 (NEW).]

(4). Except as otherwise agreed, the measure of damages for breach of warranty is the present value at the time and place of acceptance of the difference between the value of the use of the goods accepted and the value if they had been as warranted for the lease term, unless special circumstances show proximate damages of a different amount, together with incidental and consequential damages minus expenses saved in consequence of the lessor's default or breach of warranty. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 2-604 — ME Code / Title 11 / Chapter 2 / Section 2-604
11 §2-604. Buyer's options as to salvage of rightfully rejected goods
Status: in_force

Subject to the provisions of section 2‑603 on perishables if the seller gives no instructions within a reasonable time after notification of rejection, the buyer may store the rejected goods for the seller's account or reship them to him or resell them for the seller's account with reimbursement as provided in section 2‑603 . Such action is not acceptance or conversion.
11 M.R.S. § 2-319 — ME Code / Title 11 / Chapter 2 / Section 2-319
11 §2-319. F.O.B. and F.A.S. terms
Status: in_force

(1). Unless otherwise agreed the term F.O.B. (which means "free on board") at a named place, even though used only in connection with the stated price, is a delivery term under which (a). When the term F.O.B. the place of shipment, the seller must at that place ship the goods in the manner provided in this Article ( section 2‑504 ) and bear the expense and risk of putting them into the possession of the carrier; or (b). When the term is F.O.B. the place of destination, the seller must at his own expense and risk transport the goods to that place and there tender delivery of them in the manner provided in this Article ( section 2‑503 ); (c). When under either paragraph (a) or (b) the term is also F.O.B. vessel, car or other vehicle, the seller must in addition at his own expense and risk load the goods on board. If the term is F.O.B. vessel the buyer must name the vessel and in an appropriate case the seller must comply with the provisions of this Article on the form of bill of lading ( section 2‑323 ).

(2). Unless otherwise agreed the term F.A.S. vessel (which means "free alongside") at a named port, even though used only in connection with the stated price, is a delivery term under which the seller must (a). At his own expense and risk deliver the goods alongside the vessel in the manner usual in that port or on a dock designated and provided by the buyer; and (b). Obtain and tender a receipt for the goods in exchange for which the carrier is under a duty to issue a bill of lading.

(3). Unless otherwise agreed in any case falling within subsection (1) paragraph (a) or (c) or subsection (2) the buyer must seasonably give any needed instructions for making delivery, including when the term is F.A.S. or F.O.B. the loading berth of the vessel and in an appropriate case its name and sailing date. The seller may treat the failure of needed instructions as a failure of cooperation under this Article ( section 2‑311 ). He may also at his option move the goods in any reasonable manner preparatory to delivery of shipment.

(4). Under the term F.O.B. vessel or F.A.S. 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 the goods in substitution for the documents.
11 M.R.S. § 8-1304 — ME Code / Title 11 / Chapter 8-A / Section 8-1304
11 §8-1304. Indorsement
Status: in_force

(1). An indorsement may be in blank or special. An indorsement in blank includes an indorsement to bearer. A special indorsement specifies to whom a security is to be transferred or who has power to transfer it. A holder may convert a blank indorsement to a special indorsement. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(2). An indorsement purporting to be only of part of a security certificate representing units intended by the issuer to be separately transferable is effective to the extent of the indorsement. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(3). An indorsement, whether special or in blank, does not constitute a transfer until delivery of the certificate on which it appears or, if the indorsement is on a separate document, until delivery of both the document and the certificate. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(4). If a security certificate in registered form has been delivered to a purchaser without a necessary indorsement, the purchaser may become a protected purchaser only when the indorsement is supplied. However, against a transferor, a transfer is complete upon delivery and the purchaser has a specifically enforceable right to have any necessary indorsement supplied. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(5). An indorsement of a security certificate in bearer form may give notice of an adverse claim to the certificate, but it does not otherwise affect a right to registration that the holder possesses. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(6). Unless otherwise agreed, a person making an indorsement assumes only the obligations provided in 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. § 5-1111 — ME Code / Title 11 / Chapter 5-A / Section 5-1111
11 §5-1111. Remedies
Status: in_force

(1). If an issuer wrongfully dishonors or repudiates its obligation to pay money under a letter of credit before presentation, the beneficiary, successor or nominated person presenting on its own behalf may recover from the issuer the amount that is the subject of the dishonor or repudiation. If the issuer's obligation under the letter of credit is not for the payment of money, the claimant may obtain specific performance or, at the claimant's election, recover an amount equal to the value of performance from the issuer. In either case, the claimant may also recover incidental but not consequential damages. The claimant is not obligated to take action to avoid damages that might be due from the issuer under this subsection. If, although not obligated to do so, the claimant avoids damages, the claimant's recovery from the issuer must be reduced by the amount of damages avoided. The issuer has the burden of proving the amount of damages avoided. In the case of repudiation, the claimant need not present any document. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(2). If an issuer wrongfully dishonors a draft or demand presented under a letter of credit or honors a draft or demand in breach of its obligation to the applicant, the applicant may recover damages resulting from the breach, including incidental but not consequential damages, less any amount saved as a result of the breach. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(3). If an adviser or nominated person other than a confirmer breaches an obligation under this Article or an issuer breaches an obligation not covered in subsection (1) or (2) , a person to whom the obligation is owed may recover damages resulting from the breach, including incidental but not consequential damages, less any amount saved as a result of the breach. To the extent of the confirmation, a confirmer has the liability of an issuer specified in this subsection and subsections (1) and (2) . [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(4). An issuer, nominated person or adviser who is found liable under subsection (1) , (2) or (3) shall pay interest on the amount owed from the date of wrongful dishonor or other appropriate date. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(5). Reasonable attorney's fees and other expenses of litigation must be awarded to the prevailing party in an action in which a remedy is sought under this Article. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(6). Damages that would otherwise be payable by a party for breach of an obligation under this Article may be liquidated by agreement or undertaking, but only in an amount or by a formula that is reasonable in light of the harm anticipated. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]
11 M.R.S. § 2-1523 — ME Code / Title 11 / Chapter 2-A / Section 2-1523
11 §2-1523. Lessor's remedies
Status: in_force

(1). If a lessee wrongfully rejects or revokes acceptance of goods, fails to make a payment when due or repudiates with respect to a part or the whole, then, with respect to any goods involved, and with respect to all of the goods if under an installment lease contract the value of the whole lease contract is substantially impaired ( section 2‑1510 ) the lessee is in default under the lease contract and the lessor may: (a). Cancel the lease contract ( section 2‑1505, subsection (1) ); [PL 1991, c. 805, §4 (NEW).] (b). Proceed respecting goods not identified to the lease contract ( section 2‑1524 ); [PL 1991, c. 805, §4 (NEW).] (c). Withhold delivery of the goods and take possession of goods previously delivered ( section 2‑1525 ); [PL 1991, c. 805, §4 (NEW).] (d). Stop delivery of the goods by any bailee ( section 2‑1526 ); [PL 1991, c. 805, §4 (NEW).] (e). Dispose of the goods and recover damages ( section 2‑1527 ), retain the goods and recover damages ( section 2‑1528 ) or in a proper case recover rent ( section 2‑1529 ); or [PL 1991, c. 805, §4 (NEW).] (f). Exercise any other rights or pursue any other remedies provided in the lease contract. [PL 1991, c. 805, §4 (NEW).] [PL 1991, c. 805, §4 (NEW).]

(2). If a lessor does not fully exercise a right or obtain a remedy to which the lessor is entitled under subsection (1) , the lessor may recover the loss resulting in the ordinary course of events from the lessee's default as determined in any reasonable manner, together with incidental damages, minus expenses saved in consequence of the lessee's default. [PL 1991, c. 805, §4 (NEW).]

(3). If a lessee is otherwise in default under a lease contract, the lessor may exercise the rights and pursue the remedies provided in the lease contract, which may include a right to cancel the lease. In addition, unless otherwise provided in the lease contract: (a). If the default substantially impairs the value of the lease contract to the lessor, the lessor may exercise the rights and pursue the remedies provided in subsection (1) or (2) ; or [PL 1991, c. 805, §4 (NEW).] (b). If the default does not substantially impair the value of the lease contract to the lessor, the lessor may recover as provided in subsection (2) . [PL 1991, c. 805, §4 (NEW).] [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 2-1306 — ME Code / Title 11 / Chapter 2-A / Section 2-1306
11 §2-1306. Priority of certain liens arising by operation of law
Status: in_force

If a person in the ordinary course of business furnishes services or materials with respect to goods subject to a lease contract, a lien upon those goods in the possession of that person given by statute or rule of law for those materials or services takes priority over any interest of the lessor or lessee under the lease contract or this Article unless the lien is created by statute and the statute provides otherwise or unless the lien is created by rule of law and the rule of law provides otherwise. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 3-1402 — ME Code / Title 11 / Chapter 3-A / Section 3-1402
11 §3-1402. Signature by representative
Status: in_force

(1). If a person acting, or purporting to act, as a representative signs an instrument by signing either the name of the represented person or the name of the signer, the represented person is bound by the signature to the same extent the represented person would be bound if the signature were on a simple contract. If the represented person is bound, the signature of the representative is the authorized signature of the represented person and the represented person is liable on the instrument, whether or not identified in the instrument. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). If a representative signs the name of the representative to an instrument and the signature is an authorized signature of the represented person, the following rules apply. (a). If the form of the signature shows unambiguously that the signature is made on behalf of the represented person who is identified in the instrument, the representative is not liable on the instrument. [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). Subject to subsection (3) , the representative is liable on the instrument to a holder in due course that took the instrument without notice that the representative was not intended to be liable on the instrument if: (i) The form of the signature does not show unambiguously that the signature is made in a representative capacity; or (ii) The represented person is not identified in the instrument. With respect to any other person, the representative is liable on the instrument unless the representative proves that the original parties did not intend the representative to be liable on the instrument. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). If a representative signs the name of the representative as drawer of a check without indication of the representative status and the check is payable from an account of the represented person who is identified on the check, the signer is not liable on the check if the signature is an authorized signature of the represented person. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 4-406 — ME Code / Title 11 / Chapter 4 / Section 4-406
11 §4-406. Customer's duty to discover and report unauthorized signature or alteration
Status: in_force

(1). [PL 1993, c. 293, Pt. B, §43 (RP).]

(1-A). A bank that sends or makes available to a customer a statement of account showing payment of items for the account shall either return or make available to the customer the items paid or provide information in the statement of account sufficient to allow the customer reasonably to identify the items paid. The statement of account provides sufficient information if the item is described by item number, amount and date of payment. [PL 1993, c. 293, Pt. B, §43 (NEW).]

(1-B). If the items are not returned to the customer, the person retaining the items shall either retain the items or, if the items are destroyed, maintain the capacity to furnish legible copies of the items until the expiration of 7 years after receipt of the items. A customer may request an item from the bank that paid the item, and that bank must provide in a reasonable time either the item or, if the item has been destroyed or is not otherwise obtainable, a legible copy of the item. [PL 1993, c. 293, Pt. B, §43 (NEW).]

(1-C). If a bank sends or makes available a statement of account or items pursuant to subsection (1‑A) , the customer must exercise reasonable promptness in examining the statement or the items to determine whether any payment was not authorized because of an alteration of an item or because a purported signature by or on behalf of the customer was not authorized. If, based on the statement or items provided, the customer should reasonably have discovered the unauthorized payment, the customer must promptly notify the bank of the relevant facts. [RR 1993, c. 1, §31 (COR).]

(2). If the bank proves that the customer failed, with respect to an item, to comply with the duties imposed on the customer by subsection (1‑C) , the customer is precluded from asserting against the bank: (a). The customer's unauthorized signature or any alteration on the item, if the bank also proves that it suffered a loss by reason of the failure; and [PL 1993, c. 293, Pt. B, §43 (AMD).] (b). The customer's unauthorized signature or alteration by the same wrongdoer on any other item paid in good faith by the bank if the payment was made before the bank received notice from the customer of the unauthorized signature or alteration and after the customer had been afforded a reasonable period of time, not exceeding 30 days, in which to examine the item or statement of account and notify the bank. [PL 1993, c. 293, Pt. B, §43 (AMD).] [PL 1993, c. 293, Pt. B, §43 (AMD).]

(3). The preclusion under subsection (2) does not apply, if the customer establishes lack of ordinary care on the part of the bank in paying the item(s).

(3-A). If subsection (2) applies and the customer proves that the bank failed to exercise ordinary care in paying the item and that the failure substantially contributed to loss, the loss is allocated between the customer precluded and the bank asserting the preclusion according to the extent to which the failure of the customer to comply with subsection (1‑C) and the failure of the bank to exercise ordinary care contributed to the loss. If the customer proves that the bank did not pay the item in good faith, the preclusion under subsection (2) does not apply. [PL 1993, c. 293, Pt. B, §43 (NEW).]

(4). Without regard to care or lack of care of either the customer or the bank, a customer, who does not within one year after the statement or items are made available to the customer ( subsection (1‑A) ) discover and report the customer's unauthorized signature on or any alteration on the item, is precluded from asserting against the bank the unauthorized signature or alteration. If there is a preclusion under this subsection, the payor bank may not recover for breach of warranty under section 4‑207‑B with respect to the unauthorized signature or alteration to which the preclusion applies. [PL 1993, c. 293, Pt. B, §43 (AMD).]

(5). [PL 1993, c. 293, Pt. B, §43 (RP).]
11 M.R.S. § 4-1201 — ME Code / Title 11 / Chapter 4-A / Section 4-1201
11 §4-1201. Security procedure
Status: in_force

"Security procedure" means a procedure established by agreement of a customer and a receiving bank for the purpose of: [PL 1991, c. 812, §2 (NEW).]

(1). Verifying that a payment order or communication amending or cancelling a payment order is that of the customer; or [PL 1991, c. 812, §2 (NEW).]

(2). Detecting error in the transmission or the content of the payment order or communication. [PL 1991, c. 812, §2 (NEW).]

A security procedure may impose an obligation on the receiving bank or the customer and may require the use of: algorithms or other codes; identifying words, numbers, symbols or sounds; biometric identifiers; encryption; callback procedures; or similar security devices. Comparison of a signature on a payment order or communication with an authorized specimen signature of the customer or requiring a payment order to be sent from a known e‑mail address, Internet protocol address or telephone number is not by itself a security procedure. [PL 2023, c. 669, Pt. A, §40 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 9-1205 — ME Code / Title 11 / Chapter 9-A / Section 9-1205
11 §9-1205. Use or disposition of collateral permissible
Status: in_force

(1). A security interest is not invalid or fraudulent against creditors solely because: (a). The debtor has the right or ability to: (i) Use, commingle or dispose of all or part of the collateral, including returned or repossessed goods; (ii) Collect, compromise, enforce or otherwise deal with collateral; (iii) Accept the return of collateral or make repossessions; or (iv) Use, commingle or dispose of proceeds; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The secured party fails to require the debtor to account for proceeds or replace 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). This section does not relax the requirements of possession if attachment, perfection or enforcement of a security interest depends upon possession of the collateral by the secured party. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 3-1417 — ME Code / Title 11 / Chapter 3-A / Section 3-1417
11 §3-1417. Presentment warranties
Status: in_force

(1). If an unaccepted draft is presented to the drawee for payment or acceptance and the drawee pays or accepts the draft, the person obtaining payment or acceptance, at the time of presentment, and a previous transferor of the draft, at the time of transfer, warrant to the drawee making payment or accepting the draft in good faith that: (a). The warrantor is, or was, at the time the warrantor transferred the draft, a person entitled to enforce the draft or authorized to obtain payment or acceptance of the draft on behalf of a person entitled to enforce the draft; [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). The draft has not been altered; [PL 2003, c. 594, §7 (AMD).] (c). The warrantor has no knowledge that the signature of the drawer of the draft is unauthorized; and [PL 2003, c. 594, §7 (AMD).] (d). If the draft is a demand draft, creation of the demand draft according to the terms on its face was authorized by the person identified as the drawer. [PL 2003, c. 594, §7 (NEW).] [PL 2003, c. 594, §7 (AMD).]

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

(3). If a drawee asserts a claim for breach of warranty under subsection (1) based on an unauthorized indorsement of the draft or an alteration of the draft, the warrantor may defend by proving that the indorsement is effective under section 3‑1404 or 3‑1405 or the drawer is precluded under section 3‑1406 or 4-406 from asserting against the drawee the unauthorized indorsement or alteration. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(4). If a dishonored draft is presented for payment to the drawer or an indorser, or any other instrument is presented for payment to a party obliged to pay the instrument and payment is received, the following rules apply. (a). The person obtaining payment and a prior transferor of the instrument shall warrant to the person making payment in good faith that the warrantor is, or was, at the time the warrantor transferred the instrument, a person entitled to enforce the instrument or authorized to obtain payment on behalf of a person entitled to enforce the instrument. [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). The person making payment may recover from any warrantor for breach of warranty an amount equal to the amount paid plus expenses and loss of interest resulting from the breach. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(5). The warranties stated in subsections (1) and (4) can not be disclaimed with respect to checks. Unless notice of a claim for breach of warranty is given to the warrantor within 30 days after the claimant has reason to know of the breach and the identity of the warrantor, the liability of the warrantor under subsection (2) or (4) is discharged to the extent of any loss caused by the delay in giving notice of the claim. [PL 1993, c. 293, Pt. A, §2 (NEW).]

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

(7). A demand draft is a check, as provided in section 3‑1104, subsection (6) . [PL 2003, c. 594, §8 (NEW).]

(8). If the warranty in subsection (1), paragraph (d) is not given by a transferor under applicable conflict of laws rules, then the warranty is not given to that transferor when that transferor is a transferee. [PL 2003, c. 594, §8 (NEW).]
11 M.R.S. § 2-506 — ME Code / Title 11 / Chapter 2 / Section 2-506
11 §2-506. Rights of financing agency
Status: in_force

(1). A financing agency, by paying or purchasing for value a draft which relates to a shipment of goods, acquires to the extent of the payment or purchase and in addition to its own rights under the draft and any document of title securing it any rights of the shipper in the goods including the right to stop delivery and the shipper's right to have the draft honored by the buyer.

(2). The right to reimbursement of a financing agency which has in good faith honored or purchased the draft under commitment to or authority from the buyer is not impaired by subsequent discovery of defects with reference to any relevant document which was apparently regular. [PL 2009, c. 324, Pt. B, §14 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).]
11 M.R.S. § 8-1107 — ME Code / Title 11 / Chapter 8-A / Section 8-1107
11 §8-1107. Whether indorsement, instruction or entitlement order is effective
Status: in_force

(1). "Appropriate person" means: (a). With respect to an indorsement, the person specified by a security certificate or by an effective special indorsement to be entitled to the security; [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). With respect to an instruction, the registered owner of an uncertificated security; [PL 1997, c. 429, Pt. B, §2 (NEW).] (c). With respect to an entitlement order, the entitlement holder; [PL 1997, c. 429, Pt. B, §2 (NEW).] (d). If the person designated in paragraph (a) , (b) or (c) is deceased, the designated person's successor taking under other law or the designated person's personal representative acting for the estate of the decedent; or [PL 1997, c. 429, Pt. B, §2 (NEW).] (e). If the person designated in paragraph (a) , (b) , or (c) lacks capacity, the designated person's guardian, conservator or other similar representative who has power under other law to transfer the security or financial asset. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]

(2). An indorsement, instruction or entitlement order is effective if: (a). It is made by the appropriate person; [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). It is made by a person who has power under the law of agency to transfer the security or financial asset on behalf of the appropriate person, including, in the case of an instruction or entitlement order, a person who has control under Section 8‑1106, subsection (3), paragraph (b) or subsection (4), paragraph (b) ; or [PL 1997, c. 429, Pt. B, §2 (NEW).] (c). The appropriate person has ratified it or is otherwise precluded from asserting its ineffectiveness. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]

(3). An indorsement, instruction or entitlement order made by a representative is effective even if: (a). The representative has failed to comply with a controlling instrument or with the law of the state having jurisdiction of the representative relationship, including any law requiring the representative to obtain court approval of the transaction; or [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). The representative's action in making the indorsement, instruction or entitlement order or using the proceeds of the transaction is otherwise a breach of duty. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]

(4). If a security is registered in the name of or specially indorsed to a person described as a representative, or if a securities account is maintained in the name of a person described as a representative, an indorsement, instruction or entitlement order made by the person is effective even though the person is no longer serving in the described capacity. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(5). Effectiveness of an indorsement, instruction or entitlement order is determined as of the date the indorsement, instruction or entitlement order is made, and an indorsement, instruction or entitlement order does not become ineffective by reason of any later change of circumstances. [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 3-1602 — ME Code / Title 11 / Chapter 3-A / Section 3-1602
11 §3-1602. Payment
Status: in_force

(1). Subject to subsection (2) , an instrument is paid to the extent payment is made: (a). By or on behalf of a party obliged to pay the instrument; and [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). To a person entitled to enforce the instrument. [PL 1993, c. 293, Pt. A, §2 (NEW).] To the extent of the payment, the obligation of the party obliged to pay the instrument is discharged even though payment is made with knowledge of a claim to the instrument under section 3‑306 by another person. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). The obligation of a party to pay the instrument is not discharged under subsection (1) if: (a). A claim to the instrument under section 3‑1306 is enforceable against the party receiving payment and: (i) Payment is made with knowledge by the payor that payment is prohibited by injunction or similar process of a court of competent jurisdiction; or (ii) In the case of an instrument other than a cashier's check, teller's check or certified check, the party making payment accepted, from the person having a claim to the instrument, indemnity against loss resulting from refusal to pay the person entitled to enforce the instrument; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). The person making payment knows that the instrument is a stolen instrument and pays a person that the person making payment knows is in wrongful possession of the instrument. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 15-303 — ME Code / Title 11 / Chapter 15 / Section 15-303
11 §15-303. Security interest unperfected before effective date
Status: in_force

A security interest that is enforceable immediately before July 1, 2025 but is unperfected at that time: [PL 2023, c. 669, Pt. C, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(1). Remains an enforceable security interest until the adjustment date; [PL 2023, c. 669, Pt. C, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). Remains enforceable thereafter if the security interest becomes enforceable under section 9‑1203 , as in effect on July 1, 2025, on July 1, 2025 or before the adjustment date; and [PL 2023, c. 669, Pt. C, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). Becomes perfected: (a). Without further action, on July 1, 2025 if the requirements for perfection under this Title as in effect on July 1, 2025 are satisfied before or at that time; or [PL 2023, c. 669, Pt. C, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). When the requirements for perfection under this Title are satisfied if the requirements are satisfied after that time. [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. § 1-1103 — ME Code / Title 11 / Chapter 1-A / Section 1-1103
11 §1-1103. Construction of Uniform Commercial Code to promote its purposes and policies; applicability of supplemental principles of law
Status: in_force

(1). The Uniform Commercial Code must be liberally construed and applied to promote its underlying purposes and policies, which are: (a). To simplify, clarify and modernize the law governing commercial transactions; [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).] (b). To permit the continued expansion of commercial practices through custom, usage and agreement of the parties; and [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).] (c). To make uniform the law among the various jurisdictions. [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).] [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).]

(2). Unless displaced by the particular provisions of the Uniform Commercial Code, the principles of law and equity, including the law merchant and the law relative to capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, coercion, mistake, bankruptcy and other validating or invalidating cause supplement its provisions. [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).]
11 M.R.S. § 9-1338 — ME Code / Title 11 / Chapter 9-A / Section 9-1338
11 §9-1338. Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information
Status: in_force

If a security interest or agricultural lien is perfected by a filed financing statement providing information described in section 9‑1516, subsection (2), paragraph (e) that is incorrect at the time the financing statement is filed: [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(1). The security interest or agricultural lien is subordinate to a conflicting perfected security interest in the collateral to the extent that the holder of the conflicting security interest gives value in reasonable reliance upon the incorrect information; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). A purchaser, other than a secured party, of the collateral takes free of the security interest or agricultural lien to the extent that, in reasonable reliance upon the incorrect information, the purchaser gives value and: (a). In the case of tangible documents, goods, instruments or a security certificate, receives possession or delivery of the collateral; and [RR 2023, c. 2, Pt. A, §19 (COR).] (b). In the case of chattel paper, takes possession of each authoritative tangible copy of the record evidencing the chattel paper and obtains control of each authoritative electronic copy of the electronic record evidencing the chattel paper. [PL 2023, c. 669, Pt. A, §131 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [RR 2023, c. 2, Pt. A, §19 (COR).]
11 M.R.S. § 2-325 — ME Code / Title 11 / Chapter 2 / Section 2-325
11 §2-325. "Letter of credit" term; "confirmed credit"
Status: in_force

(1). Failure of the buyer seasonably to furnish an agreed letter of credit is a breach of the contract for sale.

(2). The delivery to seller of a proper letter of credit suspends the buyer's obligation to pay. If the letter of credit is dishonored, the seller may on seasonable notification to the buyer require payment directly from him.

(3). Unless otherwise agreed, the term "letter of credit" or "banker's credit" in a contract for sale means an irrevocable credit issued by a financing agency of good repute and, where the shipment is overseas, of good international repute. The term "confirmed credit" means that the credit must also carry the direct obligation of such an agency which does business in the seller's financial market.
11 M.R.S. § 10-103 — ME Code / Title 11 / Chapter 10 / Section 10-103
11 §10-103. Transition to the new code; general rule
Status: in_force

Transactions validly entered into after December 31, 1964, and before January 1, 1978, and which are subject to the provisions of the old code and which would be subject to the new code and this Article, as amended if they had been entered into after the effective date of public law, 1977, chapter 526 and the rights, duties and interests flowing from such transactions remain valid after January 1, 1978, and may be terminated, completed, consummated or enforced as required or permitted by the new code. Security interests arising out of those transactions, which are perfected when public law, 1977, chapter 526 becomes effective, shall remain perfected until they lapse as provided in the new code and may be continued as permitted by the new code, except as stated in section 10‑105 . [PL 1977, c. 586 (NEW).]
11 M.R.S. § 2-1521 — ME Code / Title 11 / Chapter 2-A / Section 2-1521
11 §2-1521. Lessee's right to specific performance or replevin
Status: in_force

(1). Specific performance may be decreed if the goods are unique or in other proper circumstances. [PL 1991, c. 805, §4 (NEW).]

(2). A decree for specific performance may include any terms and conditions as to payment of the rent, damages or other relief that the court determines just. [PL 1991, c. 805, §4 (NEW).]

(3). A lessee has a right of replevin, detinue, sequestration, claim and delivery or the like for goods identified to the lease contract if after reasonable effort the lessee is unable to effect cover for those goods or the circumstances reasonably indicate that the effort will be unavailing. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 8-1105 — ME Code / Title 11 / Chapter 8-A / Section 8-1105
11 §8-1105. Notice of adverse claim
Status: in_force

(1). A person has notice of an adverse claim if: (a). The person knows of the adverse claim; [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). The person is aware of facts sufficient to indicate that there is a significant probability that the adverse claim exists and deliberately avoids information that would establish the existence of the adverse claim; or [PL 1997, c. 429, Pt. B, §2 (NEW).] (c). The person has a duty, imposed by statute or regulation, to investigate whether an adverse claim exists, and the investigation so required would establish the existence of the adverse claim. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]

(2). Having knowledge that a financial asset or interest in a financial asset is or has been transferred by a representative imposes no duty of inquiry into the rightfulness of a transaction and is not notice of an adverse claim. A person who knows that a representative has transferred a financial asset or interest in a financial asset in a transaction that is, or whose proceeds are being used, for the individual benefit of the representative or otherwise in breach of duty has notice of an adverse claim. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(3). An act or event that creates a right to immediate performance of the principal obligation represented by a security certificate or sets a date on or after which the certificate is to be presented or surrendered for redemption or exchange does not itself constitute notice of an adverse claim except in the case of a transfer more than: (a). One year after a date set for presentment or surrender for redemption or exchange; or [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). Six months after a date set for payment of money against presentation or surrender of the certificate, if money was available for payment on that date. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]

(4). A purchaser of a certificated security has notice of an adverse claim if the security certificate: (a). Whether in bearer or registered form, has been indorsed "for collection" or "for surrender" or for some other purpose not involving transfer; or [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). Is in bearer form and has on it an unambiguous statement that it is the property of a person other than the transferor, but the mere writing of a name on the certificate is not such a statement. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]

(5). Filing of a financing statement under Article 9 is not notice of an adverse claim to a financial asset. [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 2-609 — ME Code / Title 11 / Chapter 2 / Section 2-609
11 §2-609. Right to adequate assurance of performance
Status: in_force

(1). A contract for sale imposes an obligation on each party that the other's expectation of receiving due performance will not be impaired. When reasonable grounds for insecurity arise with respect to the performance of either party the other may in writing demand adequate assurance of due performance and until he receives such assurance may if commercially reasonable suspend any performance for which he has not already received the agreed return.

(2). Between merchants the reasonableness of grounds for insecurity and the adequacy of any assurance offered shall be determined according to commercial standards.

(3). Acceptance of any improper delivery or payment does not prejudice the aggrieved party's right to demand adequate assurance of future performance.

(4). After receipt of a justified demand, failure to provide within a reasonable time not exceeding 30 days such assurance of due performance as is adequate under the circumstances of the particular case is a repudiation of the contract.
11 M.R.S. § 2-306 — ME Code / Title 11 / Chapter 2 / Section 2-306
11 §2-306. Output, requirements and exclusive dealings
Status: in_force

(1). A term which measures the quantity by the output of the seller or the requirements of the buyer means such actual output or requirements as may occur in good faith, except that no quantity unreasonably disproportionate to any stated estimate or in the absence of a stated estimate to any normal or otherwise comparable prior output or requirements may be tendered or demanded.

(2). A lawful agreement by either the seller or the buyer for exclusive dealing in the kind of goods concerned imposes unless otherwise agreed an obligation by the seller to use best efforts to supply the goods and by the buyer to use best efforts to promote their sale.
11 M.R.S. § 9-1403 — ME Code / Title 11 / Chapter 9-A / Section 9-1403
11 §9-1403. Agreement not to assert defenses against assignee
Status: in_force

(1). In this section, "value" has the meaning provided in section 3‑1303, subsection (1) . [PL 2023, c. 669, Pt. A, §133 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). Except as otherwise provided in this section, an agreement between an account debtor and an assignor not to assert against an assignee any claim or defense that the account debtor may have against the assignor is enforceable by an assignee that takes an assignment: (a). For value; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). In good faith; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Without notice of a claim of a property or possessory right to the property assigned; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). Without notice of a defense or claim in recoupment of the type that may be asserted against a person entitled to enforce a negotiable instrument under section 3‑1305, subsection (1) . [PL 2023, c. 669, Pt. A, §134 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §134 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). Subsection (2) does not apply to defenses of a type that may be asserted against a holder in due course of a negotiable instrument under section 3‑1305, subsection (2) . [PL 2023, c. 669, Pt. A, §135 (AMD); PL 2023, c. 669, Pt. E, §1 (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 rights of an assignee are subject to claims or defenses that the account debtor could assert against the original obligee, and the record does not include such a statement: (a). The record has the same effect as if the record included such a statement; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The account debtor may assert against an assignee those claims and defenses that would have been available if the record included such a statement. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(5). 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).]

(6). Except as otherwise provided in subsection (4) , this section does not displace law other than this Article that gives effect to an agreement by an account debtor not to assert a claim or defense against an assignee. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 9-1519 — ME Code / Title 11 / Chapter 9-A / Section 9-1519
11 §9-1519. Numbering, maintaining and indexing records; communicating information provided in records
Status: in_force

(1). For each record filed in a filing office, the filing office shall: (a). Assign a unique number to the filed record; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Create a record that bears the number assigned to the filed record and the date and time of filing; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Maintain the filed record for public inspection; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). Index the filed record in accordance with subsections (3) , (4) and (5) . [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). A file number assigned after January 1, 2002 must include a digit that: (a). Is mathematically derived from or related to the other digits of the file number; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Aids the filing office in determining whether a number communicated as the file number includes a single-digit or transpositional error. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(3). Except as otherwise provided in subsections (4) and (5) , the filing office shall: (a). Index an initial financing statement according to the name of the debtor and index all filed records relating to the initial financing statement in a manner that associates with one another an initial financing statement and all filed records relating to the initial financing statement; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Index a record that provides a name of a debtor that was not previously provided in the financing statement to which the record relates also according to the name that was not previously provided. [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). If a financing statement is recorded as a fixture filing or covers as-extracted collateral or timber to be cut, it must be recorded and the filing office shall index it: (a). Under the names of the debtor and of each owner of record shown on the financing statement as if they were the mortgagors under a mortgage of the real property described; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). To the extent that the law of this State provides for indexing of records of mortgages under the name of the mortgagee, under the name of the secured party as if the secured party were the mortgagee thereunder, or, if indexing is by description, as if the financing statement were a record of a mortgage of the real property described. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(5). If a financing statement is recorded as a fixture filing or covers as-extracted collateral or timber to be cut, the filing office shall index an assignment recorded under section 9‑1514, subsection (1) or an amendment recorded under section 9‑1514, subsection (2) : (a). Under the name of the assignor as grantor; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). To the extent that the law of this State provides for indexing a record of the assignment of a mortgage under the name of the assignee, under the name of the assignee. [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). The filing office shall maintain a capability: (a). To retrieve a record by the name of the debtor and: (i) If the filing office is the county registry of deeds, by the book and page at which the initial financing statement to which the record relates was recorded; or (ii) If the filing office is the office of the Secretary of State, by the file number assigned to the initial financing statement to which the record relates; and [PL 2001, c. 286, §8 (AMD).] (b). To associate and retrieve with one another an initial financing statement and each filed record relating to the initial financing statement. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 2001, c. 286, §8 (AMD).]

(7). The filing office may not remove a debtor's name from the index until one year after the effectiveness of a financing statement naming the debtor lapses under section 9‑1515 with respect to all secured parties of record. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

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

(9). Subsections (2) and (8) do not apply to a county registry of deeds. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 3-1401 — ME Code / Title 11 / Chapter 3-A / Section 3-1401
11 §3-1401. Signature necessary for liability on instrument
Status: in_force

(1). A person is not liable on an instrument unless: (a). The person signed the instrument; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). The person is represented by an agent or representative who signed the instrument and the signature is binding on the represented person under section 3‑1402 . [RR 2011, c. 1, §13 (COR).] [RR 2011, c. 1, §13 (COR).]

(2). [PL 2023, c. 669, Pt. A, §36 (RP); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 2-509 — ME Code / Title 11 / Chapter 2 / Section 2-509
11 §2-509. Risk of loss in the absence of breach
Status: in_force

(1). Where the contract requires or authorizes the seller to ship the goods by carrier, (a). If it does not require him to deliver them at a particular destination, the risk of loss passes to the buyer when the goods are duly delivered to the carrier even though the shipment is under reservation ( section 2‑505 ); but (b). If it does require him to deliver them 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 buyer when the goods are there duly so tendered as to enable the buyer to take delivery.

(2). Where the goods are held by a bailee to be delivered without being moved, the risk of loss passes to the buyer (a). On the buyer's receipt of possession or control of a negotiable document of title covering the goods; or [PL 2009, c. 324, Pt. B, §15 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).] (b). On acknowledgment by the bailee of the buyer's right to possession of the goods; or (c). After the buyer's receipt of possession or control of a nonnegotiable document of title or other direction to deliver in a record, as provided in section 2‑503, subsection (4), paragraph (b) . [PL 2009, c. 324, Pt. B, §16 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).] [PL 2009, c. 324, Pt. B, §§15, 16 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).]

(3). In any case not within subsection (1) or (2) , the risk of loss passes to the buyer on his receipt of the goods if the seller is a merchant; otherwise the risk passes to the buyer on tender of delivery.

(4). The provisions of this section are subject to contrary agreement of the parties and to the provisions of this Article on sale on approval ( section 2‑327 ) and on effect of breach on risk of loss ( section 2‑510 ).
11 M.R.S. § 3-1403 — ME Code / Title 11 / Chapter 3-A / Section 3-1403
11 §3-1403. Unauthorized signature
Status: in_force

(1). Unless otherwise provided in this Article or Article 4 , an unauthorized signature is ineffective except as the signature of the unauthorized signer in favor of a person who in good faith pays the instrument or takes it for value. An unauthorized signature may be ratified for all purposes of this Article. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). If the signature of more than one person is required to constitute the authorized signature of an organization, the signature of the organization is unauthorized if one of the required signatures is lacking. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). The civil or criminal liability of a person who makes an unauthorized signature is not affected by any provision of this Article that makes the unauthorized signature effective for the purposes of this Article. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 2-614 — ME Code / Title 11 / Chapter 2 / Section 2-614
11 §2-614. Substituted performance
Status: in_force

(1). Where without fault of either party the agreed berthing, loading or unloading facilities fail or an agreed type of carrier becomes unavailable or the agreed manner of delivery otherwise becomes commercially impracticable but a commercially reasonable substitute is available such substitute performance must be tendered and accepted.

(2). If the agreed means or manner of payment fails because of domestic or foreign governmental regulation, the seller may withhold or stop delivery unless the buyer provides a means or manner of payment which is commercially a substantial equivalent. If delivery has already been taken, payment by the means or in the manner provided by the regulation discharges the buyer's obligations unless the regulation is discriminatory, oppressive or predatory.
11 M.R.S. § 4-1211 — ME Code / Title 11 / Chapter 4-A / Section 4-1211
11 §4-1211. Cancellation and amendment of payment order
Status: in_force

(1). A communication of the sender of a payment order cancelling or amending the order may be transmitted to the receiving bank orally or in a record. If a security procedure is in effect between the sender and the receiving bank, the communication is not effective to cancel or amend the order unless the communication is verified pursuant to the security procedure or the bank agrees to the cancellation or amendment. [PL 2023, c. 669, Pt. A, §47 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). Subject to subsection (1) , a communication by the sender cancelling or amending a payment order is effective to cancel or amend the order if notice of the communication is received at a time and in a manner affording the receiving bank a reasonable opportunity to act on the communication before the bank accepts the payment order. [PL 1991, c. 812, §2 (NEW).]

(3). After a payment order has been accepted, cancellation or amendment of the order is not effective unless the receiving bank agrees or a funds transfer system rule allows cancellation or amendment without agreement of the bank. (a). With respect to a payment order accepted by a receiving bank other than the beneficiary's bank, cancellation or amendment is not effective unless a conforming cancellation or amendment of the payment order issued by the receiving bank is also made. [PL 1991, c. 812, §2 (NEW).] (b). With respect to a payment order accepted by the beneficiary's bank, cancellation or amendment is not effective unless the order was issued in execution of an unauthorized payment order or because of a mistake by a sender in the funds transfer that resulted in the issuance of a payment order: (i) That is a duplicate of a payment order previously issued by the sender; (ii) That orders payment to a beneficiary not entitled to receive payment from the originator; or (iii) That orders payment in an amount greater than the amount the beneficiary was entitled to receive from the originator. If the payment order is canceled or amended, the beneficiary's bank is entitled to recover from the beneficiary any amount paid to the beneficiary to the extent allowed by the law governing mistake and restitution. [PL 1991, c. 812, §2 (NEW).] [PL 1991, c. 812, §2 (NEW).]

(4). An unaccepted payment order is canceled by operation of law at the close of the 5th funds transfer business day of the receiving bank after the execution date or payment date of the order. [PL 1991, c. 812, §2 (NEW).]

(5). A canceled payment order can not be accepted. If an accepted payment order is canceled, the acceptance is nullified and a person does not have any right or obligation based on the acceptance. Amendment of a payment order is deemed to be cancellation of the original order at the time of amendment and issue of a new payment order in the amended form at the same time. [PL 1991, c. 812, §2 (NEW).]

(6). Unless otherwise provided in an agreement of the parties or in a funds transfer system rule, if the receiving bank after accepting a payment order agrees to cancellation or amendment of the order by the sender or is bound by a funds transfer system rule allowing cancellation or amendment without the bank's agreement, the sender whether or not cancellation or amendment is effective is liable to the bank for any loss and expenses including reasonable attorney's fees incurred by the bank as a result of the cancellation or amendment or attempted cancellation or amendment. [PL 1991, c. 812, §2 (NEW).]

(7). A payment order is not revoked by the death or legal incapacity of the sender unless the receiving bank knows of the death or of an adjudication of incapacity by a court of competent jurisdiction and has reasonable opportunity to act before acceptance of the order. [PL 1991, c. 812, §2 (NEW).]

(8). A funds transfer system rule is not effective to the extent it conflicts with subsection (3), paragraph (b) . [PL 1991, c. 812, §2 (NEW).]
11 M.R.S. § 1-1310 — ME Code / Title 11 / Chapter 1-A / Section 1-1310
11 §1-1310. Subordinated obligations
Status: in_force

An obligation may be issued as subordinated to performance of another obligation of the person obligated, or a creditor may subordinate its right to performance of an obligation by agreement with either the person obligated or another creditor of the person obligated. Subordination does not create a security interest as against either the common debtor or a subordinated creditor. [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).]
11 M.R.S. § 3-1502 — ME Code / Title 11 / Chapter 3-A / Section 3-1502
11 §3-1502. Dishonor
Status: in_force

(1). Dishonor of a note is governed by the following rules. (a). If the note is payable on demand, the note is dishonored if presentment is duly made to the maker and the note is not paid on the day of presentment. [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). If the note is not payable on demand and is payable at or through a bank or the terms of the note require presentment, the note is dishonored if presentment is duly made and the note is not paid on the day it becomes payable or the day of presentment, whichever is later. [PL 1993, c. 293, Pt. A, §2 (NEW).] (c). If the note is not payable on demand and paragraph (b) does not apply, the note is dishonored if it is not paid on the day it becomes payable. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). Dishonor of an unaccepted draft other than a documentary draft is governed by the following rules. (a). If a check is duly presented for payment to the payor bank otherwise than for immediate payment over the counter, the check is dishonored if the payor bank makes timely return of the check or sends timely notice of dishonor or nonpayment under section 4‑301 or 4‑302, or becomes accountable for the amount of the check under section 4‑302 . [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). If a draft is payable on demand and paragraph (a) does not apply, the draft is dishonored if presentment for payment is duly made to the drawee and the draft is not paid on the day of presentment. [PL 1993, c. 293, Pt. A, §2 (NEW).] (c). When a draft is payable on a date stated in the draft, the draft is dishonored if: (i) Presentment for payment is duly made to the drawee and payment is not made on the day the draft becomes payable or the day of presentment, whichever is later; or (ii) Presentment for acceptance is duly made before the day the draft becomes payable and the draft is not accepted on the day of presentment. [PL 1993, c. 293, Pt. A, §2 (NEW).] (d). If a draft is payable on elapse of a period of time after sight or acceptance, the draft is dishonored if presentment for acceptance is duly made and the draft is not accepted on the day of presentment. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). Dishonor of an unaccepted documentary draft occurs according to the rules stated in subsection (2), paragraphs (b) , (c) and (d) , except that payment or acceptance may be delayed without dishonor until no later than the close of the 3rd business day of the drawee following the day on which payment or acceptance is required by those paragraphs. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(4). Dishonor of an accepted draft is governed by the following rules. (a). When the draft is payable on demand, the draft is dishonored if presentment for payment is duly made to the acceptor and the draft is not paid on the day of presentment. [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). When the draft is not payable on demand, the draft is dishonored if presentment for payment is duly made to the acceptor and payment is not made on the day it becomes payable or the day of presentment, whichever is later. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(5). In any case in which presentment is otherwise required for dishonor under this section and presentment is excused under section 3‑1504 , dishonor occurs without presentment if the instrument is not duly accepted or paid. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(6). If a draft is dishonored because timely acceptance of the draft was not made and the person entitled to demand acceptance consents to a late acceptance, from the time of acceptance, the draft is treated as never having been dishonored. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 8-1510 — ME Code / Title 11 / Chapter 8-A / Section 8-1510
11 §8-1510. Rights of purchaser of security entitlement from entitlement holder
Status: in_force

(1). In a case not covered by the priority rules in Article 9‑A or the rules stated in subsection (3) , an action based on an adverse claim to a financial asset or security entitlement, whether framed in conversion, replevin, constructive trust, equitable lien or other theory, may not be asserted against a person who purchases a security entitlement or an interest in a security entitlement from an entitlement holder if the purchaser gives value, does not have notice of the adverse claim and obtains control. [PL 1999, c. 699, Pt. B, §25 (AMD); PL 1999, c. 699, Pt. B, §28 (AFF).]

(2). If an adverse claim could not have been asserted against an entitlement holder under section 8‑1502 , the adverse claim can not be asserted against a person who purchases a security entitlement or an interest in a security entitlement from the entitlement holder. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(3). In a case not covered by the priority rules in Article 9‑A , a purchaser for value of a security entitlement or an interest in a security entitlement who obtains control has priority over a purchaser of a security entitlement or an interest in a security entitlement who does not obtain control. Except as otherwise provided in subsection (4) , purchasers who have control rank according to priority in time of: (a). The purchaser's becoming the person for whom the securities account, in which the security entitlement is carried, is maintained, if the purchaser obtained control under section 8‑1106, subsection (4), paragraph (a) ; [PL 1999, c. 699, Pt. B, §25 (NEW); PL 1999, c. 699, Pt. B, §28 (AFF).] (b). The securities intermediary's agreement to comply with the purchaser's entitlement orders with respect to security entitlements carried or to be carried in the securities account in which the security entitlement is carried, if the purchaser obtained control under section 8‑1106, subsection (4), paragraph (b) ; or [PL 1999, c. 699, Pt. B, §25 (NEW); PL 1999, c. 699, Pt. B, §28 (AFF).] (c). If the purchaser obtained control through another person under section 8‑1106, subsection (4), paragraph (c) , the time on which priority would be based under this subsection if the other person were the secured party. [PL 1999, c. 699, Pt. B, §25 (NEW); PL 1999, c. 699, Pt. B, §28 (AFF).] [PL 1999, c. 699, Pt. B, §25 (AMD); PL 1999, c. 699, Pt. B, §28 (AFF).]

(4). A securities intermediary as purchaser has priority over a conflicting purchaser who has control unless otherwise agreed by the securities intermediary. [PL 1999, c. 699, Pt. B, §25 (NEW); PL 1999, c. 699, Pt. B, §28 (AFF).]
11 M.R.S. § 4-106 — ME Code / Title 11 / Chapter 4 / Section 4-106
11 §4-106. Separate office of a bank
Status: in_force

A branch or separate office of a bank is a separate bank for the purpose of computing the time within which and determining the place at or to which action may be taken or notices or orders must be given under this Article and under Article 3‑A . [PL 1993, c. 293, Pt. B, §12 (AMD).]
11 M.R.S. § 9-1503 — ME Code / Title 11 / Chapter 9-A / Section 9-1503
11 §9-1503. Name of debtor and secured party
Status: in_force

(1). A financing statement sufficiently provides the name of the debtor: (a). Except as otherwise provided in paragraph (c) , if the debtor is a registered organization or the collateral is held in a trust that is a registered organization, only if the financing statement provides the name that is stated to be the registered organization's name on the public organic record most recently filed with or issued or enacted by the registered organization's jurisdiction of organization that purports to state, amend or restate the registered organization's name; [PL 2013, c. 317, Pt. A, §21 (AMD).] (b). Subject to subsection (6) , if the collateral is being administered by the personal representative of a decedent, only if the financing statement provides, as the name of the debtor, the name of the decedent and, in a separate part of the financing statement, indicates that the collateral is being administered by a personal representative; [PL 2013, c. 317, Pt. A, §21 (AMD).] (c). If the collateral is held in a trust that is not a registered organization, only if the financing statement: (i) Provides, as the name of the debtor: (A) If the organic record of the trust specifies a name for the trust, the name specified; or (B) If the organic record of the trust does not specify a name for the trust, the name of the settlor or testator; and (ii) In a separate part of the financing statement: (A) If the name is provided in accordance with subparagraph (i), division (A), indicates that the collateral is held in trust; or (B) If the name is provided in accordance with subparagraph (i), division (B), provides additional information sufficient to distinguish the trust from other trusts having one or more of the same settlors or the same testator and indicates that the collateral is held in a trust, unless the additional information so indicates; [PL 2013, c. 317, Pt. A, §21 (AMD).] (c-1). Subject to subsection 7 if the debtor is an individual to whom this State has issued a driver's license or nondriver identification card that has not expired, only if the financing statement provides the name of the individual that is indicated on a driver's license or nondriver identification card; [PL 2013, c. 317, Pt. A, §21 (NEW).] (c-2). If the debtor is an individual to whom paragraph (c‑1) does not apply, only if the financing statement provides the individual name of the debtor or the surname and first personal name of the debtor; and [PL 2013, c. 317, Pt. A, §21 (NEW).] (d). In other cases: (i) If the debtor has a name, only if the financing statement provides the organizational name of the debtor; and (ii) If the debtor does not have a name, only if the financing statement provides the names of the partners, members, associates or other persons comprising the debtor, in a manner so that each name provided would be sufficient if the person named were the debtor. [PL 2013, c. 317, Pt. A, §21 (AMD).] [PL 2013, c. 317, Pt. A, §21 (AMD).]

(2). A financing statement that provides the name of the debtor in accordance with subsection (1) is not rendered ineffective by the absence of: (a). A trade name or other name of the debtor; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Unless required under subsection (1), paragraph (d) , subparagraph (ii), names of partners, members, associates or other persons comprising the debtor. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(3). A financing statement that provides only the debtor's trade name does not sufficiently provide the name of the debtor. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(4). Failure to indicate the representative capacity of a secured party or representative of a secured party does not affect the sufficiency of a financing statement. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(5). A financing statement may provide the name of more than one debtor and the name of more than one secured party. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(6). The name of the decedent as indicated on the order appointing the personal representative of the decedent issued by the court having jurisdiction over the collateral is sufficient as the name of the decedent under subsection (1), paragraph (b) . [PL 2013, c. 317, Pt. A, §21 (NEW).]

(7). If this State has issued to an individual more than one driver's license or nondriver identification card of a kind described in subsection (1), paragraph (c‑1) , the one that was issued most recently is the one to which subsection (1), paragraph (c‑1) refers. [PL 2013, c. 317, Pt. A, §21 (NEW).]

(8). In this section, "name of the settlor or testator" means: (a). If the settlor is a registered organization, the name that is stated to be the settlor's name on the public organic record most recently filed with or issued or enacted by the settlor's jurisdiction of organization that purports to state, amend or restate the settlor's name; or [PL 2013, c. 317, Pt. A, §21 (NEW).] (b). In other cases, the name of the settlor or testator indicated in the trust's organic record. [PL 2013, c. 317, Pt. A, §21 (NEW).] [PL 2013, c. 317, Pt. A, §21 (NEW).]
11 M.R.S. § 4-1212 — ME Code / Title 11 / Chapter 4-A / Section 4-1212
11 §4-1212. Liability and duty of receiving bank regarding unaccepted payment order
Status: in_force

If a receiving bank fails to accept a payment order that it is obliged by express agreement to accept, the bank is liable for breach of the agreement to the extent provided in the agreement or in this Article but does not otherwise have any duty to accept a payment order or before acceptance to take any action or refrain from taking action with respect to the order except as provided in this Article or by express agreement. Liability based on acceptance arises only when acceptance occurs as stated in section 4‑1209 and liability is limited to that provided in this Article. A receiving bank is not the agent of the sender or beneficiary of the payment order it accepts or of any other party to the funds transfer and the bank owes no duty to any party to the funds transfer except as provided in this Article or by express agreement. [PL 1991, c. 812, §2 (NEW).]
11 M.R.S. § 9-1602 — ME Code / Title 11 / Chapter 9-A / Section 9-1602
11 §9-1602. Waiver and variance of rights and duties
Status: in_force

Except as otherwise provided in section 9‑1624 , to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections: [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(1). Section 9‑1207, subsection (2), paragraph (d) , subparagraph (iii), which deals with use and operation of the collateral by the secured party; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). Section 9‑1210 , which deals with requests for an accounting and requests concerning a list of collateral and statement of account; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(3). Section 9‑1607, subsection (3) , which deals with collection and enforcement of collateral; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(4). Section 9‑1608, subsection (1) and section 9‑1615, subsection (3) to the extent that they deal with application or payment of noncash proceeds of collection, enforcement or disposition; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(5). Section 9‑1608, subsection (1) and section 9‑1615, subsection (4) to the extent that they require accounting for or payment of surplus proceeds of collateral; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(6). Section 9‑1609 to the extent that it imposes upon a secured party that takes possession of collateral without judicial process the duty to do so without breach of the peace; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(7). Section 9‑1610, subsection (2) and sections 9‑1611 , 9‑1613 and 9‑1614 , which deal with disposition of collateral; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(8). Section 9‑1615, subsection (6) , which deals with calculation of a deficiency or surplus when a disposition is made to the secured party, a person related to the secured party or a secondary obligor; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(9). Section 9‑1616 , which deals with explanation of the calculation of a surplus or deficiency; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(10). Sections 9‑1620 , 9‑1621 and 9‑1622 , which deal with acceptance of collateral in satisfaction of obligation; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(11). Section 9‑1623 , which deals with redemption of collateral; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(12). Section 9‑1624 , which deals with permissible waivers; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(13). Sections 9‑1625 and 9‑1626 , which deal with the secured party's liability for failure to comply with this article. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 7-1307 — ME Code / Title 11 / Chapter 7-A / Section 7-1307
11 §7-1307. Lien of carrier
Status: in_force

(1). A carrier has a lien on the goods covered by a bill of lading or on the proceeds thereof in its possession for charges after the date of the carrier's receipt of the goods for storage or transportation, including demurrage and terminal charges, and for expenses necessary for preservation of the goods incident to their transportation or reasonably incurred in their sale pursuant to law. However, against a purchaser for value of a negotiable bill of lading, a carrier's lien is limited to charges stated in the bill or the applicable tariffs or, if no charges are stated, a reasonable charge. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(2). A lien for charges and expenses under subsection (1) on goods that the carrier was required by law to receive for transportation is effective against the consignor or any person entitled to the goods unless the carrier had notice that the consignor lacked authority to subject the goods to those charges and expenses. Any other lien under subsection (1) is effective against the consignor and any person that permitted the bailor to have control or possession of the goods unless the carrier had notice that the bailor lacked authority. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(3). A carrier loses its lien on any goods that it voluntarily delivers or unjustifiably refuses to deliver. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 2-606 — ME Code / Title 11 / Chapter 2 / Section 2-606
11 §2-606. What constitutes acceptance of goods
Status: in_force

(1). Acceptance of goods occurs when the buyer (a). After a reasonable opportunity to inspect the goods signifies to the seller that the goods are conforming or that he will take or retain them in spite of their nonconformity; or (b). Fails to make an effective rejection ( section 2‑602, subsection (1) ), but such acceptance does not occur until the buyer has had a reasonable opportunity to inspect them; or (c). Does any act inconsistent with the seller's ownership; but if such act is wrongful as against the seller it is an acceptance only if ratified by him.

(2). Acceptance of a part of any commercial unit is acceptance of that entire unit.
11 M.R.S. § 9-1317 — ME Code / Title 11 / Chapter 9-A / Section 9-1317
11 §9-1317. Interests that take priority over or take free of security interest or agricultural lien
Status: in_force

(1). A security interest or agricultural lien is subordinate to the rights of: (a). A person entitled to priority under section 9‑1322 ; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Except as otherwise provided in subsection (5) , a person that becomes a lien creditor before the earlier of the time: (i) The security interest or agricultural lien is perfected; or (ii) One of the conditions specified in section 9‑1203, subsection (2), paragraph (c) is met and a financing statement covering the collateral is filed. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). Except as otherwise provided in subsection (5) , a buyer, other than a secured party, of goods, instruments, tangible documents or a certificated security takes free of a security interest or agricultural lien if the buyer gives value and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected. [PL 2023, c. 669, Pt. A, §114 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

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

(4). Subject to subsections (6) to (9) , a licensee of a general intangible or a buyer, other than a secured party, of collateral other than goods, instruments, tangible documents or a certificated security takes free of a security interest if the licensee or buyer gives value without knowledge of the security interest and before it is perfected. [PL 2023, c. 669, Pt. A, §115 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

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

(6). A buyer, other than a secured party, of chattel paper takes free of a security interest if, without knowledge of the security interest and before it is perfected, the buyer gives value and: (a). Receives delivery of each authoritative tangible copy of the record evidencing the chattel paper; and [PL 2023, c. 669, Pt. A, §116 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). If each authoritative electronic copy of the record evidencing the chattel paper can be subjected to control under section 9‑1105‑A , obtains control of each authoritative electronic copy. [PL 2023, c. 669, Pt. A, §116 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §116 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(7). A buyer of an electronic document takes free of a security interest if, without knowledge of the security interest and before it is perfected, the buyer gives value and, if each authoritative electronic copy of the document can be subjected to control under section 7‑1106 , obtains control of each authoritative electronic copy. [PL 2023, c. 669, Pt. A, §117 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(8). A buyer of a controllable electronic record takes free of a security interest if, without knowledge of the security interest and before it is perfected, the buyer gives value and obtains control of the controllable electronic record. [PL 2023, c. 669, Pt. A, §118 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(9). A buyer, other than a secured party, of a controllable account or a controllable payment intangible takes free of a security interest if, without knowledge of the security interest and before it is perfected, the buyer gives value and obtains control of the controllable account or controllable payment intangible. [PL 2023, c. 669, Pt. A, §119 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 9-1334 — ME Code / Title 11 / Chapter 9-A / Section 9-1334
11 §9-1334. Priority of security interests in fixtures and crops
Status: in_force

(1). A security interest under this Article may be created in goods that are fixtures or may continue in goods that become fixtures. A security interest does not exist under this Article in ordinary building materials incorporated into an improvement on land. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). This Article does not prevent creation of an encumbrance upon fixtures under real property law. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(3). In cases not governed by subsections (4) to (8) , a security interest in fixtures is subordinate to a conflicting interest of an encumbrancer or owner of the related real property other than the debtor. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(4). Except as otherwise provided in subsection (8) , a perfected security interest in fixtures has priority over a conflicting interest of an encumbrancer or owner of the real property if the debtor has an interest of record in or is in possession of the real property and: (a). The security interest is a purchase-money security interest; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The interest of the encumbrancer or owner arises before the goods become fixtures; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). The security interest is perfected by a fixture filing before the goods become fixtures or within 20 days thereafter. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(5). A perfected security interest in fixtures has priority over a conflicting interest of an encumbrancer or owner of the real property if: (a). The debtor has an interest of record in the real property or is in possession of the real property and the security interest: (i) Is perfected by a fixture filing before the interest of the encumbrancer or owner is of record; and (ii) Has priority over any conflicting interest of a predecessor in title of the encumbrancer or owner; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Before the goods become fixtures, the security interest is perfected by any method permitted by this Article and the fixtures are readily removable: (i) Factory or office machines; (ii) Equipment that is not primarily used or leased for use in the operation of the real property; or (iii) Replacements of domestic appliances that are consumer goods; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). The conflicting interest is a lien on the real property obtained by legal or equitable proceedings after the security interest was perfected by any method permitted by this Article; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). The security interest is: (i) Created in a manufactured home in a manufactured-home transaction; and (ii) Perfected pursuant to a statute described in section 9‑1311, subsection (1), paragraph (b) . [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 security interest in fixtures, whether or not perfected, has priority over a conflicting interest of an encumbrancer or owner of the real property if: (a). The encumbrancer or owner has, in a signed record, consented to the security interest or disclaimed an interest in the goods as fixtures; or [PL 2023, c. 669, Pt. A, §130 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). The debtor has a right to remove the goods as against the encumbrancer or owner. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 2023, c. 669, Pt. A, §130 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(7). The priority of the security interest under subsection (6), paragraph (b) continues for a reasonable time if the debtor's right to remove the goods as against the encumbrancer or owner terminates. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(8). A mortgage is a construction mortgage to the extent that it secures an obligation incurred for the construction of an improvement on land, including the acquisition cost of the land, if a recorded record of the mortgage so indicates. Except as otherwise provided in subsections (5) and (6) , a security interest in fixtures is subordinate to a construction mortgage if a record of the mortgage is recorded before the goods become fixtures and the goods become fixtures before the completion of the construction. A mortgage has this priority to the same extent as a construction mortgage to the extent that it is given to refinance a construction mortgage. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(9). A perfected security interest in crops growing on real property has priority over a conflicting interest of an encumbrancer or owner of the real property if the debtor has an interest of record in or is in possession of the real property. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 4-403 — ME Code / Title 11 / Chapter 4 / Section 4-403
11 §4-403. Customer's right to stop payment; burden of proof of loss
Status: in_force

(1). A customer or any person authorized to draw on the account if there is more than one person may stop payment of any item drawn on the customer's account or close the account by an order to the bank describing the item or account with reasonable certainty received at a time and in a manner that affords the bank a reasonable opportunity to act on it before any action by the bank with respect to the item described in section 4‑303 . If the signature of more than one person is required to draw on an account, any of these persons may stop payment or close the account. [PL 1993, c. 293, Pt. B, §41 (AMD).]

(2). A stop-payment order is effective for 6 months, but it lapses after 14 calendar days if the original order was oral and was not confirmed in writing within that period. A stop-payment order may be renewed for additional 6-month periods by a writing given to the bank within a period during which the stop-payment order is effective. [PL 1993, c. 293, Pt. B, §41 (AMD).]

(3). The burden of establishing the fact and amount of loss resulting from the payment of an item contrary to a stop-payment order or order to close an account is on the customer. The loss from payment of an item contrary to a stop-payment order may include damages for dishonor of subsequent items under section 4‑402 . [PL 1993, c. 293, Pt. B, §41 (AMD).]
11 M.R.S. § 9-1304 — ME Code / Title 11 / Chapter 9-A / Section 9-1304
11 §9-1304. Law governing perfection and priority of security interests in deposit accounts
Status: in_force

(1). The local law of a bank's jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a security interest in a deposit account maintained with that bank even if the transaction does not bear any relation to the bank's jurisdiction. [PL 2023, c. 669, Pt. A, §98 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). The following rules determine a bank's jurisdiction for purposes of this Part. (a). If an agreement between the bank and the debtor governing the deposit account expressly provides that a particular jurisdiction is the bank's jurisdiction for purposes of this Part, this Article or this Title, that jurisdiction is the bank's jurisdiction. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). If paragraph (a) does not apply and an agreement between the bank and its customer governing the deposit account expressly provides that the agreement is governed by the law of a particular jurisdiction, that jurisdiction is the bank's jurisdiction. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). If neither paragraph (a) nor paragraph (b) applies and an agreement between the bank and its customer governing the deposit account expressly provides that the deposit account is maintained at an office in a particular jurisdiction, that jurisdiction is the bank's jurisdiction. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). If none of the preceding paragraphs applies, the bank's jurisdiction is the jurisdiction in which the office identified in an account statement as the office serving the customer's account is located. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (e). If none of the preceding paragraphs applies, the bank's jurisdiction is the jurisdiction in which the chief executive office of the bank is located. [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. § 2-304 — ME Code / Title 11 / Chapter 2 / Section 2-304
11 §2-304. Price payable in money, goods, realty or otherwise
Status: in_force

(1). The price can be made payable in money or otherwise. If it is payable in whole or in part in goods, each party is a seller of the goods which he is to transfer.

(2). Even though all or part of the price is payable in an interest in realty, the transfer of the goods and the seller's obligations with reference to them are subject to this Article, but not the transfer of the interest in realty or the transferor's obligations in connection therewith.
11 M.R.S. § 9-1402 — ME Code / Title 11 / Chapter 9-A / Section 9-1402
11 §9-1402. Secured party not obligated on contract of debtor or in tort
Status: in_force

The existence of a security interest, agricultural lien or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the debtor's acts or omissions. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 1-1107 — ME Code / Title 11 / Chapter 1-A / Section 1-1107
11 §1-1107. Section captions
Status: in_force

Section captions are part of the Uniform Commercial Code. [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).]
11 M.R.S. § 4-1505 — ME Code / Title 11 / Chapter 4-A / Section 4-1505
11 §4-1505. Preclusion of objection to debit of customer's account
Status: in_force

If a receiving bank has received payment from its customer with respect to a payment order issued in the name of the customer as sender and accepted by the bank and the customer received notification reasonably identifying the order, the customer is precluded from asserting that the bank is not entitled to retain the payment unless the customer notifies the bank of the customer's objection to the payment within one year after the notification was received by the customer. [PL 1991, c. 812, §2 (NEW).]
11 M.R.S. § 2-1520 — ME Code / Title 11 / Chapter 2-A / Section 2-1520
11 §2-1520. Lessee's incidental and consequential damages
Status: in_force

(1). Incidental damages resulting from a lessor's default include expenses reasonably incurred in inspection, receipt, transportation, care and custody of goods rightfully rejected or goods the acceptance of which is justifiably revoked, any commercially reasonable charges, expenses or commissions in connection with effecting cover and any other reasonable expense incident to the default. [PL 1991, c. 805, §4 (NEW).]

(2). Consequential damages resulting from a lessor's default include: (a). Any loss resulting from general or particular requirements and needs of which the lessor at the time of contracting had reason to know and that could not reasonably be prevented by cover or otherwise; and [PL 1991, c. 805, §4 (NEW).] (b). Injury to person or property proximately resulting from any breach of warranty. [PL 1991, c. 805, §4 (NEW).] [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 2-703 — ME Code / Title 11 / Chapter 2 / Section 2-703
11 §2-703. Seller's remedies in general
Status: in_force

Where the buyer wrongfully rejects or revokes acceptance of goods or fails to make a payment due on or before delivery or repudiates with respect to a part or the whole, then with respect to any goods directly affected and, if the breach is of the whole contract ( section 2‑612 ), then also with respect to the whole undelivered balance, the aggrieved seller may

(1). Withhold delivery of such goods;

(2). Stop delivery by any bailee as hereafter provided ( section 2‑705 );

(3). Proceed under section 2‑704 respecting goods still unidentified to the contract;

(4). Resell and recover damages as hereafter provided ( section 2‑706 );

(5). Recover damages for nonacceptance ( section 2‑708 ) or in a proper case the price ( section 2‑709 );

(6). Cancel.
11 M.R.S. § 4-1202 — ME Code / Title 11 / Chapter 4-A / Section 4-1202
11 §4-1202. Authorized and verified payment orders
Status: in_force

(1). A payment order received by the receiving bank is the authorized order of the person identified as sender if that person authorized the order or is otherwise bound by it under the law of agency. [PL 1991, c. 812, §2 (NEW).]

(2). If a bank and its customer have agreed that the authenticity of payment orders issued to the bank in the name of the customer as sender will be verified pursuant to a security procedure, a payment order received by the receiving bank is effective as the order of the customer, whether or not authorized, if: (a). The security procedure is a commercially reasonable method of providing security against unauthorized payment orders; and [PL 1991, c. 812, §2 (NEW).] (b). The bank proves that it accepted the payment order in good faith and in compliance with the bank's obligations under the security procedure and any agreement or instruction of the customer, evidenced by a record, restricting acceptance of payment orders issued in the name of the customer. The bank is not required to follow an instruction that violates an agreement with the customer, evidenced by a record, or notice of which is not received at a time and in a manner affording the bank a reasonable opportunity to act on it before the payment order is accepted. [PL 2023, c. 669, Pt. A, §41 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §41 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). Commercial reasonableness of a security procedure is a question of law to be determined by considering the wishes of the customer expressed to the bank, the circumstances of the customer known to the bank, including the size, type and frequency of payment orders normally issued by the customer to the bank, alternative security procedures offered to the customer and security procedures in general use by customers and receiving banks similarly situated. A security procedure is deemed to be commercially reasonable if: (a). The security procedure was chosen by the customer after the bank offered and the customer refused, a security procedure that was commercially reasonable for that customer; and [PL 1991, c. 812, §2 (NEW).] (b). The customer expressly agreed in a record to be bound by any payment order, whether or not authorized, issued in its name and accepted by the bank in compliance with the bank's obligations under the security procedure chosen by the customer. [PL 2023, c. 669, Pt. A, §42 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §42 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(4). The term "sender" in this Article includes the customer in whose name a payment order is issued if the order is the authorized order of the customer under subsection (1) , or it is effective as the order of the customer under subsection (2) . [PL 1991, c. 812, §2 (NEW).]

(5). This section applies to amendments and cancellations of payment orders to the same extent it applies to payment orders. [PL 1991, c. 812, §2 (NEW).]

(6). Except as provided in this section and in section 4‑1203, subsection (1), paragraph (a) , rights and obligations arising under this section or section 4‑1203 may not be varied by agreement. [PL 1991, c. 812, §2 (NEW).]
11 M.R.S. § 2-701 — ME Code / Title 11 / Chapter 2 / Section 2-701
11 §2-701. Remedies for breach of collateral contracts not impaired
Status: in_force

Remedies for breach of any obligation or promise collateral or ancillary to a contract for sale are not impaired by the provisions of this Article.
11 M.R.S. § 3-1407 — ME Code / Title 11 / Chapter 3-A / Section 3-1407
11 §3-1407. Alteration
Status: in_force

(1). "Alteration" means: (a). An unauthorized change in an instrument that purports to modify in any respect the obligation of a party; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). An unauthorized addition of words or numbers or other change to an incomplete instrument related to the obligation of a party. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). Except as provided in subsection (3) , an alteration fraudulently made discharges a party whose obligation is affected by the alteration unless that party assents or is precluded from asserting the alteration. No other alteration discharges a party, and the instrument may be enforced according to its original terms. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). A payor bank or drawee paying a fraudulently altered instrument or a person taking it for value, in good faith and without notice of the alteration, may enforce rights with respect to the instrument: (a). According to its original terms; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). In the case of an incomplete instrument altered by unauthorized completion, according to its terms as completed. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 2-501 — ME Code / Title 11 / Chapter 2 / Section 2-501
11 §2-501. Insurable interest in goods; manner of identification of goods
Status: in_force

(1). The buyer obtains a special property and an insurable interest in goods by identification of existing goods as goods to which the contract refers, even though the goods so identified are nonconforming and he has an option to return or reject them. Such identification can be made at any time and in any manner explicitly agreed to by the parties. In the absence of explicit agreement identification occurs (a). When the contract is made, if it is for the sale of goods already existing and identified; (b). If the contract is for the sale of future goods other than those described in paragraph (c) , when goods are shipped, marked or otherwise designated by the seller as goods to which the contract refers; (c). When the crops are planted or otherwise become growing crops or the young are conceived, if the contract is for the sale of unborn young to be born within 12 months after contracting or for the sale of crops to be harvested within 12 months or the next normal harvest season after contracting whichever is longer.

(2). The seller retains an insurable interest in goods so long as title to or any security interest in the goods remains in him and where the identification is by the seller alone, he may until default or insolvency or notification to the buyer that the identification is final substitute other goods for those identified.

(3). Nothing in this section impairs any insurable interest recognized under any other statute or rule of law.
11 M.R.S. § 8-1109 — ME Code / Title 11 / Chapter 8-A / Section 8-1109
11 §8-1109. Warranties in indirect holding
Status: in_force

(1). A person who originates an entitlement order to a securities intermediary warrants to the securities intermediary that: (a). The entitlement order is made by an appropriate person or, if the entitlement order is by an agent, the agent has actual authority to act on behalf of the appropriate person; and [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). There is no adverse claim to the security entitlement. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]

(2). A person who delivers a security certificate to a securities intermediary for credit to a securities account or originates an instruction with respect to an uncertificated security directing that the uncertificated security be credited to a securities account makes to the securities intermediary the warranties specified in section 8‑1108, subsection (1) or (2) . [PL 1997, c. 429, Pt. B, §2 (NEW).]

(3). If a securities intermediary delivers a security certificate to its entitlement holder or causes its entitlement holder to be registered as the owner of an uncertificated security, the securities intermediary makes to the entitlement holder the warranties specified in section 8‑1108, subsection (1) or (2) . [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 3-1405 — ME Code / Title 11 / Chapter 3-A / Section 3-1405
11 §3-1405. Employer's responsibility for fraudulent indorsement by employee
Status: in_force

(1). In this section, unless the context otherwise indicates, the following terms have the following meanings. (a). "Employee" includes an independent contractor and employee of an independent contractor retained by the employer. [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). "Fraudulent indorsement" means: (i) In the case of an instrument payable to the employer, a forged indorsement purporting to be that of the employer; or (ii) In the case of an instrument with respect to which the employer is the issuer, a forged indorsement purporting to be that of the person identified as payee. [PL 1993, c. 293, Pt. A, §2 (NEW).] (c). "Responsibility" with respect to instruments means authority: (i) To sign or indorse instruments on behalf of the employer; (ii) To process instruments received by the employer for bookkeeping purposes, for deposit to an account or for other disposition; (iii) To prepare or process instruments for issue in the name of the employer; (iv) To supply information determining the names or addresses of payees of instruments to be issued in the name of the employer; (v) To control the disposition of instruments to be issued in the name of the employer; or (vi) To act otherwise with respect to instruments in a responsible capacity. "Responsibility" does not include authority that merely allows an employee to have access to instruments or blank or incomplete instrument forms that are being stored or transported or are part of incoming or outgoing mail, or similar access. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). For the purpose of determining the rights and liabilities of a person who in good faith pays an instrument or takes it for value or for collection, if an employer entrusted an employee with responsibility with respect to the instrument and the employee or a person acting in concert with the employee makes a fraudulent indorsement of the instrument, the indorsement is effective as the indorsement of the person to whom the instrument is payable if it is made in the name of that person. If the person paying the instrument or taking it for value or for collection fails to exercise ordinary care in paying or taking the instrument and that failure substantially contributes to loss resulting from the fraud, the person bearing the loss may recover from the person failing to exercise ordinary care to the extent the failure to exercise ordinary care contributed to the loss. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). Under subsection (2) , an indorsement is made in the name of the person to whom an instrument is payable if: (a). The instrument is made in a name substantially similar to the name of that person; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). The instrument, whether or not indorsed, is deposited in a depositary bank to an account in a name substantially similar to the name of that person. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 9-1622 — ME Code / Title 11 / Chapter 9-A / Section 9-1622
11 §9-1622. Effect of acceptance of collateral
Status: in_force

(1). A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures: (a). Discharges the obligation to the extent consented to by the debtor; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Transfers to the secured party all of a debtor's rights in the collateral; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Discharges the security interest or agricultural lien that is the subject of the debtor's consent and any subordinate security interest or other subordinate lien; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). Terminates any other subordinate interest. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). A subordinate interest is discharged or terminated under subsection (1) , even if the secured party fails to comply with this Article. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 4-405 — ME Code / Title 11 / Chapter 4 / Section 4-405
11 §4-405. Death or incompetence of customer
Status: in_force

(1). A payor or collecting bank's authority to accept, pay or collect an item or to account for proceeds of its collection, if otherwise effective, is not rendered ineffective by incompetence of a customer of either bank existing at the time the item is issued or its collection is undertaken, if the bank does not know of an adjudication of incompetence. Neither death nor incompetence of a customer revokes the authority to accept, pay, collect or account until the bank knows of the fact of death or of an adjudication of incompetence and has reasonable opportunity to act on it. [PL 1993, c. 293, Pt. B, §42 (AMD).]

(2). Even with knowledge, a bank may for 10 days after the date of death pay or certify checks drawn on or before that date unless ordered to stop payment by a person claiming an interest in the account. [PL 1993, c. 293, Pt. B, §42 (AMD).]
11 M.R.S. § 2-1505 — ME Code / Title 11 / Chapter 2-A / Section 2-1505
11 §2-1505. Cancellation and termination and effect of cancellation, termination, rescission or fraud on rights and remedies
Status: in_force

(1). On cancellation of the lease contract, all obligations that are still executory on both sides are discharged, but any right based on prior default or performance survives and the cancelling party also retains any remedy for default of the whole lease contract or any unperformed balance. [PL 1991, c. 805, §4 (NEW).]

(2). On termination of the lease contract, all obligations that are still executory on both sides are discharged but any right based on prior default or performance survives. [PL 1991, c. 805, §4 (NEW).]

(3). Unless the contrary intention clearly appears, expressions of "cancellation," "rescission" or the like, of the lease contract may not be construed as a renunciation or discharge of any claim in damages for an antecedent default. [PL 1991, c. 805, §4 (NEW).]

(4). Rights and remedies for material misrepresentation or fraud include all rights and remedies available under this Article for default. [PL 1991, c. 805, §4 (NEW).]

(5). Neither rescission nor a claim for rescission of the lease contract nor rejection or return of the goods may bar or be deemed inconsistent with a claim for damages or other right or remedy. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 8-1302 — ME Code / Title 11 / Chapter 8-A / Section 8-1302
11 §8-1302. Rights of purchaser
Status: in_force

(1). Except as otherwise provided in subsections (2) and (3) , a purchaser of a certificated or uncertificated security acquires all rights in the security that the transferor had or had power to transfer. [PL 1999, c. 699, Pt. B, §24 (AMD); PL 1999, c. 699, Pt. B, §28 (AFF).]

(2). A purchaser of a limited interest acquires rights only to the extent of the interest purchased. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(3). A purchaser of a certificated security who as a previous holder had notice of an adverse claim does not improve its position by taking from a protected purchaser. [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 9-1327 — ME Code / Title 11 / Chapter 9-A / Section 9-1327
11 §9-1327. Priority of security interests in deposit account
Status: in_force

The following rules govern priority among conflicting security interests in the same deposit account. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(1). A security interest held by a secured party having control of the deposit account under section 9‑1104 has priority over a conflicting security interest held by a secured party that does not have control. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). Except as otherwise provided in subsections (3) and (4) , security interests perfected by control under section 9‑1314 rank according to priority in time of obtaining control. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(3). Except as otherwise provided in subsection (4) , a security interest held by the bank with which the deposit account is maintained has priority over a conflicting security interest held by another secured party. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(4). A security interest perfected by control under section 9‑1104, subsection (1), paragraph (c) has priority over a security interest held by the bank with which the deposit account is maintained. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 7-1206 — ME Code / Title 11 / Chapter 7-A / Section 7-1206
11 §7-1206. Termination of storage at warehouse's option
Status: in_force

(1). A warehouse, by giving notice to the person on whose account the goods are held and any other person known to claim an interest in the goods, may require payment of any charges and removal of the goods from the warehouse at the termination of the period of storage fixed by the document of title or, if a period is not fixed, within a stated period not less than 30 days after the warehouse gives notice. If the goods are not removed before the date specified in the notice, the warehouse may sell them pursuant to section 7‑1210 . [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(2). If a warehouse in good faith believes that goods are about to deteriorate or decline in value to less than the amount of its lien within the time provided in subsection (1) and section 7‑1210 , the warehouse may specify in the notice given under subsection (1) any reasonable shorter time for removal of the goods and, if the goods are not removed, may sell them at public sale held not less than one week after a single advertisement or posting. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(3). If, as a result of a quality or condition of the goods of which the warehouse did not have notice at the time of deposit, the goods are a hazard to other property, the warehouse facilities or other persons, the warehouse may sell the goods at public or private sale without advertisement or posting on reasonable notification to all persons known to claim an interest in the goods. If the warehouse, after a reasonable effort, is unable to sell the goods, it may dispose of them in any lawful manner and does not incur liability by reason of that disposition. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(4). A warehouse shall deliver the goods to any person entitled to them under this Article upon due demand made at any time before sale or other disposition under this section. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(5). A warehouse may satisfy its lien from the proceeds of any sale or disposition under this section but shall hold the balance for delivery on the demand of any person to which the warehouse would have been bound to deliver the goods. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 9-1515 — ME Code / Title 11 / Chapter 9-A / Section 9-1515
11 §9-1515. Duration and effectiveness of financing statement; effect of lapsed financing statement
Status: in_force

(1). Except as otherwise provided in subsections (2) , (5) , (6) and (7) , a filed financing statement is effective for a period of 5 years after the date of filing. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). Except as otherwise provided in subsections (5) , (6) and (7) , an initial financing statement filed in connection with a public-finance transaction or manufactured-home transaction is effective for a period of 30 years after the date of filing if it indicates that it is filed in connection with a public-finance transaction or manufactured-home transaction. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(3). The effectiveness of a filed financing statement lapses on the expiration of the period of its effectiveness unless before the lapse a continuation statement is filed pursuant to subsection (4) . Upon lapse, a financing statement ceases to be effective and any security interest or agricultural lien that was perfected by the financing statement becomes unperfected, unless the security interest is perfected otherwise. If the security interest or agricultural lien becomes unperfected upon lapse, it is deemed never to have been perfected as against a purchaser of the collateral for value. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(4). A continuation statement may be filed only within 6 months before the expiration of the 5-year period specified in subsection (1) or the 30-year period specified in subsection (2) , whichever is applicable. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(5). Except as otherwise provided in section 9‑1510 , upon timely filing of a continuation statement the effectiveness of the initial financing statement continues for a period of 5 years commencing on the day on which the financing statement would have become ineffective in the absence of the filing. Upon the expiration of the 5-year period, the financing statement lapses in the same manner as provided in subsection (3) , unless, before the lapse, another continuation statement is filed pursuant to subsection (4) . Succeeding continuation statements may be filed in the same manner to continue the effectiveness of the initial financing statement. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(6). If a debtor is a transmitting utility and a filed initial financing statement so indicates, the financing statement is effective until a termination statement is filed. [PL 2013, c. 317, Pt. A, §23 (AMD).]

(7). A record of a mortgage that is effective as a financing statement recorded as a fixture filing under section 9‑1502, subsection (3) remains effective as a financing statement recorded as a fixture filing until the mortgage is released or satisfied of record or its effectiveness otherwise terminates as to the real property. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 4-201 — ME Code / Title 11 / Chapter 4 / Section 4-201
11 §4-201. Status of collecting bank as agent and provisional status of credits; applicability of Article; item indorsed "pay any bank"
Status: in_force

(1). Unless a contrary intent clearly appears and before the time that a settlement given by a collecting bank for an item is or becomes final, the bank, with respect to the item, is an agent or subagent of the owner of the item and any settlement given for the item is provisional. This provision applies regardless of the form of indorsement or lack of indorsement and even though credit given for the item is subject to immediate withdrawal as of right or is in fact withdrawn; but the continuance of ownership of an item by its owner and any rights of the owner to proceeds of the item are subject to rights of a collecting bank, such as those resulting from outstanding advances on the item and rights of recoupment or setoff. If an item is handled by banks for purposes of presentment, payment, collection or return, the relevant provisions of this Article apply even though action of the parties clearly establishes that a particular bank has purchased the item and is the owner of it. [PL 1993, c. 293, Pt. B, §18 (AMD).]

(2). After an item has been indorsed with the words "pay any bank" or the like, only a bank may acquire the rights of a holder until the item has been: (a). Returned to the customer initiating collection; or [PL 1993, c. 293, Pt. B, §18 (AMD).] (b). Specially indorsed by a bank to a person who is not a bank. [PL 1993, c. 293, Pt. B, §18 (AMD).] [PL 1993, c. 293, Pt. B, §18 (AMD).]
11 M.R.S. § 2-711 — ME Code / Title 11 / Chapter 2 / Section 2-711
11 §2-711. Buyer's remedies in general; buyer's security interest in rejected goods
Status: in_force

(1). Where the seller fails to make delivery or repudiates or the buyer rightfully rejects or justifiably revokes acceptance then with respect to any goods involved, and with respect to the whole if the breach goes to the whole contract ( section 2‑612 ), the buyer may cancel and whether or not he has done so may in addition to recovering so much of the price as has been paid (a). "Cover" and have damages under section 2‑712 as to all the goods affected whether or not they have been identified to the contract; or (b). Recover damages for nondelivery as provided in this Article ( section 2‑713 ).

(2). Where the seller fails to deliver or repudiates the buyer may also (a). If the goods have been identified recover them as provided in this Article ( section 2‑502 ); or (b). In a proper case obtain specific performance or replevy the goods as provided in this Article ( section 2‑716 ).

(3). On rightful rejection or justifiable revocation of acceptance, a buyer has a security interest in goods in his possession or control for any payments made on their price and any expenses reasonably incurred in their inspection, receipt, transportation, care and custody and may hold such goods and resell them in like manner as an aggrieved seller ( section 2‑706 ).
11 M.R.S. § 2-1221 — ME Code / Title 11 / Chapter 2-A / Section 2-1221
11 §2-1221. Casualty to identified goods
Status: in_force

If a lease contract requires goods identified when the lease contract is made, and the goods suffer casualty without fault of the lessee, the lessor or the supplier before delivery, or the goods suffer casualty before risk of loss passes to the lessee pursuant to the lease agreement or section 2‑1219 , then: [PL 1991, c. 805, §4 (NEW).]

(1). If the loss is total, the lease contract is avoided; and [PL 1991, c. 805, §4 (NEW).]

(2). After delivery in a consumer lease, if the goods are lost or destroyed: (a). If the lessee is not in default under the lease, the lessee may provide substitute goods of at least equal kind and quality satisfactory to the lessor and continue the lease. Permission to substitute goods may not be unreasonably withheld by the lessor. Any insurance proceeds paid with respect to the goods must be applied to the purchase of the substitute goods; or [PL 1991, c. 805, §4 (NEW).] (b). At the consumer's option, any insurance proceeds must be paid to the lessor and, in such an instance, the lessee remains liable only for the insurance deductible plus any amounts otherwise due to the lessor because of any prior default by the lessee under the terms of the lease. [PL 1991, c. 805, §4 (NEW).] [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 3-1307 — ME Code / Title 11 / Chapter 3-A / Section 3-1307
11 §3-1307. Notice of breach of fiduciary duty
Status: in_force

(1). In this section: (a). "Fiduciary" means an agent, trustee, partner, corporate officer or director, or other representative owing a fiduciary duty with respect to an instrument; and [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). "Represented person" means the principal, beneficiary, partnership, corporation or other person to whom the duty stated in paragraph (a) is owed. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). If an instrument is taken from a fiduciary for payment or collection or for value, the taker has knowledge of the fiduciary status of the fiduciary and the represented person makes a claim to the instrument or its proceeds on the basis that the transaction of the fiduciary is a breach of fiduciary duty, the following rules apply. (a). Notice of breach of fiduciary duty by the fiduciary is notice of the claim of the represented person. [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). In the case of an instrument payable to the represented person or the fiduciary as such, the taker has notice of the breach of fiduciary duty if the instrument is: (i) Taken in payment of or as security for a debt known by the taker to be the personal debt of the fiduciary; (ii) Taken in a transaction known by the taker to be for the personal benefit of the fiduciary; or (iii) Deposited to an account other than an account of the fiduciary, as such, or an account of the represented person. [PL 1993, c. 293, Pt. A, §2 (NEW).] (c). If an instrument is issued by the represented person or the fiduciary as such and made payable to the fiduciary personally, the taker does not have notice of the breach of fiduciary duty unless the taker knows of the breach of fiduciary duty. [PL 1993, c. 293, Pt. A, §2 (NEW).] (d). If an instrument is issued by the represented person or the fiduciary as such to the taker as payee, the taker has notice of the breach of fiduciary duty if the instrument is: (i) Taken in payment of or as security for a debt known by the taker to be the personal debt of the fiduciary; (ii) Taken in a transaction known by the taker to be for the personal benefit of the fiduciary; or (iii) Deposited to an account other than an account of the fiduciary as such or an account of the represented person. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 9-1104 — ME Code / Title 11 / Chapter 9-A / Section 9-1104
11 §9-1104. Control of deposit account
Status: in_force

(1). A secured party has control of a deposit account if: (a). The secured party is the bank with which the deposit account is maintained; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The debtor, secured party and bank have agreed in a signed record that the bank will comply with instructions originated by the secured party directing disposition of the funds in the deposit account without further consent by the debtor; [PL 2023, c. 669, Pt. A, §84 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] (c). The secured party becomes the bank's customer with respect to the deposit account; or [PL 2023, c. 669, Pt. A, §84 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] (d). Another person, other than the debtor: (i) Has control of the deposit account and acknowledges that it has control on behalf of the secured party; or (ii) Obtains control of the deposit account after having acknowledged that it will obtain control of the deposit account on behalf of the secured party. [PL 2023, c. 669, Pt. A, §84 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §84 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). A secured party that has satisfied subsection (1) has control, even if the debtor retains the right to direct the disposition of funds from the deposit account. [PL 2001, c. 286, §1 (AMD).]
11 M.R.S. § 3-1501 — ME Code / Title 11 / Chapter 3-A / Section 3-1501
11 §3-1501. Presentment
Status: in_force

(1). "Presentment" means a demand made by or on behalf of a person entitled to enforce an instrument: (a). To pay the instrument made to the drawee or a party obliged to pay the instrument or, in the case of a note or accepted draft payable at a bank, to the bank; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). To accept a draft made to the drawee. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). The following rules are subject to Article 4 , agreement of the parties and clearinghouse rules and the like: (a). Presentment may be made at the place of payment of the instrument and must be made at the place of payment if the instrument is payable at a bank in the United States; may be made by any commercially reasonable means, including an oral, written or electronic communication; is effective when the demand for payment or acceptance is received by the person to whom presentment is made; and is effective if made to any one of 2 or more makers, acceptors, drawees or other payors. [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). Upon demand of the person to whom presentment is made, the person making presentment must: (i) Exhibit the instrument; (ii) Give reasonable identification and, if presentment is made on behalf of another person, reasonable evidence of authority to do so; and (iii) Sign a receipt on the instrument for any payment made or surrender the instrument if full payment is made. [PL 1993, c. 293, Pt. A, §2 (NEW).] (c). Without dishonoring the instrument, the party to whom presentment is made may: (i) Return the instrument for lack of a necessary indorsement; or (ii) Refuse payment or acceptance for failure of the presentment to comply with the terms of the instrument, an agreement of the parties, or other applicable law or rule. [PL 1993, c. 293, Pt. A, §2 (NEW).] (d). The party to whom presentment is made may treat presentment as occurring on the next business day after the day of presentment if the party to whom presentment is made has established a cut-off hour not earlier than 2 p.m. for the receipt and processing of instruments presented for payment or acceptance and presentment is made after the cut-off hour. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 2-1308 — ME Code / Title 11 / Chapter 2-A / Section 2-1308
11 §2-1308. Special rights of creditors
Status: in_force

(1). A creditor of a lessor in possession of goods subject to a lease contract may treat the lease contract as void if as against the creditor retention of possession by the lessor is fraudulent under any statute or rule of law, but retention of possession in good faith and current course of trade by the lessor for a commercially reasonable time after the lease contract becomes enforceable is not fraudulent. [PL 1991, c. 805, §4 (NEW).]

(2). Nothing in this Article impairs the rights of creditors of a lessor if the lease contract becomes enforceable, not in current course of trade but in satisfaction of or as security for a preexisting claim for money, security or the like, and if the lease contract is made under circumstances that under any statute or rule of law apart from this Article would constitute the transaction a fraudulent transfer or voidable preference. [PL 1991, c. 805, §4 (NEW).]

(3). A creditor of a seller may treat a sale or an identification of goods to a contract for sale as void if as against the creditor retention of possession by the seller is fraudulent under any statute or rule of law, but retention of possession of the goods pursuant to a lease contract entered into by the seller as lessee and the buyer as lessor in connection with the sale or identification of the goods is not fraudulent if the buyer bought for value and in good faith. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 3-1106 — ME Code / Title 11 / Chapter 3-A / Section 3-1106
11 §3-1106. Unconditional promise or order
Status: in_force

(1). Except as provided in this section, for the purposes of section 3‑1104, subsection (1) , a promise or order is unconditional unless it states: (a). An express condition to payment; [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). That the promise or order is subject to or governed by another writing; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (c). That rights or obligations with respect to the promise or order are stated in another writing. A reference to another writing does not of itself make the promise or order conditional. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). A promise or order is not made conditional: (a). By a reference to another writing for a statement of rights with respect to collateral, prepayment or acceleration; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). Because payment is limited to resort to a particular fund or source. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). If a promise or order requires, as a condition to payment, a countersignature by a person whose specimen signature appears on the promise or order, the condition does not make the promise or order conditional for the purposes of section 3‑1104, subsection (1) . If the person whose specimen signature appears on an instrument fails to countersign the instrument, the failure to countersign is a defense to the obligation of the issuer, but the failure does not prevent a transferee of the instrument from becoming a holder of the instrument. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(4). If a promise or order at the time it is issued or first comes into possession of a holder contains a statement, required by applicable statutory or administrative law, to the effect that the rights of a holder or transferee are subject to claims or defenses that the issuer could assert against the original payee, the promise or order is not thereby made conditional for the purposes of section 3‑1104, subsection (1) ; but if the promise or order is an instrument, there can not be a holder in due course of the instrument. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 3-1415 — ME Code / Title 11 / Chapter 3-A / Section 3-1415
11 §3-1415. Obligation of indorser
Status: in_force

(1). Subject to subsections (2) , (3) , (4) and (5) and to section 3‑1419, subsection (4) , when an instrument is dishonored, an indorser is obliged to pay the amount due on the instrument: (a). According to the terms of the instrument at the time it was indorsed; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). If the indorser indorsed an incomplete instrument, according to its terms when completed, to the extent stated in sections 3‑1115 and 3‑1407 . [PL 1993, c. 293, Pt. A, §2 (NEW).] The obligation of the indorser is owed to a person entitled to enforce the instrument or to a subsequent indorser who paid the instrument under this section. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). If an indorsement states that it is made "without recourse" or otherwise disclaims liability of the indorser, the indorser is not liable under subsection (1) to pay the instrument. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). If notice of dishonor of an instrument is required by section 3‑1503 and notice of dishonor complying with that section is not given to an indorser, the liability of the indorser under subsection (1) is discharged. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(4). If a draft is accepted by a bank after an indorsement is made, the liability of the indorser under subsection (1) is discharged. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(5). If an indorser of a check is liable under subsection (1) and the check is not presented for payment, or given to a depositary bank for collection, within 30 days after the day the indorsement was made, the liability of the indorser under subsection (1) is discharged. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 15-304 — ME Code / Title 11 / Chapter 15 / Section 15-304
11 §15-304. Effectiveness of actions taken before July 1, 2025
Status: in_force

(1). If action, other than the filing of a financing statement, is taken before July 1, 2025 and the action would have resulted in perfection of the security interest had the security interest become enforceable before July 1, 2025, the action is effective to perfect a security interest that attaches under this Title as in effect on July 1, 2025 before the adjustment date. An attached security interest becomes unperfected on the adjustment date unless the security interest becomes a perfected security interest under this Title as in effect on July 1, 2025 before the adjustment date. [PL 2023, c. 669, Pt. C, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). The filing of a financing statement before July 1, 2025 is effective to perfect a security interest on July 1, 2025 to the extent the filing would satisfy the requirements for perfection on July 1, 2025. [PL 2023, c. 669, Pt. C, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). The taking of an action before July 1, 2025 is sufficient for the enforceability of a security interest on July 1, 2025 if the action would satisfy the requirements for enforceability on July 1, 2025. [PL 2023, c. 669, Pt. C, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 7-1209 — ME Code / Title 11 / Chapter 7-A / Section 7-1209
11 §7-1209. Lien of warehouse
Status: in_force

(1). A warehouse has a lien against the bailor on the goods covered by a warehouse receipt or storage agreement or on the proceeds thereof in its possession for charges for storage or transportation, including demurrage and terminal charges, insurance, labor or other charges, present or future, in relation to the goods, and for expenses necessary for preservation of the goods or reasonably incurred in their sale pursuant to law. If the person on whose account the goods are held is liable for similar charges or expenses in relation to other goods whenever deposited and it is stated in the warehouse receipt or storage agreement that a lien is claimed for charges and expenses in relation to other goods, the warehouse also has a lien against the goods covered by the warehouse receipt or storage agreement or on the proceeds thereof in its possession for those charges and expenses, whether or not the other goods have been delivered by the warehouse. However, as against a person to which a negotiable warehouse receipt is duly negotiated, a warehouse's lien is limited to charges in an amount or at a rate specified in the warehouse receipt or, if no charges are so specified, to a reasonable charge for storage of the specific goods covered by the receipt subsequent to the date of the receipt. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(2). A warehouse may also reserve a security interest against the bailor for the maximum amount specified on the receipt for charges other than those specified in subsection (1) , such as for money advanced and interest. The security interest is governed by Article 9‑A . [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(3). A warehouse's lien for charges and expenses under subsection (1) or a security interest under subsection (2) is also effective against any person that so entrusted the bailor with possession of the goods that a pledge of them by the bailor to a good faith purchaser for value would have been valid. However, the lien or security interest is not effective against a person that before issuance of a document of title had a legal interest or a perfected security interest in the goods and that did not: (a). Deliver or entrust the goods or any document of title covering the goods to the bailor or the bailor's nominee with: (i) Actual or apparent authority to ship, store or sell; (ii) Power to obtain delivery under section 7‑1403 ; or (iii) Power of disposition under section 2‑403 ; section 2‑1304, subsection (2) ; section 2‑1305, subsection (2) ; section 9‑1320 ; or section 9‑1321, subsection (3) or other statute or rule of law; or [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (b). Acquiesce in the procurement by the bailor or its nominee of any document. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(4). A warehouse's lien on household goods for charges and expenses in relation to the goods under subsection (1) is also effective against all persons if the depositor was the legal possessor of the goods at the time of deposit. In this subsection, "household goods" means furniture, furnishings or personal effects used by the depositor in a dwelling. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(5). A warehouse loses its lien on any goods that it voluntarily delivers or unjustifiably refuses to deliver. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 2-1511 — ME Code / Title 11 / Chapter 2-A / Section 2-1511
11 §2-1511. Merchant lessee's duties as to rightfully rejected goods
Status: in_force

(1). Subject to any security interest of a lessee ( section 2‑1508, subsection (5) ), if a lessor or a supplier has no agent or place of business at the market of rejection, a merchant lessee, after rejection of goods in the merchant lessee's possession or control, shall follow any reasonable instructions received from the lessor to the supplier with respect to the goods. In the absence of those instructions a merchant lessee shall make reasonable efforts to sell, lease or otherwise dispose of the goods for the lessor's account if they threaten to decline in value speedily. Instructions are not reasonable if on demand indemnity for expenses is not forthcoming. [PL 1991, c. 805, §4 (NEW).]

(2). If a merchant lessee ( subsection (1) ) or any other lessee ( section 2‑1512 ) disposes of goods, the merchant lessee or other lessee is entitled to reimbursement, either from the lessor or the supplier or out of the proceeds, for reasonable expenses of caring for and disposing of the goods and, if the expenses include no disposition commission, to such commission as is usual in the trade, or, if there is none, to a reasonable sum not exceeding 10% of the gross proceeds. [PL 1991, c. 805, §4 (NEW).]

(3). In complying with this section or section 2‑1512 , the lessee is held only to good faith. Good faith conduct is neither acceptance or conversion nor the basis of an action for damages. [PL 1991, c. 805, §4 (NEW).]

(4). A purchaser who purchases in good faith from a lessee pursuant to this section or section 2‑1512 takes the goods free of any rights of the lessor and the supplier even though the lessee fails to comply with one or more of the requirements of this Article. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 2-705 — ME Code / Title 11 / Chapter 2 / Section 2-705
11 §2-705. Seller's stoppage of delivery in transit or otherwise
Status: in_force

(1). The seller may stop delivery of goods in the possession of a carrier or other bailee when he discovers the buyer to be insolvent ( section 2‑702 ) and may stop delivery of carload, truckload, planeload or larger shipments of express or freight when the buyer repudiates or fails to make a payment due before delivery or if for any other reason the seller has a right to withhold or reclaim the goods.

(2). As against such buyer the seller may stop delivery until (a). Receipt of the goods by the buyer; or (b). Acknowledgment to the buyer by any bailee of the goods except a carrier that the bailee holds the goods for the buyer; or (c). Such acknowledgment to the buyer by a carrier by reshipment or as warehouseman; or (d). Negotiation to the buyer of any negotiable document of title covering the goods.

(3). (a). To stop delivery the seller must so notify as to enable the bailee by reasonable diligence to prevent delivery of the goods. (b). After such notification the bailee must hold and deliver the goods according to the directions of the seller but the seller is liable to the bailee for any ensuing charges or damages. (c). If a negotiable document of title has been issued for goods the bailee is not obliged to obey a notification to stop until surrender of possession or control of the document. [PL 2009, c. 324, Pt. B, §18 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).] (d). A carrier who has issued a nonnegotiable bill of lading is not obliged to obey a notification to stop received from a person other than the consignor. [PL 2009, c. 324, Pt. B, §18 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).]
11 M.R.S. § 3-1410 — ME Code / Title 11 / Chapter 3-A / Section 3-1410
11 §3-1410. Acceptance varying draft
Status: in_force

(1). If the terms of a drawee's acceptance vary from the terms of the draft as presented, the holder may refuse the acceptance and treat the draft as dishonored. In that case, the drawee may cancel the acceptance. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). The terms of a draft are not varied by an acceptance to pay at a particular bank or place in the United States, unless the acceptance states that the draft is to be paid only at that bank or place. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). If the holder assents to an acceptance varying the terms of a draft, the obligation of each drawer and indorser that does not expressly assent to the acceptance is discharged. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 9-1701 — ME Code / Title 11 / Chapter 9-A / Section 9-1701
11 §9-1701. Effective date
Status: in_force

This Article takes effect on July 1, 2001. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 8-1501 — ME Code / Title 11 / Chapter 8-A / Section 8-1501
11 §8-1501. Securities account; acquisition of security entitlement from securities intermediary
Status: in_force

(1). "Securities account" means an account to which a financial asset is or may be credited in accordance with an agreement under which the person maintaining the account undertakes to treat the person for whom the account is maintained as entitled to exercise the rights that comprise the financial asset. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(2). Except as otherwise provided in subsections (4) and (5) , a person acquires a security entitlement if a securities intermediary: (a). Indicates by book entry that a financial asset has been credited to the person's securities account; [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). Receives a financial asset from the person or acquires a financial asset for the person and, in either case, accepts it for credit to the person's securities account; or [PL 1997, c. 429, Pt. B, §2 (NEW).] (c). Becomes obligated under other law, regulation or rule to credit a financial asset to the person's securities account. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]

(3). If a condition of subsection (2) has been met, a person has a security entitlement even though the securities intermediary does not itself hold the financial asset. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(4). If a securities intermediary holds a financial asset for another person and the financial asset is registered in the name of, payable to the order of or specially indorsed to the other person, and has not been indorsed to the securities intermediary or in blank, the other person is treated as holding the financial asset directly rather than as having a security entitlement with respect to the financial asset. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(5). Issuance of a security is not establishment of a security entitlement. [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 2-707 — ME Code / Title 11 / Chapter 2 / Section 2-707
11 §2-707. "Person in the position of a seller"
Status: in_force

(1). A "person in the position of a seller" includes, as against a principal, an agent who has paid or become responsible for the price of goods on behalf of his principal or anyone who otherwise holds a security interest or other right in goods similar to that of a seller.

(2). A person in the position of a seller may as provided in this Article withhold or stop delivery ( section 2‑705 ) and resell ( section 2‑706 ) and recover incidental damages ( section 2‑710 ).
11 M.R.S. § 9-1407 — ME Code / Title 11 / Chapter 9-A / Section 9-1407
11 §9-1407. Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest
Status: in_force

(1). Except as otherwise provided in subsection (2) , a term in a lease agreement is ineffective to the extent that it: (a). Prohibits, restricts or requires the consent of a party to the lease to the assignment or transfer of, or the creation, attachment, perfection or enforcement of a security interest in an interest of a party under the lease contract or in the lessor's residual interest in the goods; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Provides that the assignment or transfer or the creation, attachment, perfection or enforcement of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination or remedy under the lease. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). Except as otherwise provided in section 2‑1303, subsection (7) , a term described in subsection (1), paragraph (b) is effective to the extent that there is: (a). A transfer by the lessee of the lessee's right of possession or use of the goods in violation of the term; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). A delegation of a material performance of either party to the lease contract in violation of the term. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(3). The creation, attachment, perfection or enforcement of a security interest in the lessor's interest under the lease contract or the lessor's residual interest in the goods is not a transfer that materially impairs the lessee's prospect of obtaining return performance or materially changes the duty of or materially increases the burden or risk imposed on the lessee within the purview of section 2‑1303, subsection (4) unless, and then only to the extent that, enforcement actually results in a delegation of material performance of the lessor. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 2-1310 — ME Code / Title 11 / Chapter 2-A / Section 2-1310
11 §2-1310. Lessor's and lessee's rights when goods become accessions
Status: in_force

(1). Goods are "accessions" when they are installed in or affixed to other goods. [PL 1991, c. 805, §4 (NEW).]

(2). The interest of a lessor or a lessee under a lease contract entered into before the goods become accessions is superior to all interests in the whole except as stated in subsection (4) . [PL 1991, c. 805, §4 (NEW).]

(3). The interest of a lessor or a lessee under a lease contract entered into at the time or after the goods became accessions is superior to all subsequently acquired interests in the whole except as stated in subsection (4) but is subordinate to interests in the whole existing at the time the lease contract was made unless the holders of such interest in the whole have in writing consented to the lease or disclaimed an interest in the goods as part of the whole. [PL 1991, c. 805, §4 (NEW).]

(4). The interest of a lessor or a lessee under a lease contract described in subsection (2) or (3) is subordinate to the interest of: (a). A buyer in the ordinary course of business or a lessee in the ordinary course of business of any interest in the whole acquired after the goods became accessions; or [PL 1991, c. 805, §4 (NEW).] (b). A creditor with a security interest in the whole perfected before the lease contract was made to the extent that the creditor makes subsequent advances without knowledge of the lease contract. [PL 1991, c. 805, §4 (NEW).] [PL 1991, c. 805, §4 (NEW).]

(5). When under subsections (2) or (3) and (4) a lessor or a lessee of accessions holds an interest that is superior to all interests in the whole, the lessor or the lessee may, on default, expiration, termination or cancellation of the lease contract by the other party but subject to the provisions of the lease contract and this Article, or, if necessary to enforce the other rights and remedies under this Article, remove the goods from the whole, free and clear of all interests in the whole, but the lessor or the lessee must reimburse any holder of an interest in the whole 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 whole caused by the absence of the goods removed or by any necessity for 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).]