11 M.R.S. § 2-706 — ME Code / Title 11 / Chapter 2 / Section 2-706
11 §2-706. Seller's resale including contract for resale
Status: in_force

(1). Under the conditions stated in section 2‑703 on seller's remedies, the seller may resell the goods concerned or the undelivered balance thereof. Where the resale is made in good faith and in a commercially reasonable manner, the seller may recover the difference between the resale price and the contract price together with any incidental damages allowed under the provisions of this Article ( section 2‑710 ), but less expenses saved in consequence of the buyer's breach.

(2). Except as otherwise provided in subsection (3) or unless otherwise agreed, resale may be at public or private sale including sale by way of one or more contracts to sell or of identification to an existing contract of the seller. Sale may be as a unit or in parcels and at any time and place and on any terms but every aspect of the sale including the method, manner, time, place and terms must be commercially reasonable. The resale must be reasonably identified as referring to the broken contract, but it is not necessary that the goods be in existence or that any or all of them have been identified to the contract before the breach.

(3). Where the resale is at private sale the seller must give the buyer reasonable notification of his intention to resell.

(4). Where the resale is a public sale, (a). Only identified goods can be sold, except where there is a recognized market for a public sale of futures in goods of the kind; and (b). It must be made at a usual place or market for public sale if one is reasonably available and except in the case of goods which are perishable or threaten to decline in value speedily, the seller must give the buyer reasonable notice of the time and place of the resale; and (c). If the goods are not to be within the view of those attending the sale, the notification of sale must state the place where the goods are located and provide for their reasonable inspection by prospective bidders; and (d). The seller may buy.

(5). A purchaser who buys in good faith at a resale takes the goods free of any rights of the original buyer even though the seller fails to comply with one or more of the requirements of this section.

(6). The seller is not accountable to the buyer for any profit made on any resale. A person in the position of a seller ( section 2‑707 ) or a buyer who has rightfully rejected or justifiably revoked acceptance must account for any excess over the amount of his security interest, as hereinafter defined ( section 2‑711, subsection (3) ).
11 M.R.S. § 9-1517 — ME Code / Title 11 / Chapter 9-A / Section 9-1517
11 §9-1517. Effect of indexing errors
Status: in_force

The failure of the filing office to index a record correctly does not affect the effectiveness of the filed record. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 8-1401 — ME Code / Title 11 / Chapter 8-A / Section 8-1401
11 §8-1401. Duty of issuer to register transfer
Status: in_force

(1). If a certificated security in registered form is presented to an issuer with a request to register transfer or an instruction is presented to an issuer with a request to register transfer of an uncertificated security, the issuer shall register the transfer as requested if: (a). Under the terms of the security, the person seeking registration of transfer is eligible to have the security registered in its name; [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). The indorsement or instruction is made by the appropriate person or by an agent who has actual authority to act on behalf of the appropriate person; [PL 1997, c. 429, Pt. B, §2 (NEW).] (c). Reasonable assurance is given that the indorsement or instruction is genuine and authorized in accordance with section 8‑1402 ; [PL 1997, c. 429, Pt. B, §2 (NEW).] (d). Any applicable law relating to the collection of taxes has been complied with; [PL 1997, c. 429, Pt. B, §2 (NEW).] (e). The transfer does not violate any restriction on transfer imposed by the issuer in accordance with section 8‑1204 ; [PL 1997, c. 429, Pt. B, §2 (NEW).] (f). A demand that the issuer not register transfer has not become effective under section 8‑1403 , or the issuer has complied with section 8‑1403, subsection (2) but no legal process or indemnity bond is obtained as provided in section 8‑1403, subsection (4) ; and [PL 1997, c. 429, Pt. B, §2 (NEW).] (g). The transfer is in fact rightful or is to a protected purchaser. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]

(2). If an issuer is under a duty to register a transfer of a security, the issuer is liable to a person presenting a certificated security or an instruction for registration or to the person's principal for loss resulting from unreasonable delay in registration or failure or refusal to register the transfer. [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 7-1102 — ME Code / Title 11 / Chapter 7-A / Section 7-1102
11 §7-1102. Definitions and index of definitions
Status: in_force

(1). In this Article, unless the context otherwise requires, the following terms have the following meanings. (a). "Bailee" means a person that by a warehouse receipt, bill of lading or other document of title acknowledges possession of goods and contracts to deliver them. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (b). "Carrier" means a person that issues a bill of lading. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (c). "Consignee" means a person named in a bill of lading to which or to whose order the bill promises delivery. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (d). "Consignor" means a person named in a bill of lading as the person from which the goods have been received for shipment. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (e). "Delivery order" means a record that contains an order to deliver goods directed to a warehouse, carrier or other person that in the ordinary course of business issues warehouse receipts or bills of lading. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (f). "Good faith" means honesty in fact and the observance of reasonable commercial standards of fair dealing. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (g). "Goods" means all things that are treated as movable for the purposes of a contract for storage or transportation. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (h). "Issuer" means a bailee that issues a document of title or, in the case of an unaccepted delivery order, the person that orders the possessor of goods to deliver. The term includes a person for which an agent or employee purports to act in issuing a document if the agent or employee has real or apparent authority to issue documents, even if the issuer did not receive any goods, the goods were misdescribed or in any other respect the agent or employee violated the issuer's instructions. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (i). "Person entitled under the document" means the holder, in the case of a negotiable document of title, or the person to which delivery of the goods is to be made by the terms of, or pursuant to instructions in a record under, a nonnegotiable document of title. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (j). [PL 2023, c. 669, Pt. A, §54 (RP); PL 2023, c. 669, Pt. E, §1 (AFF).] (k). [PL 2023, c. 669, Pt. A, §55 (RP); PL 2023, c. 669, Pt. E, §1 (AFF).] (l). "Shipper" means a person that enters into a contract of transportation with a carrier. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (m). "Warehouse" means a person engaged in the business of storing goods for hire. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] [PL 2023, c. 669, Pt. A, §§54, 55 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). Definitions in other Articles applying to this Article and the sections in which they appear are: (a). "Contract for sale," section 2‑106 ; [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (b). "Lessee in the ordinary course of business," section 2‑1103 ; and [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (c). "Receipt" of goods, section 2‑103 . [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). In addition, Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 2-308 — ME Code / Title 11 / Chapter 2 / Section 2-308
11 §2-308. Absence of specified place for delivery
Status: in_force

Unless otherwise agreed

(1). The place for delivery of goods is the seller's place of business or if he has none his residence; but

(2). In a contract for sale of identified goods which to the knowledge of the parties at the time of contracting are in some other place, that place is the place for their delivery; and

(3). Documents of title may be delivered through customary banking channels.
11 M.R.S. § 8-1103 — ME Code / Title 11 / Chapter 8-A / Section 8-1103
11 §8-1103. Rules for determining whether certain obligations and interests are securities or financial assets
Status: in_force

(1). A share or similar equity interest issued by a corporation, business trust, joint stock company or similar entity is a security. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(2). An investment company security is a security. "Investment company security" means a share or similar equity interest issued by an entity that is registered as an investment company under the federal investment company laws, an interest in a unit investment trust that is so registered or a face-amount certificate issued by a face-amount certificate company that is so registered. "Investment company security" does not include an insurance policy or endowment policy or annuity contract issued by an insurance company. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(3). An interest in a partnership or limited liability company is not a security unless it is dealt in or traded on securities exchanges or in securities markets, its terms expressly provide that it is a security governed by this Article or it is an investment company security. An interest in a partnership or limited liability company is a financial asset if it is held in a securities account. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(4). A writing that is a security certificate is governed by this Article and not by Article 3‑A , even though it also meets the requirements of that Article. A negotiable instrument governed by Article 3‑A is a financial asset if it is held in a securities account. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(5). An option or similar obligation issued by a clearing corporation to its participants is not a security, but is a financial asset. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(6). A commodity contract, as defined in section 9‑1102, subsection (15) , is not a security or a financial asset. [PL 1999, c. 699, Pt. B, §20 (AMD); PL 1999, c. 699, Pt. B, §28 (AFF).]

(7). A document of title is not a financial asset unless section 8‑1102, subsection (1), paragraph (i) , subparagraph (iii) applies. [PL 2009, c. 324, Pt. B, §26 (NEW); PL 2009, c. 324, Pt. B, §48 (AFF).]

(8). A controllable account, controllable electronic record or controllable payment intangible is not a financial asset unless section 8‑1102, subsection (1), paragraph (i) , subparagraph (iii) applies. [PL 2023, c. 669, Pt. A, §59 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 3-1105 — ME Code / Title 11 / Chapter 3-A / Section 3-1105
11 §3-1105. Issue of instrument
Status: in_force

(1). "Issue" means: (a). The first delivery of an instrument by the maker or drawer, whether to a holder or nonholder, for the purpose of giving rights on the instrument to any person; or [PL 2023, c. 669, Pt. A, §34 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). If agreed to by the payee, the first transmission by the drawer to the payee of an image of an item and information derived from the item that enables the depositary bank to collect the item by transferring or presenting under federal law an electronic check. [PL 2023, c. 669, Pt. A, §34 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §34 (RPR); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). An unissued instrument, or an unissued incomplete instrument that is completed, is binding on the maker or drawer, but nonissuance is a defense. An instrument that is conditionally issued or is issued for a special purpose is binding on the maker or drawer, but failure to fulfill the condition or special purpose is a defense. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). "Issuer" applies to issued and unissued instruments and means a maker or drawer of an instrument. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 4-105 — ME Code / Title 11 / Chapter 4 / Section 4-105
11 §4-105. "Depositary bank"; "bank"; "payor bank"; "intermediary bank"; "collecting bank"; "presenting bank"
Status: in_force

In this Article, unless the context otherwise indicates, the following terms have the following meanings. [PL 1993, c. 293, Pt. B, §10 (AMD).]

(1). Depositary bank. "Depositary bank" means the first bank to take an item even though it is also the payor bank, unless the item is presented for immediate payment over the counter. [PL 1993, c. 293, Pt. B, §10 (AMD).]

(1-A). Bank. "Bank" means a person engaged in the business of banking, including a savings bank, savings and loan association, credit union or trust company. [PL 1993, c. 293, Pt. B, §10 (NEW).]

(2). Payor bank. "Payor bank" means a bank that is the drawee of a draft. [PL 1993, c. 293, Pt. B, §10 (AMD).]

(3). Intermediary bank. "Intermediary bank" means a bank to which an item is transferred in course of collection, except the depositary or payor bank. [PL 1993, c. 293, Pt. B, §10 (AMD).]

(4). Collecting bank. "Collecting bank" means a bank handling an item for collection, except the payor bank. [PL 1993, c. 293, Pt. B, §10 (AMD).]

(5). Presenting bank. "Presenting bank" means a bank presenting an item except a payor bank. [PL 1993, c. 293, Pt. B, §10 (AMD).]

(6). Remitting bank. [PL 1993, c. 293, Pt. B, §10 (RP).]
11 M.R.S. § 9-1314-A — ME Code / Title 11 / Chapter 9-A / Section 9-1314-A
11 §9-1314-A. Perfection by possession and control of chattel paper
Status: in_force

(1). A secured party may perfect a security interest in chattel paper by taking possession of each authoritative tangible copy of the record evidencing the chattel paper and obtaining control of each authoritative electronic copy of the electronic record evidencing the chattel paper. [PL 2023, c. 669, Pt. A, §111 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). A security interest is perfected under subsection (1) not earlier than the time the secured party takes possession and obtains control and remains perfected under subsection (1) only while the secured party retains possession and control. [PL 2023, c. 669, Pt. A, §111 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). Section 9‑1313, subsections (3) and (6) to (9) apply to perfection by possession of an authoritative tangible copy of a record evidencing chattel paper. [PL 2023, c. 669, Pt. A, §111 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 2-1406 — ME Code / Title 11 / Chapter 2-A / Section 2-1406
11 §2-1406. Procedure on excused performance
Status: in_force

(1). If the lessee receives notification of a material or indefinite delay or an allocation justified under section 2‑1405 , the lessee may, by written notification to the lessor as 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 under section 2‑1510 : (a). Terminate the lease contract under section 2‑1505, subsection (2) ; or [PL 1991, c. 805, §4 (NEW).] (b). Except in a finance lease that is not a consumer lease, modify the lease contract by accepting the available quota in substitution, with due allowance from the rent payable for the balance of the lease term for the deficiency but without further right against the lessor. [PL 1991, c. 805, §4 (NEW).] [PL 1991, c. 805, §4 (NEW).]

(2). If, after receipt of a notification from the lessor under section 2‑1405 , the lessee fails so to modify the lease agreement within a reasonable time not exceeding 30 days, the lease contract lapses with respect to any deliveries affected. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 2-318 — ME Code / Title 11 / Chapter 2 / Section 2-318
11 §2-318. When lack of privity no defense in action against manufacturer, seller or supplier of goods
Status: in_force

Lack of privity between plaintiff and defendant shall be no defense in any action brought against the manufacturer, seller or supplier of goods for breach of warranty, express or implied, although the plaintiff did not purchase the goods from the defendant, if the plaintiff was a person whom the manufacturer, seller or supplier might reasonably have expected to use, consume or be affected by the goods. [PL 1973, c. 441, §1 (RPR).]
11 M.R.S. § 9-1305 — ME Code / Title 11 / Chapter 9-A / Section 9-1305
11 §9-1305. Law governing perfection and priority of security interests in investment property
Status: in_force

(1). Except as otherwise provided in subsection (3) , the following rules apply. (a). While a security certificate is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a security interest in the certificated security represented thereby. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The local law of the issuer's jurisdiction as specified in section 8‑1110, subsection 1, paragraph (d) governs perfection, the effect of perfection or nonperfection and the priority of a security interest in an uncertificated security. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). The local law of the securities intermediary's jurisdiction as specified in section 8‑1110, subsection 1, paragraph (e) governs perfection, the effect of perfection or nonperfection and the priority of a security interest in a security entitlement or securities account. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). The local law of the commodity intermediary's jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a security interest in a commodity contract or commodity account. [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 following rules determine a commodity intermediary's jurisdiction for purposes of this Part. (a). If an agreement between the commodity intermediary and commodity customer governing the commodity account expressly provides that a particular jurisdiction is the commodity intermediary's jurisdiction for purposes of this Part, this Article, or this Title, that jurisdiction is the commodity intermediary's jurisdiction. [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 commodity intermediary and commodity customer governing the commodity account expressly provides that the agreement is governed by the law of a particular jurisdiction, that jurisdiction is the commodity intermediary's jurisdiction. [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 commodity intermediary and commodity customer governing the commodity account expressly provides that the commodity account is maintained at an office in a particular jurisdiction, that jurisdiction is the commodity intermediary's jurisdiction. [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 commodity intermediary's jurisdiction is the jurisdiction in which the office identified in an account statement as the office serving the commodity customer's account is located. [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 commodity intermediary's jurisdiction is the jurisdiction in which the chief executive office of the commodity intermediary is located. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (f). Paragraphs (b) , (c) and (e) apply even if the transaction does not bear any relation to the jurisdiction. [PL 2023, c. 669, Pt. A, §99 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §99 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). The local law of the jurisdiction in which the debtor is located governs: (a). Perfection of a security interest in investment property by filing; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Automatic perfection of a security interest in investment property created by a broker or securities intermediary; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Automatic perfection of a security interest in a commodity contract or commodity account created by a commodity intermediary. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 2-1205 — ME Code / Title 11 / Chapter 2-A / Section 2-1205
11 §2-1205. Firm offers
Status: in_force

An offer by a merchant to lease goods to or from another person in a signed record that by its terms gives assurance it will be held open is not revocable, for lack of consideration, during the time stated or, if no time is stated, for a reasonable time, but in no event may the period of irrevocability exceed 3 months. Any such term of assurance on a form supplied by the offeree must be separately signed by the offeror. [PL 2023, c. 669, Pt. A, §31 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 4-203 — ME Code / Title 11 / Chapter 4 / Section 4-203
11 §4-203. Effect of instructions
Status: in_force

Subject to Article 3‑A concerning conversion of instruments ( section 3‑1420 ) and restrictive indorsements ( section 3‑1206 ) only a collecting bank's transferor can give instructions that affect the bank or constitute notice to it and a collecting bank is not liable to prior parties for any action taken pursuant to the instructions or in accordance with any agreement with its transferor. [PL 1993, c. 680, Pt. A, §20 (AMD).]
11 M.R.S. § 9-1107 — ME Code / Title 11 / Chapter 9-A / Section 9-1107
11 §9-1107. Control of letter-of-credit right
Status: in_force

A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by the issuer or any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under section 5‑1114, subsection (3) or other applicable law or practice. [PL 2003, c. 510, Pt. A, §5 (AMD).]
11 M.R.S. § 9-1518 — ME Code / Title 11 / Chapter 9-A / Section 9-1518
11 §9-1518. Claim concerning inaccurate or wrongfully filed record
Status: in_force

(1). A person may file in the filing office an information statement with respect to a record indexed there under the person's name if the person believes that the record is inaccurate or was wrongfully filed. [PL 2013, c. 317, Pt. A, §26 (AMD).]

(2). An information statement under subsection (1) must: (a). Identify the record to which it relates by: (i) The file number assigned to the initial financing statement to which the record relates; and (ii) If the information statement relates to a record recorded in the county registry of deeds, the book and page in which the initial financing statement was recorded, the name of the debtor and the secured party and the information specified in section 9‑1502, subsection (2) ; [PL 2013, c. 317, Pt. A, §26 (AMD).] (b). Indicate that it is an information statement; and [PL 2013, c. 317, Pt. A, §26 (AMD).] (c). Provide the basis for the person's belief that the record is inaccurate and indicate the manner in which the person believes the record should be amended to cure any inaccuracy or provide the basis for the person's belief that the record was wrongfully filed. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 2013, c. 317, Pt. A, §26 (AMD).]

(2-A). A person may file in the filing office an information statement with respect to a record filed there if the person is a secured party of record with respect to the financing statement to which the record relates and believes that the person that filed the record was not entitled to do so under section 9‑1509, subsection (4) . [PL 2013, c. 317, Pt. A, §26 (NEW).]

(2-B). An information statement under subsection (2‑A) must: (a). Identify the record to which it relates by: (i) The file number assigned to the initial financing statement to which the record relates; and (ii) If the information statement relates to a record recorded in the county registry of deeds, the book and page in which the initial financing statement was recorded, the name of the debtor and the secured party and the information specified in section 9‑1502, subsection (2) ; [PL 2013, c. 317, Pt. A, §26 (NEW).] (b). Indicate that it is an information statement; and [PL 2013, c. 317, Pt. A, §26 (NEW).] (c). Provide the basis for the person's belief that the person that filed the record was not entitled to do so under section 9‑1509, subsection (4) . [PL 2013, c. 317, Pt. A, §26 (NEW).] [PL 2013, c. 317, Pt. A, §26 (NEW).]

(3). The filing of an information statement does not affect the effectiveness of an initial financing statement or other filed record. [PL 2013, c. 317, Pt. A, §26 (AMD).]
11 M.R.S. § 5-1114 — ME Code / Title 11 / Chapter 5-A / Section 5-1114
11 §5-1114. Assignment of proceeds
Status: in_force

(1). In this section, "proceeds of a letter of credit" means the cash, check, accepted draft or other item of value paid or delivered upon honor or giving of value by the issuer or any nominated person under the letter of credit. The term does not include a beneficiary's drawing rights or documents presented by the beneficiary. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(2). A beneficiary may assign its right to part or all of the proceeds of a letter of credit. The beneficiary may do so before presentation as a present assignment of its right to receive proceeds contingent upon its compliance with the terms and conditions of the letter of credit. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(3). An issuer or nominated person need not recognize an assignment of proceeds of a letter of credit until it consents to the assignment. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(4). An issuer or nominated person has no obligation to give or withhold its consent to an assignment of proceeds of a letter of credit, but consent may not be unreasonably withheld if the assignee possesses and exhibits the letter of credit and presentation of the letter of credit is a condition to honor. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(5). Rights of a transferee beneficiary or nominated person are independent of the beneficiary's assignment of the proceeds of a letter of credit and are superior to the assignee's right to the proceeds. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(6). Neither the rights recognized by this section between an assignee and an issuer, transferee beneficiary or nominated person nor the issuer's or nominated person's payment of proceeds to an assignee or a 3rd person affect the rights between the assignee and any person other than the issuer, transferee beneficiary or nominated person. The mode of creating and perfecting a security interest in or granting an assignment of a beneficiary's rights to proceeds is governed by Article 9 or other law. Against persons other than the issuer, transferee beneficiary or nominated person, the rights and obligations arising upon the creation of a security interest or other assignment of a beneficiary's right to proceeds and its perfection are governed by Article 9 or other law. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]
11 M.R.S. § 7-1205 — ME Code / Title 11 / Chapter 7-A / Section 7-1205
11 §7-1205. Title under warehouse receipt defeated in certain cases
Status: in_force

A buyer in ordinary course of business of fungible goods sold and delivered by a warehouse that is also in the business of buying and selling such goods takes the goods free of any claim under a warehouse receipt even if the receipt is negotiable and has been duly negotiated. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 4-103 — ME Code / Title 11 / Chapter 4 / Section 4-103
11 §4-103. Variation by agreement; measure of damages; action constituting ordinary care
Status: in_force

(1). The effect of the provisions of this Article may be varied by agreement, but the parties to the agreement can not disclaim a bank's responsibility for its lack of good faith or failure to exercise ordinary care or limit the measure of damages for the lack or failure. However, the parties may determine by agreement the standards by which the bank's responsibility is to be measured, if those standards are not manifestly unreasonable. [PL 1993, c. 293, Pt. B, §8 (AMD).]

(2). Federal Reserve regulations and operating circulars, clearinghouse rules and the like have the effect of agreements under subsection (1) , whether or not specifically assented to by all parties interested in items handled. [PL 1993, c. 293, Pt. B, §8 (AMD).]

(3). Action or nonaction approved by this Article or pursuant to federal reserve regulations or operating circulars is the exercise of ordinary care and, in the absence of special instructions, action or nonaction consistent with clearinghouse rules and the like or with a general banking usage not disapproved by this Article, is prima facie the exercise of ordinary care. [PL 1993, c. 293, Pt. B, §8 (AMD).]

(4). The specification or approval of certain procedures by this Article is not disapproval of other procedures that may be reasonable under the circumstances. [PL 1993, c. 293, Pt. B, §8 (AMD).]

(5). The measure of damages for failure to exercise ordinary care in handling an item is the amount of the item reduced by an amount that could not have been realized by the exercise of ordinary care. If there is also bad faith it includes any other damages the party suffered as a proximate consequence. [PL 1993, c. 293, Pt. B, §8 (AMD).]
11 M.R.S. § 2-1515 — ME Code / Title 11 / Chapter 2-A / Section 2-1515
11 §2-1515. Acceptance of goods
Status: in_force

(1). Acceptance of goods occurs after the lessee has had a reasonable opportunity to inspect the goods and: (a). The lessee signifies or acts with respect to the goods in a manner that signifies to the lessor or the supplier that the goods are conforming or that the lessee will take or retain them in spite of their nonconformity; or [PL 1991, c. 805, §4 (NEW).] (b). The lessee fails to make an effective rejection of the goods ( section 2‑1509, subsection (2) ). [PL 1991, c. 805, §4 (NEW).] [PL 1991, c. 805, §4 (NEW).]

(2). Acceptance of a part of any commercial unit is acceptance of that entire unit. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 9-1703 — ME Code / Title 11 / Chapter 9-A / Section 9-1703
11 §9-1703. Security interest perfected before effective date
Status: in_force

(1). A security interest that is enforceable immediately before this Article takes effect and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this Article if, when this Article takes effect, the applicable requirements for enforceability and perfection under this Article are satisfied without further action. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). Except as otherwise provided in section 9‑1705 , if, immediately before this Article takes effect, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under this Article are not satisfied when this Article takes effect, the security interest: (a). Is a perfected security interest for one year after this Article takes effect; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Remains enforceable thereafter only if the security interest becomes enforceable under section 9‑1203 before the year expires; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Remains perfected thereafter only if the applicable requirements for perfection under this Article are satisfied before the year expires. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 3-1310 — ME Code / Title 11 / Chapter 3-A / Section 3-1310
11 §3-1310. Effect of instrument on obligation for which taken
Status: in_force

(1). Unless otherwise agreed, if a certified check, cashier's check or teller's check is taken for an obligation, the obligation is discharged to the same extent discharge would result if an amount of money equal to the amount of the instrument were taken in payment of the obligation. Discharge of the obligation does not affect any liability that the obligor may have as an indorser of the instrument. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). Unless otherwise agreed and except as provided in subsection (1) , if a note or an uncertified check is taken for an obligation, the obligation is suspended to the same extent the obligation would be discharged if an amount of money equal to the amount of the instrument were taken and the following rules apply. (a). In the case of an uncertified check, suspension of the obligation continues until dishonor of the check or until it is paid or certified. Payment or certification of the check results in discharge of the obligation to the extent of the amount of the check. [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). In the case of a note, suspension of the obligation continues until dishonor of the note or until it is paid. Payment of the note results in discharge of the obligation to the extent of the payment. [PL 1993, c. 293, Pt. A, §2 (NEW).] (c). Except as provided in paragraph (d) , if the check or note is dishonored and the obligee of the obligation for which the instrument was taken is the person entitled to enforce the instrument, the obligee may enforce either the instrument or the obligation. In the case of an instrument of a 3rd person that is negotiated to the obligee by the obligor, discharge of the obligor on the instrument also discharges the obligation. [PL 1993, c. 293, Pt. A, §2 (NEW).] (d). If the person entitled to enforce the instrument taken for an obligation is a person other than the obligee, the obligee may not enforce the obligation to the extent the obligation is suspended. If the obligee is the person entitled to enforce the instrument but no longer has possession of it because it was lost, stolen or destroyed, the obligation may not be enforced to the extent of the amount payable on the instrument and to that extent the obligee's rights against the obligor are limited to enforcement of the instrument. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). If an instrument other than one described in subsection (1) or (2) is taken for an obligation, the effect is: (a). That effect stated in subsection (1) if the instrument is one on which a bank is liable as maker or acceptor; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). That effect stated in subsection (2) in any other case. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 4-1206 — ME Code / Title 11 / Chapter 4-A / Section 4-1206
11 §4-1206. Transmission of payment order through funds transfer or other communication system
Status: in_force

(1). If a payment order addressed to a receiving bank is transmitted to a funds transfer system or other 3rd-party communication system for transmittal to the bank, the system is deemed to be an agent of the sender for the purpose of transmitting the payment order to the bank. If there is a discrepancy between the terms of the payment order transmitted to the system and the terms of the payment order transmitted by the system to the bank, the terms of the payment order of the sender are those transmitted by the system. This section does not apply to a funds transfer system of the Federal Reserve Banks. [PL 1991, c. 812, §2 (NEW).]

(2). This section applies to cancellations and amendments of payment orders to the same extent it applies to payment orders. [PL 1991, c. 812, §2 (NEW).]
11 M.R.S. § 9-1608 — ME Code / Title 11 / Chapter 9-A / Section 9-1608
11 §9-1608. Application of proceeds of collection or enforcement; liability for deficiency and right to surplus
Status: in_force

(1). If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply. (a). A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under section 9‑1607 in the following order to: (i) The reasonable expenses of collection and enforcement and, to the extent provided for by agreement and not prohibited by law, reasonable attorney's fees and legal expenses incurred by the secured party; (ii) The satisfaction of obligations secured by the security interest or agricultural lien under which the collection or enforcement is made; and (iii) The satisfaction of obligations secured by any subordinate security interest in or other lien on the collateral subject to the security interest or agricultural lien under which the collection or enforcement is made if the secured party receives a signed demand for proceeds before distribution of the proceeds is completed. [PL 2023, c. 669, Pt. A, §145 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). If requested by a secured party, a holder of a subordinate security interest or other lien shall furnish reasonable proof of the interest or lien within a reasonable time. Unless the holder complies, the secured party need not comply with the holder's demand under paragraph (a) , subparagraph (iii). [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). A secured party need not apply or pay over for application noncash proceeds of collection and enforcement under section 9‑1607 unless the failure to do so would be commercially unreasonable. A secured party that applies or pays over for application noncash proceeds shall do so in a commercially reasonable manner. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). A secured party shall account to and pay a debtor for any surplus, and the obligor is liable for any deficiency. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 2023, c. 669, Pt. A, §145 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). If the underlying transaction is a sale of accounts, chattel paper, payment intangibles or promissory notes, the debtor is not entitled to any surplus, and the obligor is not liable for any deficiency. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 1-1206 — ME Code / Title 11 / Chapter 1-A / Section 1-1206
11 §1-1206. Presumptions
Status: in_force

Whenever the Uniform Commercial Code creates a "presumption" with respect to a fact, or provides that a fact is "presumed," the trier of fact must find the existence of the fact unless and until evidence is introduced that supports a finding of its nonexistence. [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).]
11 M.R.S. § 4-1103 — ME Code / Title 11 / Chapter 4-A / Section 4-1103
11 §4-1103. Payment order; definitions
Status: in_force

(1). In this Article: (a). "Payment order" means an instruction of a sender to a receiving bank, transmitted orally or in a record, to pay, or to cause another bank to pay, a fixed or determinable amount of money to a beneficiary if: (i) The instruction does not state a condition to payment to the beneficiary other than time of payment; (ii) The receiving bank is to be reimbursed by debiting an account of, or otherwise receiving payment from, the sender; and (iii) The instruction is transmitted by the sender directly to the receiving bank or to an agent, funds transfer system or communication system for transmittal to the receiving bank; [PL 2023, c. 669, Pt. A, §39 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). "Beneficiary" means the person to be paid by the beneficiary's bank; [PL 1991, c. 812, §2 (NEW).] (c). "Beneficiary's bank" means the bank identified in a payment order in which an account of the beneficiary is to be credited pursuant to the order or which otherwise is to make payment to the beneficiary if the order does not provide for payment to an account; [PL 1991, c. 812, §2 (NEW).] (d). "Receiving bank" means the bank to which the sender's instruction is addressed; and [PL 1991, c. 812, §2 (NEW).] (e). "Sender" means the person giving the instruction to the receiving bank. [PL 1991, c. 812, §2 (NEW).] [PL 2023, c. 669, Pt. A, §39 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). If an instruction complying with subsection (1), paragraph (a) is to make more than one payment to a beneficiary, the instruction is a separate payment order with respect to each payment. [PL 1991, c. 812, §2 (NEW).]

(3). A payment order is issued when it is sent to the receiving bank. [PL 1991, c. 812, §2 (NEW).]
11 M.R.S. § 7-1309 — ME Code / Title 11 / Chapter 7-A / Section 7-1309
11 §7-1309. Duty of care; contractual limitation of carrier's liability
Status: in_force

(1). A carrier that issues a bill of lading, whether negotiable or nonnegotiable, shall exercise the degree of care in relation to the goods that a reasonably careful person would exercise under similar circumstances. This subsection does not affect any statute, regulation or rule of law that imposes liability upon a common carrier for damages not caused by its negligence. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(2). Damages may be limited by a term in the bill of lading or in a transportation agreement that the carrier's liability may not exceed a value stated in the bill or transportation agreement if the carrier's rates are dependent upon value and the consignor is afforded an opportunity to declare a higher value and the consignor is advised of the opportunity. However, such a limitation is not effective with respect to the carrier's liability for conversion to its own use. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(3). Reasonable provisions as to the time and manner of presenting claims and commencing actions based on the shipment may be included in a bill of lading or a transportation agreement. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 5-1104 — ME Code / Title 11 / Chapter 5-A / Section 5-1104
11 §5-1104. Formal requirements
Status: in_force

A letter of credit, confirmation, advice, transfer, amendment or cancellation may be issued in any form that is a signed record. [PL 2023, c. 669, Pt. A, §50 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 2-323 — ME Code / Title 11 / Chapter 2 / Section 2-323
11 §2-323. Forms of bill of lading required in overseas shipment; "overseas"
Status: in_force

(1). Where the contract contemplates overseas shipment and contains a term C.I.F. or C.& F. or F.O.B. vessel, the seller unless otherwise agreed must obtain a negotiable bill of lading stating that the goods have been loaded on board or, in the case of a term C.I.F. or C.& F., received for shipment.

(2). Where in a case within subsection (1) a tangible bill of lading has been issued in a set of parts, unless otherwise agreed if the documents are not to be sent from abroad the buyer may demand tender of the full set; otherwise only one part of the bill of lading need be tendered. Even if the agreement expressly requires a full set (a). Due tender of a single part is acceptable within the provisions of this Article on cure of improper delivery ( section 2‑508, subsection (1) ); and (b). Even though the full set is demanded, if the documents are sent from abroad the person tendering an incomplete set may nevertheless require payments upon furnishing an indemnity which the buyer in good faith deems adequate. [PL 2009, c. 324, Pt. B, §7 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).]

(3). A shipment by water or by air or a contract contemplating such shipment is "overseas" in so far as by usage of trade or agreement it is subject to the commercial, financing or shipping practices characteristic of international deep water commerce.
11 M.R.S. § 9-1309 — ME Code / Title 11 / Chapter 9-A / Section 9-1309
11 §9-1309. Security interest perfected upon attachment
Status: in_force

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

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

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

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

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

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

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

(7). A security interest of a collecting bank arising under section 4‑210 ; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

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

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

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

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

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

(13). A security interest created by an assignment of a beneficial interest in a decedent's estate. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 8-1110 — ME Code / Title 11 / Chapter 8-A / Section 8-1110
11 §8-1110. Applicability; choice of law
Status: in_force

(1). The local law of the issuer's jurisdiction, as specified in subsection (4) , governs: (a). The validity of a security; [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). The rights and duties of the issuer with respect to registration of transfer; [PL 1997, c. 429, Pt. B, §2 (NEW).] (c). The effectiveness of registration of transfer by the issuer; [PL 1997, c. 429, Pt. B, §2 (NEW).] (d). Whether the issuer owes any duties to an adverse claimant to a security; and [PL 1997, c. 429, Pt. B, §2 (NEW).] (e). Whether an adverse claim can be asserted against a person to whom transfer of a certificated or uncertificated security is registered or a person who obtains control of an uncertificated security. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]

(2). The local law of the securities intermediary's jurisdiction, as specified in subsection (5) , governs: (a). Acquisition of a security entitlement from the securities intermediary; [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). The rights and duties of the securities intermediary and entitlement holder arising out of a security entitlement; [PL 1997, c. 429, Pt. B, §2 (NEW).] (c). Whether the securities intermediary owes any duties to an adverse claimant to a security entitlement; and [PL 1997, c. 429, Pt. B, §2 (NEW).] (d). Whether an adverse claim can be asserted against a person who acquires a security entitlement from the securities intermediary or a person who purchases a security entitlement or interest in a security entitlement from an entitlement holder. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]

(3). The local law of the jurisdiction in which a security certificate is located at the time of delivery governs whether an adverse claim can be asserted against a person to whom the security certificate is delivered. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(4). "Issuer's jurisdiction" means the jurisdiction under which the issuer of the security is organized or, if permitted by the law of that jurisdiction, the law of another jurisdiction specified by the issuer. An issuer organized under the law of this State may specify the law of another jurisdiction as the law governing the matters specified in subsection (1), paragraphs (b) to (e) . [PL 1997, c. 429, Pt. B, §2 (NEW).]

(5). The following rules determine a "securities intermediary's jurisdiction" for purposes of this section. (a). If an agreement between the securities intermediary and its entitlement holder governing the securities account expressly provides that a particular jurisdiction is the securities intermediary's jurisdiction for purposes of this part, this Article or this Title, that jurisdiction is the securities intermediary's jurisdiction. [PL 1999, c. 699, Pt. B, §22 (AMD); PL 1999, c. 699, Pt. B, §28 (AFF).] (a-1). If paragraph (a) does not apply and an agreement between the securities intermediary and its entitlement holder governing the securities account expressly provides that the agreement is governed by the law of a particular jurisdiction, that jurisdiction is the securities intermediary's jurisdiction. [PL 1999, c. 699, Pt. B, §22 (NEW); PL 1999, c. 699, Pt. B, §28 (AFF).] (b). If neither paragraph (a) nor (a‑1) applies and an agreement between the securities intermediary and its entitlement holder governing the securities account expressly provides that the securities account is maintained at an office in a particular jurisdiction, that jurisdiction is the securities intermediary's jurisdiction. [PL 1999, c. 699, Pt. B, §22 (AMD); PL 1999, c. 699, Pt. B, §28 (AFF).] (c). If none of the preceding paragraphs apply, the securities intermediary's jurisdiction is the jurisdiction in which the office identified in an account statement as the office serving the entitlement holder's account is located. [PL 1999, c. 699, Pt. B, §22 (AMD); PL 1999, c. 699, Pt. B, §28 (AFF).] (d). If none of the preceding paragraphs apply, the securities intermediary's jurisdiction is the jurisdiction in which the chief executive office of the securities intermediary is located. [PL 1999, c. 699, Pt. B, §22 (AMD); PL 1999, c. 699, Pt. B, §28 (AFF).] [PL 1999, c. 699, Pt. B, §22 (AMD); PL 1999, c. 699, Pt. B, §28 (AFF).]

(6). A securities intermediary's jurisdiction is not determined by the physical location of certificates representing financial assets or by the jurisdiction in which is organized the issuer of the financial asset with respect to which an entitlement holder has a security entitlement or by the location of facilities for data processing or other record keeping concerning the account. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(7). The local law of the issuer's jurisdiction or the securities intermediary's jurisdiction governs a matter or transaction specified in subsection (1) or (2) even if the matter or transaction does not bear any relation to the jurisdiction. [PL 2023, c. 669, Pt. A, §63 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 9-1707 — ME Code / Title 11 / Chapter 9-A / Section 9-1707
11 §9-1707. Amendment of preeffective-date financing statement
Status: in_force

(1). In this section, "preeffective-date financing statement" means a financing statement filed before this Article takes effect. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). After this Article takes effect, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a preeffective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in Part 3 . However, the effectiveness of a preeffective-date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(3). Except as otherwise provided in subsection (4) , if the law of this State governs perfection of a security interest, the information in a preeffective-date financing statement may be amended after this Article takes effect only if: (a). The preeffective-date financing statement and an amendment are filed in the office specified in section 9‑1501 ; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). An amendment is filed in the office specified in section 9‑1501 concurrently with or after the filing in that office of an initial financing statement that satisfies section 9‑1706, subsection (3) ; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). An initial financing statement that provides the information as amended and satisfies section 9‑1706, subsection (3) is filed in the office specified in section 9‑1501 . [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 the law of this State governs perfection of a security interest, the effectiveness of a preeffective-date financing statement may be continued only under section 9‑1705, subsections (4) and (6) or section 9‑1706 . [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(5). Whether or not the law of this State governs perfection of a security interest, the effectiveness of a preeffective-date financing statement filed in this State may be terminated after this Article takes effect by filing a termination statement in the office in which the preeffective-date financing statement is filed, unless an initial financing statement that satisfies section 9‑1706, subsection (3) has been filed in the office specified by the law of the jurisdiction governing perfection as provided in Part 3 as the office in which to file a financing statement. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 2-510 — ME Code / Title 11 / Chapter 2 / Section 2-510
11 §2-510. Effect of breach on risk of loss
Status: in_force

(1). Where a tender or delivery of goods so fails to conform to the contract as to give a right of rejection, the risk of their loss remains on the seller until cure or acceptance. [PL 1965, c. 306, §8 (AMD).]

(2). Where the buyer rightfully revokes acceptance, he may to the extent of any deficiency in his effective insurance coverage treat the risk of loss as having rested on the seller from the beginning.

(3). Where the buyer as to conforming goods already identified to the contract for sale repudiates or is otherwise in breach before risk of their loss has passed to him, the seller may to the extent of any deficiency in his effective insurance coverage treat the risk of loss as resting on the buyer for a commercially reasonable time.
11 M.R.S. § 2-1206 — ME Code / Title 11 / Chapter 2-A / Section 2-1206
11 §2-1206. Offer and acceptance in formation of lease contract
Status: in_force

(1). Unless otherwise unambiguously indicated by the language or circumstances, an offer to make a lease contract must be construed as inviting acceptance in any manner and by any medium reasonable in the circumstances. [PL 1991, c. 805, §4 (NEW).]

(2). If the beginning of a requested performance is a reasonable mode of acceptance, an offeror who is not notified of acceptance within a reasonable time may treat the offer as having lapsed before acceptance. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 4-501 — ME Code / Title 11 / Chapter 4 / Section 4-501
11 §4-501. Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor
Status: in_force

A bank that takes a documentary draft for collection shall present or send the draft and accompanying documents for presentment and, upon learning that the draft has not been paid or accepted in due course, shall seasonably notify its customer of the fact, even though it may have discounted or bought the draft or extended credit available for withdrawal as of right. [PL 1993, c. 293, Pt. B, §45 (AMD).]
11 M.R.S. § 4-1406 — ME Code / Title 11 / Chapter 4-A / Section 4-1406
11 §4-1406. Payment by originator to beneficiary; discharge of underlying obligation
Status: in_force

(1). Subject to section 4‑1211, subsection (5) and section 4‑1405, subsections (4) and (5) , the originator of a funds transfer pays the beneficiary of the originator's payment order at the time a payment order for the benefit of the beneficiary is accepted by the beneficiary's bank in the funds transfer and in an amount equal to the amount of the order accepted by the beneficiary's bank, but not more than the amount of the originator's order. [PL 1991, c. 812, §2 (NEW).]

(2). If payment under subsection (1) is made to satisfy an obligation, the obligation is discharged to the same extent discharge would result from payment to the beneficiary of the same amount in money, unless: (a). The payment under subsection (1) was made by a means prohibited by the contract of the beneficiary with respect to the obligation; [PL 1991, c. 812, §2 (NEW).] (b). The beneficiary, within a reasonable time after receiving notice of receipt of the order by the beneficiary's bank, notified the originator of the beneficiary's refusal of the payment; [PL 1991, c. 812, §2 (NEW).] (c). Funds with respect to the order were not withdrawn by the beneficiary or applied to a debt of the beneficiary; and [PL 1991, c. 812, §2 (NEW).] (d). The beneficiary would suffer a loss that could reasonably have been avoided if payment had been made by a means complying with the contract. [PL 1991, c. 812, §2 (NEW).] If payment by the originator does not result in discharge under this section, the originator is subrogated to the rights of the beneficiary to receive payment from the beneficiary's bank under section 4‑1404, subsection (1) . [PL 1991, c. 812, §2 (NEW).]

(3). For the purpose of determining whether discharge of an obligation occurs under subsection (2) , if the beneficiary's bank accepts a payment order in an amount equal to the amount of the originator's payment order less charges of one or more receiving banks in the funds transfer, payment to the beneficiary is deemed to be in the amount of the originator's order unless, upon demand by the beneficiary, the originator does not pay the beneficiary the amount of the deducted charges. [PL 1991, c. 812, §2 (NEW).]

(4). Rights of the originator or of the beneficiary of a funds transfer under this section may be varied only by agreement of the originator and the beneficiary. [PL 1991, c. 812, §2 (NEW).]
11 M.R.S. § 2-719 — ME Code / Title 11 / Chapter 2 / Section 2-719
11 §2-719. Contractual modification or limitation of remedy
Status: in_force

(1). Subject to the provisions of subsections (2) and (3) of this section and of section 2‑718 on liquidation and limitation of damages: (a). The agreement may provide for remedies in addition to or in substitution for those provided in this Article and may limit or alter the measure of damages recoverable under this Article, as by limiting the buyer's remedies to return of the goods and repayment of the price or to repair and replacement of nonconforming goods or parts; and (b). Resort to a remedy as provided is optional unless the remedy is expressly agreed to be exclusive, in which case it is the sole remedy.

(2). Where circumstances cause an exclusive or limited remedy to fail of its essential purpose, remedy may be had as provided in this Title.

(3). Consequential damages may be limited or excluded unless the limitation or exclusion is unconscionable. Limitation of consequential damages for injury to the person in the case of consumer goods is prima facie unconscionable but limitation of damages where the loss is commercial is not.
11 M.R.S. § 7-1210 — ME Code / Title 11 / Chapter 7-A / Section 7-1210
11 §7-1210. Enforcement of warehouse's lien
Status: in_force

(1). Except as otherwise provided in subsection (2) , a warehouse's lien 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 warehouse is not of itself sufficient to establish that the sale was not made in a commercially reasonable manner. The warehouse sells in a commercially reasonable manner if the warehouse 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). A warehouse may enforce its lien on goods, other than goods stored by a merchant in the course of its business, only if the following requirements are satisfied: (a). All persons known to claim an interest in the goods must be notified; [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (b). The notification must include an itemized statement of the claim, a description of the goods subject to the lien, a demand for payment within a specified time not less than 10 days after receipt of the notification and a conspicuous statement that unless the claim is paid within that time the goods will be advertised for sale and sold by auction at a specified time and place; [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (c). The sale must conform to the terms of the notification; [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (d). The sale must be held at the nearest suitable place to where the goods are held or stored; and [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (e). After the expiration of the time given in the notification, an advertisement of the sale must be published once a week for 2 weeks consecutively in a newspaper of general circulation where the sale is to be held. The advertisement must include a description of the goods, the name of the person on whose account the goods are being held and the time and place of the sale. The sale must take place at least 15 days after the first publication. If there is no newspaper of general circulation where the sale is to be held, the advertisement must be posted at least 10 days before the sale in not fewer than 6 conspicuous places in the neighborhood of the proposed sale. [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). 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 warehouse subject to the terms of the receipt and this Article. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

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

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

(6). A warehouse 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 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).]

(7). 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).]

(8). If a lien is on goods stored by a merchant in the course of its business, the lien may be enforced in accordance with subsection (1) or (2) . [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(9). A warehouse 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. § 3-1113 — ME Code / Title 11 / Chapter 3-A / Section 3-1113
11 §3-1113. Date of instrument
Status: in_force

(1). An instrument may be antedated or postdated. The date stated determines the time of payment if the instrument is payable at a fixed period after date. Except as provided in section 4‑401, subsection (1‑B) , an instrument payable on demand is not payable before the date of the instrument. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). If an instrument is undated, its date is the date of its issue or, in the case of an unissued instrument, the date it first comes into possession of a holder. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 3-1411 — ME Code / Title 11 / Chapter 3-A / Section 3-1411
11 §3-1411. Refusal to pay cashier's checks, teller's checks and certified checks
Status: in_force

(1). In this section, "obligated bank" means the acceptor of a certified check or the issuer of a cashier's check or teller's check bought from the issuer. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). The person asserting the right to enforce the check is entitled to compensation for expenses and loss of interest resulting from the nonpayment and may recover consequential damages if the obligated bank refuses to pay after receiving notice of particular circumstances giving rise to the damages and if the obligated bank wrongfully: (a). Refuses to pay a cashier's check or certified check; [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). Stops payment of a teller's check; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (c). Refuses to pay a dishonored teller's check. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). Expenses or consequential damages under subsection (2) are not recoverable if the refusal of the obligated bank to pay occurs because: (a). The bank suspends payments; [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). The obligated bank asserts a claim or defense of the bank that it has reasonable grounds to believe is available against the person entitled to enforce the instrument; [PL 1993, c. 293, Pt. A, §2 (NEW).] (c). The obligated bank has a reasonable doubt whether the person demanding payment is the person entitled to enforce the instrument; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (d). Payment is prohibited by law. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 7-1703 — ME Code / Title 11 / Chapter 7-A / Section 7-1703
11 §7-1703. Savings clause
Status: repealed

A document of title issued or a bailment that arises before February 15, 2010 and the rights, obligations and interests flowing from that document or bailment are governed by any statute or other rule amended or repealed by this Act as if amendment or repeal had not occurred and may be terminated, completed, consummated or enforced under that statute or other rule. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 9-1307 — ME Code / Title 11 / Chapter 9-A / Section 9-1307
11 §9-1307. Location of debtor
Status: in_force

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

(2). Except as otherwise provided in this section, the following rules determine a debtor's location. (a). A debtor who is an individual is located at the individual's principal residence. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). A debtor that is an organization and has only one place of business is located at its place of business. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). A debtor that is an organization and has more than one place of business is located at its chief executive office. [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). Subsection (2) applies only if a debtor's residence, place of business or chief executive office, as applicable, is located in a jurisdiction whose law generally requires information concerning the existence of a nonpossessory security interest to be made generally available in a filing, recording or registration system as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the collateral. If subsection (2) does not apply, the debtor is located in the District of Columbia. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

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

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

(6). Except as otherwise provided in subsection (9) , a registered organization that is organized under the law of the United States and a branch or agency of a bank that is not organized under the law of the United States or a state are located: (a). In the state that the law of the United States designates, if the law designates a state of location; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). In the state that the registered organization, branch or agency designates, if the law of the United States authorizes the registered organization, branch or agency to designate its state of location, including by designating its main office, home office or other corporate office; or [PL 2013, c. 317, Pt. A, §12 (AMD).] (c). In the District of Columbia, if neither paragraph (a) nor paragraph (b) applies. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 2013, c. 317, Pt. A, §12 (AMD).]

(7). A registered organization continues to be located in the jurisdiction specified by subsection (5) or (6) notwithstanding: (a). The suspension, revocation, forfeiture or lapse of the registered organization's status as such in its jurisdiction of organization; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The dissolution, winding up or cancellation of the existence of the registered organization. [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).]

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

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

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

(11). This section applies only for purposes of this Part. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 3-1201 — ME Code / Title 11 / Chapter 3-A / Section 3-1201
11 §3-1201. Negotiation
Status: in_force

(1). "Negotiation" means a transfer of possession, whether voluntary or involuntary, of an instrument by a person other than the issuer to a person who thereby becomes its holder. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). Except for negotiation by a remitter, if an instrument is payable to an identified person, negotiation requires transfer of possession of the instrument and its indorsement by the holder. If an instrument is payable to bearer, it may be negotiated by transfer of possession alone. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 3-1601 — ME Code / Title 11 / Chapter 3-A / Section 3-1601
11 §3-1601. Discharge and effect of discharge
Status: in_force

(1). The obligation of a party to pay the instrument is discharged as stated in this Article or by an act or agreement with the party that would discharge an obligation to pay money under a simple contract. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). Discharge of the obligation of a party is not effective against a person acquiring rights of a holder in due course of the instrument without notice of the discharge. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 10-108 — ME Code / Title 11 / Chapter 10 / Section 10-108
11 §10-108. Presumption that rule of law continues unchanged
Status: in_force

Unless a change in law has clearly been made, the new code shall be deemed declaratory of the meaning of the old code. [PL 1977, c. 586 (NEW).]
11 M.R.S. § 9-1312 — ME Code / Title 11 / Chapter 9-A / Section 9-1312
11 §9-1312. Perfection of security interests in chattel paper, controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, negotiable documents, goods covered by documents, instruments, investment property, letter-of-credit rights and money; perfection by permissive filing; temporary perfection without filing or transfer of possession
Status: in_force

(1). A security interest in chattel paper, controllable accounts, controllable electronic records, controllable payment intangibles, instruments, investment property or negotiable documents may be perfected by filing. [PL 2023, c. 669, Pt. A, §105 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). Except as otherwise provided in section 9‑1315, subsections (3) and (4) for proceeds: (a). A security interest in a deposit account may be perfected only by control under section 9‑1314 ; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Except as otherwise provided in section 9‑1308, subsection (4) , a security interest in a letter-of-credit right may be perfected only by control under section 9‑1314 ; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). A security interest in money may be perfected only by the secured party's taking possession under section 9‑1313 . [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). While goods are in the possession of a bailee that has issued a negotiable document covering the goods: (a). A security interest in the goods may be perfected by perfecting a security interest in the document; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). A security interest perfected in the document has priority over any security interest that becomes perfected in the goods by another method during that time. [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). While goods are in the possession of a bailee that has issued a nonnegotiable document covering the goods, a security interest in the goods may be perfected by: (a). Issuance of a document in the name of the secured party; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The bailee's receipt of notification of the secured party's interest; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Filing as to the goods. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(5). A security interest in certificated securities, negotiable documents or instruments is perfected without filing or the taking of possession or control for a period of 20 days from the time it attaches to the extent that it arises for new value given under a signed security agreement. [PL 2023, c. 669, Pt. A, §106 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(6). A perfected security interest in a negotiable document or goods in possession of a bailee, other than one that has issued a negotiable document for the goods, remains perfected for 20 days without filing if the secured party makes available to the debtor the goods or documents representing the goods for the purpose of: (a). Ultimate sale or exchange; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Loading, unloading, storing, shipping, transshipping, manufacturing, processing or otherwise dealing with them in a manner preliminary to their sale or exchange. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(7). A perfected security interest in a certificated security or instrument remains perfected for 20 days without filing if the secured party delivers the security certificate or instrument to the debtor for the purpose of: (a). Ultimate sale or exchange; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Presentation, collection, enforcement, renewal or registration of transfer. [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).]

(8). After the 20-day period specified in subsection (5) , (6) or (7) expires, perfection depends upon compliance with this Article. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 4-105-A — ME Code / Title 11 / Chapter 4 / Section 4-105-A
11 §4-105-A. Payable through or payable at bank; collecting bank
Status: in_force

(1). If an item states that it is "payable through" a bank identified in the item: (a). The item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item; and [PL 1993, c. 293, Pt. B, §11 (NEW).] (b). The item may be presented for payment only by or through the bank. [PL 1993, c. 293, Pt. B, §11 (NEW).] [PL 1993, c. 293, Pt. B, §11 (NEW).]

(2). If an item states that it is "payable at" a bank identified in the item, the item is equivalent to a draft drawn on that bank. [PL 1993, c. 293, Pt. B, §11 (NEW).]

(3). If a draft names a nonbank drawee and it is unclear whether a bank named in the draft is a co-drawee or a collecting bank, the bank is a collecting bank. [PL 1993, c. 293, Pt. B, §11 (NEW).]
11 M.R.S. § 9-1313 — ME Code / Title 11 / Chapter 9-A / Section 9-1313
11 §9-1313. When possession by or delivery to secured party perfects security interest without filing
Status: in_force

(1). Except as otherwise provided in subsection (2) , a secured party may perfect a security interest in goods, instruments, negotiable tangible documents or money by taking possession of the collateral. A secured party may perfect a security interest in certificated securities by taking delivery of the certificated securities under section 8‑1301 . [PL 2023, c. 669, Pt. A, §107 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

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

(3). With respect to collateral other than certificated securities and goods covered by a document, a secured party takes possession of collateral in the possession of a person other than the debtor, the secured party or a lessee of the collateral from the debtor in the ordinary course of the debtor's business, when: (a). The person in possession signs a record acknowledging that it holds possession of the collateral for the secured party's benefit; or [PL 2023, c. 669, Pt. A, §108 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). The person takes possession of the collateral after having signed a record acknowledging that it will hold possession of the collateral for the secured party's benefit. [PL 2023, c. 669, Pt. A, §108 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §108 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(4). If perfection of a security interest depends upon possession of the collateral by a secured party, perfection occurs not earlier than the time the secured party takes possession and continues only while the secured party retains possession. [PL 2023, c. 669, Pt. A, §109 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

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

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

(7). If a person acknowledges that it holds possession for the secured party's benefit: (a). The acknowledgment is effective under subsection (3) or section 8‑1301, subsection (1) , even if the acknowledgment violates the rights of a debtor; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Unless the person otherwise agrees or law other than this Article otherwise provides, the person does not owe any duty to the secured party and is not required to confirm the acknowledgment to another person. [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).]

(8). A secured party having possession of collateral does not relinquish possession by delivering the collateral to a person other than the debtor or a lessee of the collateral from the debtor in the ordinary course of the debtor's business if the person was instructed before the delivery or is instructed contemporaneously with the delivery: (a). To hold possession of the collateral for the secured party's benefit; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). To redeliver the collateral to the secured party. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(9). A secured party does not relinquish possession, even if a delivery under subsection (8) violates the rights of a debtor. A person to which collateral is delivered under subsection (8) does not owe any duty to the secured party and is not required to confirm the delivery to another person unless the person otherwise agrees or law other than this Article otherwise provides. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 9-1308 — ME Code / Title 11 / Chapter 9-A / Section 9-1308
11 §9-1308. When security interest or agricultural lien is perfected; continuity of perfection
Status: in_force

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

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

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

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

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

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

(7). Perfection of a security interest in a commodity account also perfects a security interest in the commodity contracts carried in the commodity account. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 2-326 — ME Code / Title 11 / Chapter 2 / Section 2-326
11 §2-326. Sale on approval and sale or return; rights of creditors
Status: in_force

(1). Unless otherwise agreed, if delivered goods may be returned by the buyer even though they conform to the contract, the transaction is (a). A "sale on approval," if the goods are delivered primarily for use; and (b). A "sale or return," if the goods are delivered primarily for resale.

(2). Goods held on approval are not subject to the claims of the buyer's creditors until acceptance; goods held on sale or return are subject to such claims while in the buyer's possession. [PL 1999, c. 699, Pt. B, §8 (RP); PL 1999, c. 699, Pt. B, §28 (AFF).]

(3). [PL 1999, c. 699, Pt. B, §8 (RP); PL 1999, c. 699, Pt. B, §28 (AFF).]

(4). Any "or return" term of a contract for sale is to be treated as a separate contract for sale within the statute of frauds section of this Article ( section 2‑201 ) and as contradicting the sale aspect of the contract within the provisions of this Article on parol or extrinsic evidence ( section 2‑202 ).
11 M.R.S. § 4-302 — ME Code / Title 11 / Chapter 4 / Section 4-302
11 §4-302. Payor bank's responsibility for late return of item
Status: in_force

(1). If an item is presented to and received by a payor bank, the bank is accountable for the amount of: (a). A demand item, other than a documentary draft, whether properly payable or not, if the bank, in any case in which it is not also the depositary bank, retains the item beyond midnight of the banking day of receipt without settling for it or, whether or not it is also the depositary bank, does not pay or return the item or send notice of dishonor until after its midnight deadline; or [PL 1993, c. 293, Pt. B, §37 (NEW).] (b). Any other properly payable item, unless, within the time allowed for acceptance or payment of that item, the bank either accepts or pays the item or returns it and accompanying documents. [PL 1993, c. 293, Pt. B, §37 (NEW).] [PL 1993, c. 293, Pt. B, §37 (RPR).]

(2). The liability of a payor bank to pay an item pursuant to subsection (1) is subject to defenses based on breach of a presentment warranty ( section 4‑207‑B ) or proof that the person seeking enforcement of the liability presented or transferred the item for the purpose of defrauding the payor bank. [PL 1993, c. 293, Pt. B, §37 (RPR).]
11 M.R.S. § 7-1201 — ME Code / Title 11 / Chapter 7-A / Section 7-1201
11 §7-1201. Person that may issue a warehouse receipt;  storage under bond
Status: in_force

(1). A warehouse receipt may be issued by any warehouse. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(2). If goods, including distilled spirits and agricultural commodities, are stored under a statute requiring a bond against withdrawal or a license for the issuance of receipts in the nature of warehouse receipts, a receipt issued for the goods is deemed to be a warehouse receipt even if issued by a person that is the owner of the goods and is not a warehouse. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 9-1601 — ME Code / Title 11 / Chapter 9-A / Section 9-1601
11 §9-1601. Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles or promissory notes
Status: in_force

(1). After default, a secured party has the rights provided in this part and, except as otherwise provided in section 9‑1602 , those provided by agreement of the parties. A secured party: (a). May reduce a claim to judgment or foreclose or otherwise enforce the claim, security interest or agricultural lien by any available judicial procedure; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). If the collateral is documents, may proceed either as to the documents or as to the goods they cover. [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 secured party in possession of collateral or control of collateral under section 7‑1106 , 9‑1104 , 9‑1105‑A , 9‑1106 , 9‑1107 or 9‑1107‑A has the rights and duties provided in section 9‑1207 . [PL 2023, c. 669, Pt. A, §143 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). The rights under subsections (1) and (2) are cumulative and may be exercised simultaneously. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(4). Except as otherwise provided in subsection (7) and section 9‑1605 , after default, a debtor and an obligor have the rights provided in this part and by agreement of the parties. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(5). If a secured party has reduced its claim to judgment, the lien of any levy that may be made upon the collateral by virtue of an execution based upon the judgment relates back to the earliest of: (a). The date of perfection of the security interest or agricultural lien in the collateral; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The date of filing a financing statement covering the collateral; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Any date specified in a statute under which the agricultural lien was created. [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 sale pursuant to an execution is a foreclosure of the security interest or agricultural lien by judicial procedure within the meaning of this section. A secured party may purchase at the sale and thereafter hold the collateral free of any other requirements of this Article. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(7). Except as otherwise provided in section 9‑1607, subsection (3) , this part imposes no duties upon a secured party that is a consignor or is a buyer 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).]
11 M.R.S. § 9-1609 — ME Code / Title 11 / Chapter 9-A / Section 9-1609
11 §9-1609. Secured party's right to take possession after default
Status: in_force

(1). After default, a secured party: (a). May take possession of the collateral; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Without removal, may render equipment unusable and dispose of collateral on a debtor's premises under section 9‑1610 . [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 secured party may proceed under subsection (1) : (a). Pursuant to judicial process; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Without judicial process if it proceeds without breach of the peace. [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). If so agreed, and in any event after default, a secured party may require the debtor to assemble the collateral and make it available to the secured party at a place to be designated by the secured party that is reasonably convenient to both parties. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 2-504 — ME Code / Title 11 / Chapter 2 / Section 2-504
11 §2-504. Shipment by seller
Status: in_force

Where the seller is required or authorized to send the goods to the buyer and the contract does not require him to deliver them at a particular destination, then unless otherwise agreed he must

(1). Put the goods in the possession of such a carrier and make such a contract for their transportation as may be reasonable having regard to the nature of the goods and other circumstances of the case; and

(2). Obtain and promptly deliver or tender in due form any document necessary to enable the buyer to obtain possession of the goods or otherwise required by the agreement or by usage of trade; and

(3). Promptly notify the buyer of the shipment.

Failure to notify the buyer under subsection (3) or to make a proper contract under subsection (1) is a ground for rejection only if material delay or loss ensues.
11 M.R.S. § 9-1617 — ME Code / Title 11 / Chapter 9-A / Section 9-1617
11 §9-1617. Rights of transferee of collateral
Status: in_force

(1). A secured party's disposition of collateral after default: (a). Transfers to a transferee for value all of the debtor's rights in the collateral; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Discharges the security interest under which the disposition is made; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Discharges any subordinate security interest or other subordinate lien. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). A transferee that acts in good faith takes free of the rights and interests described in subsection (1) , even if the secured party fails to comply with this Article or the requirements of any judicial proceeding. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(3). If a transferee does not take free of the rights and interests described in subsection (1) , the transferee takes the collateral subject to: (a). The debtor's rights in the collateral; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The security interest or agricultural lien under which the disposition is made; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Any security interest or other lien. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 4-1304 — ME Code / Title 11 / Chapter 4-A / Section 4-1304
11 §4-1304. Duty of sender to report erroneously executed payment order
Status: in_force

If the sender of a payment order that is erroneously executed as stated in section 4‑1303 receives notification from the receiving bank that the order was executed or that the sender's account was debited with respect to the order, the sender has a duty to exercise ordinary care to determine, on the basis of information available to the sender, that the order was erroneously executed and to notify the bank of the relevant facts within a reasonable time not exceeding 90 days after the notification from the bank was received by the sender. If the sender fails to perform that duty, the bank is not obliged to pay interest on any amount refundable to the sender under section 4‑1402, subsection (4) for the period before the bank learns of the execution error. The bank is not entitled to any recovery from the sender because the sender failed to perform the duty stated in this section. [PL 1991, c. 812, §2 (NEW).]
11 M.R.S. § 4-211-A — ME Code / Title 11 / Chapter 4 / Section 4-211-A
11 §4-211-A. Medium and time of settlement by bank
Status: in_force

(1). With respect to settlement by a bank, the medium and time of settlement may be prescribed by Federal Reserve regulations or circulars, clearinghouse rules and the like or agreement. In the absence of such prescription: (a). The medium of settlement is cash or credit to an account in a Federal Reserve bank of or specified by the person to receive settlement; and [PL 1993, c. 293, Pt. B, §32 (NEW).] (b). The time of settlement is: (i) With respect to tender of settlement by cash, a cashier's check or teller's check, when the cash or check is sent or delivered; (ii) With respect to tender of settlement by credit in an account in a Federal Reserve bank, when the credit is made; (iii) With respect to tender of settlement by a credit or debit to an account in a bank, when the credit or debit is made or, in the case of tender of settlement by authority to charge an account, when the authority is sent or delivered; or (iv) With respect to tender of settlement by a funds transfer, when payment is made pursuant to section 4‑1406, subsection (1) to the person receiving settlement. [PL 1993, c. 293, Pt. B, §32 (NEW).] [PL 1993, c. 293, Pt. B, §32 (NEW).]

(2). If the tender of settlement is not by a medium authorized by subsection (1) or the time of settlement is not fixed by subsection (1) , no settlement occurs until the tender of settlement is accepted by the person receiving settlement. [PL 1993, c. 293, Pt. B, §32 (NEW).]

(3). If settlement for an item is made by cashier's check or teller's check and, before its midnight deadline, the person receiving settlement: (a). Presents or forwards the check for collection, settlement is final when the check is finally paid; or [PL 1993, c. 293, Pt. B, §32 (NEW).] (b). Fails to present or forward the check for collection, settlement is final at the midnight deadline of the person receiving settlement. [PL 1993, c. 293, Pt. B, §32 (NEW).] [PL 1993, c. 293, Pt. B, §32 (NEW).]

(4). If settlement for an item is made by giving authority to charge the account of the bank giving settlement in the bank receiving settlement, settlement is final when the charge is made by the bank receiving settlement if there are funds available in the account for the amount of the item. [PL 1993, c. 293, Pt. B, §32 (NEW).]
11 M.R.S. § 2-1532 — ME Code / Title 11 / Chapter 2-A / Section 2-1532
11 §2-1532. Lessor's rights to residual interest
Status: in_force

In addition to any other recovery permitted by this Article or other law, the lessor may recover from the lessee an amount that will fully compensate the lessor for any loss of or damage to the lessor's residual interest in the goods caused by the default of the lessee. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 4-1210 — ME Code / Title 11 / Chapter 4-A / Section 4-1210
11 §4-1210. Rejection of payment order
Status: in_force

(1). A payment order is rejected by the receiving bank by a notice of rejection transmitted to the sender orally or in a record. A notice of rejection need not use any particular words and is sufficient if it indicates that the receiving bank is rejecting the order or will not execute or pay the order. Rejection is effective when the notice is given if transmission is by a means that is reasonable in the circumstances. If notice of rejection is given by a means that is not reasonable, rejection is effective when the notice is received. If an agreement of the sender and receiving bank establishes the means to be used to reject a payment order, any means complying with the agreement is reasonable and any means not complying is not reasonable unless no significant delay in receipt of the notice resulted from the use of the noncomplying means. [PL 2023, c. 669, Pt. A, §46 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). This subsection applies if a receiving bank other than the beneficiary's bank fails to execute a payment order despite the existence on the execution date of a withdrawable credit balance in an authorized account of the sender sufficient to cover the order. If the sender does not receive notice of rejection of the order on the execution date and the authorized account of the sender does not bear interest, the bank is obliged to pay interest to the sender on the amount of the order for the number of days elapsing after the execution date to the earlier of the day the order is canceled pursuant to section 4‑1211, subsection (4) or the day the sender receives notice or learns that the order was not executed, counting the final day of the period as an elapsed day. If the withdrawable credit balance during that period falls below the amount of the order, the amount of interest is reduced accordingly. [PL 1991, c. 812, §2 (NEW).]

(3). If a receiving bank suspends payments, all unaccepted payment orders issued to it are deemed rejected at the time the bank suspends payments. [PL 1991, c. 812, §2 (NEW).]

(4). Acceptance of a payment order precludes a later rejection of the order. Rejection of a payment order precludes a later acceptance of the order. [PL 1991, c. 812, §2 (NEW).]
11 M.R.S. § 3-1101 — ME Code / Title 11 / Chapter 3-A / Section 3-1101
11 §3-1101. Short title
Status: in_force

This Article is known and may be cited as "Uniform Commercial Code -- Negotiable Instruments." [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 2-1401 — ME Code / Title 11 / Chapter 2-A / Section 2-1401
11 §2-1401. Insecurity; adequate assurance of performance
Status: in_force

(1). A lease contract imposes an obligation on each party that the other's expectation of receiving due performance will not be impaired. [PL 1991, c. 805, §4 (NEW).]

(2). If reasonable grounds for insecurity arise with respect to the performance of either party, the insecure party may demand in writing adequate assurance of due performance. Until the insecure party receives that assurance, if commercially reasonable, the insecure party may suspend any performance for which the insecure party has not already received the agreed return. [PL 1991, c. 805, §4 (NEW).]

(3). A repudiation of the lease contract occurs if assurance of due performance adequate under the circumstances of the particular case is not provided to the insecure party within a reasonable time not to exceed 30 days after receipt of a demand by the other party. [PL 1991, c. 805, §4 (NEW).]

(4). Between merchants, the reasonableness of grounds for insecurity and the adequacy of any assurance offered must be determined according to commercial standards. [PL 1991, c. 805, §4 (NEW).]

(5). Acceptance of any nonconforming delivery or payment does not prejudice the aggrieved party's right to demand adequate assurance of future performance. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 5-1109 — ME Code / Title 11 / Chapter 5-A / Section 5-1109
11 §5-1109. Fraud and forgery
Status: in_force

(1). If a presentation is made that appears on its face strictly to comply with the terms and conditions of the letter of credit, but a required document is forged or materially fraudulent, or honor of the presentation would facilitate a material fraud by the beneficiary on the issuer or applicant: (a). The issuer shall honor the presentation, if honor is demanded by: (i) A nominated person who has given value in good faith and without notice of forgery or material fraud; (ii) A confirmer who has honored its confirmation in good faith; (iii) A holder in due course of a draft drawn under the letter of credit that was taken after acceptance by the issuer or nominated person; or (iv) An assignee of the issuer's or nominated person's deferred obligation that was taken for value and without notice of forgery or material fraud after the obligation was incurred by the issuer or nominated person; and [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (b). The issuer, acting in good faith, may honor or dishonor the presentation in any other case. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(2). If an applicant claims that a required document is forged or materially fraudulent or that honor of the presentation would facilitate a material fraud by the beneficiary on the issuer or applicant, a court of competent jurisdiction may temporarily or permanently enjoin the issuer from honoring a presentation or grant similar relief against the issuer or other persons only if the court finds that: (a). The relief is not prohibited under the law applicable to an accepted draft or deferred obligation incurred by the issuer; [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (b). A beneficiary, issuer or nominated person who may be adversely affected is adequately protected against loss that it may suffer because the relief is granted; [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (c). All of the conditions to entitle a person to the relief under the law of this State have been met; and [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (d). on the basis of the information submitted to the court, the applicant is more likely than not to succeed under its claim of forgery or material fraud and the person demanding honor does not qualify for protection under subsection (1), paragraph (a) . [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]
11 M.R.S. § 2-317 — ME Code / Title 11 / Chapter 2 / Section 2-317
11 §2-317. Cumulation and conflict of warranties express or implied
Status: in_force

Warranties whether express or implied shall be construed as consistent with each other and as cumulative, but if such construction is unreasonable the intention of the parties shall determine which warranty is dominant. In ascertaining that intention the following rules apply:

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

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

(3). Express warranties displace inconsistent implied warranties other than an implied warranty of fitness for a particular purpose.
11 M.R.S. § 3-1505 — ME Code / Title 11 / Chapter 3-A / Section 3-1505
11 §3-1505. Evidence of dishonor
Status: in_force

(1). The following are admissible as evidence and create a presumption of dishonor and of any notice of dishonor stated: (a). A document regular in form as provided in subsection (2) which purports to be a protest; [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). A purported stamp or writing of the drawee, payor bank or presenting bank on or accompanying the instrument stating that acceptance or payment has been refused unless reasons for the refusal are stated and the reasons are not consistent with dishonor; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (c). A book or record of the drawee, payor bank or collecting bank, kept in the usual course of business which shows dishonor, even if there is no evidence of who made the entry. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). A protest is a certificate of dishonor made by a United States consul or vice-consul, or a notary public or other person authorized to administer oaths by the law of the place where dishonor occurs. It may be made upon information satisfactory to that person. The protest must identify the instrument and certify either that presentment has been made or, if not made, the reason why it was not made, and that the instrument has been dishonored by nonacceptance or nonpayment. The protest may also certify that notice of dishonor has been given to some or all parties. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 9-1605 — ME Code / Title 11 / Chapter 9-A / Section 9-1605
11 §9-1605. Unknown debtor or secondary obligor
Status: in_force

Except as provided in this section, a secured party does not owe a duty based on its status as secured party: [PL 2023, c. 669, Pt. A, §144 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]

(1). To a person that is a debtor or obligor unless the secured party knows: (a). That the person is a debtor or obligor; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The identity of the person; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). How to communicate with the person; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). To a secured party or lienholder that has filed a financing statement against a person unless the secured party knows: (a). That the person is a debtor; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The identity of the person. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

A secured party owes a duty based on its status as a secured party to a person if, at the time the secured party obtains control of collateral that is a controllable account, controllable electronic record or controllable payment intangible or at the time the security interest attaches to the collateral, whichever is later, the person is a debtor or obligor and the secured party knows that the information in subsection (1), paragraph (a) , (b) or (c) relating to the person is not provided by the collateral, a record attached to or logically associated with the collateral or the system in which the collateral is recorded. [PL 2023, c. 669, Pt. A, §144 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 2-1211 — ME Code / Title 11 / Chapter 2-A / Section 2-1211
11 §2-1211. Warranties against interference and against infringement; lessee's obligation against infringement
Status: in_force

(1). There is in a lease contract a warranty that for the lease term no person holds a claim to or interest in the goods that arose from an act or omission of the lessor, other than a claim by way of infringement or the like, that will interfere with the lessee's enjoyment of its leasehold interest. [PL 1991, c. 805, §4 (NEW).]

(2). Except in a finance lease, there is in a lease contract by a lessor who is a merchant regularly dealing in goods of the kind a warranty that the goods are delivered free of the rightful claim of any person by way of infringement or the like. [PL 1991, c. 805, §4 (NEW).]

(3). A lessee who furnishes specifications to a lessor or a supplier shall hold the lessor and the supplier harmless against any claim by way of infringement or the like that arises out of compliance with the specifications. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 2-1528 — ME Code / Title 11 / Chapter 2-A / Section 2-1528
11 §2-1528. Lessor's damages for nonacceptance, failure to pay, repudiation or other default
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 lessor elects to retain the goods or a lessor elects to dispose of the goods and the disposition is by lease agreement that for any reason does not qualify for treatment under section 2‑1527, subsection (2) , or is by sale or otherwise, the lessor may recover from the lessee as damages for a default of the type described in section 2‑1523, subsection (1) or section 2‑1523, subsection (3), paragraph (a) , or, if agreed, for other default of the lessee: (a). Accrued and unpaid rent as of the date of default if the lessee has never taken possession of the goods, or, if the lessee has taken possession of the goods, as of the date the lessor repossesses the goods or an earlier date on which the lessee makes a tender of the goods to the lessor; [PL 1991, c. 805, §4 (NEW).] (b). The present value as of the date determined under this subsection of the total rent for the then remaining lease term of the original lease agreement minus the present value as of the same date of the market rent at the place where the goods are located computed for the same lease term; and [PL 1991, c. 805, §4 (NEW).] (c). Any incidental damages allowed under section 2‑1530 minus expenses saved in consequence of the lessee's default. [PL 1991, c. 805, §4 (NEW).] [PL 2009, c. 325, Pt. B, §13 (AMD); PL 2009, c. 325, Pt. B, §27 (AFF).]

(2). If the measure of damages provided in subsection (1) is inadequate to put a lessor in as good a position as performance would have, the measure of damages is the present value of the profit, including reasonable overhead, the lessor would have made from full performance by the lessee together with any incidental damages allowed under section 2‑1530 , due allowance for costs reasonably incurred and due credit for payments or proceeds of disposition. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 7-1403 — ME Code / Title 11 / Chapter 7-A / Section 7-1403
11 §7-1403. Obligation of bailee to deliver; excuse
Status: in_force

(1). A bailee shall deliver the goods to a person entitled under a document of title if the person complies with subsections (2) and (3) , unless and to the extent that the bailee establishes any of the following: (a). Delivery of the goods to a person whose receipt was rightful as against the claimant; [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (b). Damage to or delay, loss or destruction of the goods for which the bailee is not liable; [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (c). Previous sale or other disposition of the goods in lawful enforcement of a lien or on a warehouse's lawful termination of storage; [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (d). The exercise by a seller of its right to stop delivery pursuant to section 2‑705 or by a lessor of its right to stop delivery pursuant to section 2‑1526 ; [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (e). A diversion, reconsignment or other disposition pursuant to section 7‑1303 ; [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (f). Release, satisfaction or any other personal defense against the claimant; or [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (g). Any other lawful excuse. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(2). A person claiming goods covered by a document of title shall satisfy the bailee's lien if the bailee so requests or if the bailee is prohibited by law from delivering the goods until the charges are paid. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(3). Unless a person claiming the goods is a person against which the document of title does not confer a right under section 7‑1503, subsection (1) : (a). The person claiming under a document shall surrender possession or control of any outstanding negotiable document covering the goods for cancellation or indication of partial deliveries; and [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (b). The bailee shall cancel the document or conspicuously indicate in the document the partial delivery or the bailee is liable to any person to which the document is duly negotiated. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 9-1520 — ME Code / Title 11 / Chapter 9-A / Section 9-1520
11 §9-1520. Acceptance and refusal to accept record
Status: in_force

(1). A filing office shall refuse to accept a record for filing for a reason set forth in section 9‑1516, subsection (2) and may refuse to accept a record for filing only for a reason set forth in section 9‑1516, subsection (2) . [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). If a filing office refuses to accept a record for filing, it shall communicate to the person that presented the record the fact of and reason for the refusal and the date and time the record would have been filed had the filing office accepted it. The communication must be made at the time and in the manner prescribed by filing-office rule but, in the case of the office of the Secretary of State, in no event more than 2 business days after the filing office receives the record. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(3). A filed financing statement satisfying section 9‑1502, subsection (1) and (2) is effective even if the filing office is required to refuse to accept it for filing under subsection (1) . However, section 9‑1338 applies to 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).]

(4). If a record communicated to a filing office provides information that relates to more than one debtor, this part applies to each debtor separately. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 8-1204 — ME Code / Title 11 / Chapter 8-A / Section 8-1204
11 §8-1204. Effect of issuer's restriction on transfer
Status: in_force

A restriction on transfer of a security imposed by the issuer, even if otherwise lawful, is ineffective against a person without knowledge of the restriction unless: [PL 1997, c. 429, Pt. B, §2 (NEW).]

(1). The security is certificated and the restriction is noted conspicuously on the security certificate; or [PL 1997, c. 429, Pt. B, §2 (NEW).]

(2). The security is uncertificated and the registered owner has been notified of the restriction. [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 7-1103 — ME Code / Title 11 / Chapter 7-A / Section 7-1103
11 §7-1103. Relation of Article to treaty or statute
Status: in_force

(1). This Article is subject to any treaty or statute of the United States or regulatory statute of this State to the extent the treaty, statute or regulatory statute is applicable. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(2). This Article does not modify or repeal any law prescribing the form or content of a document of title or the services or facilities to be afforded by a bailee or otherwise regulating a bailee's business in respects not specifically treated in this Article. However, violation of such a law does not affect the status of a document of title that otherwise is within the definition of a document of title. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(3). This Article modifies, limits and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 United States Code, Section 7001, et seq., but does not modify, limit or supersede Section 101(c) of that Act, 15 United States Code, Section 7001(c), or authorize electronic delivery of any of the notices described in Section 103(b) of that Act, 15 United States Code, Section 7003(b). [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(4). To the extent there is a conflict between the Uniform Electronic Transactions Act and this Article, this Article governs. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 9-1315 — ME Code / Title 11 / Chapter 9-A / Section 9-1315
11 §9-1315. Secured party's rights on disposition of collateral and in proceeds
Status: in_force

(1). Except as otherwise provided in this Article and in section 2‑403, subsection (2) : (a). A security interest or agricultural lien continues in collateral notwithstanding sale, lease, license, exchange or other disposition thereof unless the secured party authorized the disposition free of the security interest or agricultural lien; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). A security interest attaches to any identifiable proceeds of 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). Proceeds that are commingled with other property are identifiable proceeds: (a). If the proceeds are goods, to the extent provided by section 9‑1336 ; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). If the proceeds are not goods, to the extent that the secured party identifies the proceeds by a method of tracing, including application of equitable principles, that is permitted under law other than this Article with respect to commingled property of the type involved. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

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

(4). A perfected security interest in proceeds becomes unperfected on the 21st day after the security interest attaches to the proceeds unless: (a). The following conditions are satisfied: (i) A filed financing statement covers the original collateral; (ii) The proceeds are collateral in which a security interest may be perfected by filing in the office in which the financing statement has been filed; and (iii) The proceeds are not acquired with cash proceeds; [RR 2025, c. 1, Pt. A, §21 (COR).] (b). The proceeds are identifiable cash proceeds; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). The security interest in the proceeds is perfected other than under subsection (3) when the security interest attaches to the proceeds or within 20 days thereafter. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [RR 2025, c. 1, Pt. A, §21 (COR).]

(5). If a filed financing statement covers the original collateral, a security interest in proceeds that remains perfected under subsection (4), paragraph (a) becomes unperfected at the later of: (a). The date when the effectiveness of the filed financing statement lapses under section 9‑1515 or is terminated under section 9‑1513 ; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The 21st day after the security interest attaches to the proceeds. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 8-1402 — ME Code / Title 11 / Chapter 8-A / Section 8-1402
11 §8-1402. Assurance that indorsement or instruction is effective
Status: in_force

(1). An issuer may require the following assurance that each necessary indorsement or each instruction is genuine and authorized: (a). In all cases, a guaranty of the signature of the person making an indorsement or originating an instruction including, in the case of an instruction, reasonable assurance of identity; [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). If the indorsement is made or the instruction is originated by an agent, appropriate assurance of actual authority to sign; [PL 1997, c. 429, Pt. B, §2 (NEW).] (c). If the indorsement is made or the instruction is originated by a fiduciary pursuant to section 8‑1107, subsection (1), paragraph (d) or (e) , appropriate evidence of appointment or incumbency; [PL 1997, c. 429, Pt. B, §2 (NEW).] (d). If there is more than one fiduciary, reasonable assurance that all who are required to sign have done so; and [PL 1997, c. 429, Pt. B, §2 (NEW).] (e). If the indorsement is made or the instruction is originated by a person not covered by another provision of this subsection, assurance appropriate to the case corresponding as nearly as may be to the provisions of this subsection. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]

(2). An issuer may elect to require reasonable assurance beyond that specified in this section. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(3). In this section: (a). "Guaranty of the signature" means a guaranty signed by or on behalf of a person reasonably believed by the issuer to be responsible. An issuer may adopt standards with respect to responsibility if they are not manifestly unreasonable; and [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). "Appropriate evidence of appointment or incumbency" means: (i) In the case of a fiduciary appointed or qualified by a court, a certificate issued by or under the direction or supervision of the court or an officer of the court and dated within 60 days before the date of presentation for transfer; or (ii) In any other case, a copy of a document showing the appointment or a certificate issued by or on behalf of a person reasonably believed by an issuer to be responsible or, in the absence of that document or certificate, other evidence the issuer reasonably considers appropriate. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 7-1501 — ME Code / Title 11 / Chapter 7-A / Section 7-1501
11 §7-1501. Form of negotiation and requirements of due negotiation
Status: in_force

(1). The following rules apply to a negotiable tangible document of title. (a). If the document's original terms run to the order of a named person, the document is negotiated by the named person's indorsement and delivery. After the named person's indorsement in blank or to bearer, any person may negotiate the document by delivery alone. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (b). If the document's original terms run to bearer, it is negotiated by delivery alone. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (c). If the document's original terms run to the order of a named person and it is delivered to the named person, the effect is the same as if the document had been negotiated. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (d). Negotiation of the document after it has been indorsed to a named person requires indorsement by the named person and delivery. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (e). A document is duly negotiated if it is negotiated in the manner stated in this subsection to a holder that purchases it in good faith, without notice of any defense against or claim to it on the part of any person, and for value, unless it is established that the negotiation is not in the regular course of business or financing or involves receiving the document in settlement or payment of a monetary obligation. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(2). The following rules apply to a negotiable electronic document of title. (a). If the document's original terms run to the order of a named person or to bearer, the document is negotiated by delivery of the document to another person. Indorsement by the named person is not required to negotiate the document. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (b). If the document's original terms run to the order of a named person and the named person has control of the document, the effect is the same as if the document had been negotiated. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (c). A document is duly negotiated if it is negotiated in the manner stated in this subsection to a holder that purchases it in good faith, without notice of any defense against or claim to it on the part of any person, and for value, unless it is established that the negotiation is not in the regular course of business or financing or involves taking delivery of the document in settlement or payment of a monetary obligation. [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). Indorsement of a nonnegotiable document of title neither makes it negotiable nor adds to the transferee's rights. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(4). The naming in a negotiable bill of lading of a person to be notified of the arrival of the goods does not limit the negotiability of the bill or constitute notice to a purchaser of the bill of any interest of that person in the goods. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 2-1522 — ME Code / Title 11 / Chapter 2-A / Section 2-1522
11 §2-1522. Lessee's right to goods on lessor's insolvency
Status: in_force

(1). Subject to subsection (2) and even though the goods have not been shipped, a lessee who has paid a part or all of the rent and security for goods identified to a lease contract ( section 2‑1217 ) on making and keeping good a tender of any unpaid portion of the rent and security due under the lease contract, may recover the goods identified from the lessor if the lessor becomes insolvent within 10 days after receipt of the first installment of rent and security. [PL 1991, c. 805, §4 (NEW).]

(2). A lessee acquires the right to recover goods identified to a lease contract only if they conform to the lease contract. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 2-210 — ME Code / Title 11 / Chapter 2 / Section 2-210
11 §2-210. Delegation of performance; assignment of rights
Status: in_force

(1). A party may perform his duty through a delegate unless otherwise agreed or unless the other party has a substantial interest in having his original promisor perform or control the acts required by the contract. No delegation of performance relieves the party delegating of any duty to perform or any liability for breach.

(2). Except as otherwise provided in section 9‑1406 , unless otherwise agreed, all rights of either seller or buyer can be assigned except where the assignment would materially change the duty of the other party, or increase materially the burden or risk imposed on the buyer or seller by the contract, or impair materially the chance of obtaining return performance. A right to damages for breach of the whole contract or a right arising out of the assignor's due performance of the assignor's entire obligation can be assigned despite agreement otherwise. [PL 1999, c. 699, Pt. B, §6 (AMD); PL 1999, c. 699, Pt. B, §28 (AFF).]

(2-A). The creation, attachment, perfection or enforcement of a security interest in the seller's interest under a contract is not a transfer that materially changes the duty of or increases materially the burden or risk imposed on the buyer or impairs materially the buyer's chance of obtaining return performance within the purview of subsection (2) unless, and then only to the extent that, enforcement actually results in a delegation of material performance of the seller. Even in that event, the creation, attachment, perfection and enforcement of the security interest remain effective, but: (a). The seller is liable to the buyer for damages caused by the delegation to the extent that the damages could not reasonably be prevented by the buyer; and [PL 2001, c. 471, Pt. A, §14 (NEW); PL 2001, c. 471, Pt. A, §15 (AFF).] (b). A court having jurisdiction may grant other appropriate relief, including cancellation of the contract for sale or an injunction against enforcement of the security interest or consummation of the enforcement. (i) (ii) [PL 2001, c. 471, Pt. A, §14 (NEW); PL 2001, c. 471, Pt. A, §15 (AFF).] [PL 2001, c. 471, Pt. A, §14 (RPR); PL 2001, c. 471, Pt. A, §15 (AFF).]

(3). Unless the circumstances indicate the contrary a prohibition of assignment of "the contract" is to be construed as barring only the delegation to the assignee of the assignor's performance.

(4). An assignment of "the contract" or of "all my rights under the contract" or an assignment in similar general terms is an assignment of rights and unless the language or the circumstances (as in an assignment for security) indicate the contrary, it is a delegation of performance of the duties of the assignor and its acceptance by the assignee constitutes a promise by him to perform those duties. This promise is enforceable by either the assignor or the other party to the original contract.

(5). The other party may treat any assignment which delegates performance as creating reasonable grounds for insecurity and may without prejudice to his rights against the assignor demand assurances from the assignee ( section 2‑609 ).
11 M.R.S. § 4-205 — ME Code / Title 11 / Chapter 4 / Section 4-205
11 §4-205. Depositary bank holder of unindorsed item
Status: in_force

If a customer delivers an item to a depositary bank for collection: [PL 1993, c. 293, Pt. B, §22 (NEW).]

(1). The depositary bank becomes a holder of the item at the time it receives the item for collection if the customer at the time of delivery was a holder of the item, whether or not the customer indorses the item, and, if the bank satisfies the other requirements of section 3‑1302 , it is a holder in due course; and [PL 1993, c. 293, Pt. B, §22 (RPR).]

(2). The depositary bank warrants to collecting banks, the payor bank or other payor and the drawer that the amount of the item was paid to the customer or deposited to the customer's account. [PL 1993, c. 293, Pt. B, §22 (RPR).]
11 M.R.S. § 2-702 — ME Code / Title 11 / Chapter 2 / Section 2-702
11 §2-702. Seller's remedies on discovery of buyer's insolvency
Status: in_force

(1). Where the seller discovers the buyer to be insolvent, he may refuse delivery except for cash including payment for all goods theretofore delivered under the contract, and stop delivery under this Article ( section 2‑705 ).

(2). Where the seller discovers that the buyer has received goods on credit while insolvent, he may reclaim the goods upon demand made within 10 days after the receipt, but if misrepresentation of solvency has been made to the particular seller in writing within 3 months before delivery the 10 day limitation does not apply. Except as provided in this subsection the seller may not base a right to reclaim goods on the buyer's fraudulent or innocent misrepresentation of solvency or of intent to pay.

(3). The seller's right to reclaim under subsection (2) is subject to the rights of a buyer in ordinary course or other good faith purchaser under this Article ( section 2‑403 ). Successful reclamation of goods excludes all other remedies with respect to them.
11 M.R.S. § 7-1404 — ME Code / Title 11 / Chapter 7-A / Section 7-1404
11 §7-1404. No liability for good faith delivery pursuant to document of title
Status: in_force

A bailee that in good faith has received goods and delivered or otherwise disposed of the goods according to the terms of a document of title or pursuant to this Article is not liable for the goods even if: [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(1). The person from which the bailee received the goods did not have authority to procure the document or to dispose of the goods; or [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(2). The person to which the bailee delivered the goods did not have authority to receive the goods. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 7-1507 — ME Code / Title 11 / Chapter 7-A / Section 7-1507
11 §7-1507. Warranties on negotiation or delivery of document of title
Status: in_force

If a person negotiates or delivers a document of title for value, otherwise than as a mere intermediary under section 7‑1508 , unless otherwise agreed, the transferor, in addition to any warranty made in selling or leasing the goods, warrants to its immediate purchaser only that: [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(1). The document is genuine; [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(2). The transferor does not have knowledge of any fact that would impair the document's validity or worth; and [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]

(3). The negotiation or delivery is rightful and fully effective with respect to the title to the document and the goods it represents. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 3-1414 — ME Code / Title 11 / Chapter 3-A / Section 3-1414
11 §3-1414. Obligation of drawer
Status: in_force

(1). This section does not apply to cashier's checks or other drafts drawn on the drawer. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). When an unaccepted draft is dishonored, the drawer is obliged to pay the draft: (a). According to its terms at the time it was issued or, if not issued, at the time it first came into possession of a holder; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). If the drawer signed 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 is owed to a person entitled to enforce the draft or to an indorser who paid the draft under section 3‑1415 . [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). If a draft is accepted by a bank, the drawer is discharged, regardless of when or by whom acceptance was obtained. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(4). When a draft is accepted and the acceptor is not a bank, the obligation of the drawer to pay the draft if the draft is dishonored by the acceptor is the same as the obligation of an indorser under section 3‑1415, subsections (1) and (3) . [PL 1993, c. 293, Pt. A, §2 (NEW).]

(5). If a draft states that it is drawn without recourse or otherwise disclaims liability of the drawer to pay the draft, the drawer is not liable under subsection (2) to pay the draft when the draft is not a check. A disclaimer of the liability stated in subsection (2) is not effective if the draft is a check. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(6). The drawer, to the extent deprived of funds, may discharge its obligation to pay the check by assigning to the person entitled to enforce the check the rights of the drawer against the drawee with respect to the funds if: (a). A check is not presented for payment or given to a depositary bank for collection within 30 days after its date; [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). The drawee suspends payments after expiration of the 30-day period without paying the check; and [PL 1993, c. 293, Pt. A, §2 (NEW).] (c). Because of the suspension of payments, the drawer is deprived of funds maintained with the drawee to cover payment of the check. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 4-1205 — ME Code / Title 11 / Chapter 4-A / Section 4-1205
11 §4-1205. Erroneous payment orders
Status: in_force

(1). If an accepted payment order was transmitted pursuant to a security procedure for the detection of error and the payment order erroneously instructed payment to a beneficiary not intended by the sender, erroneously instructed payment in an amount greater than the amount intended by the sender or was an erroneously transmitted duplicate of a payment order previously sent by the sender, the following rules apply. (a). If the sender proves that the sender or a person acting on behalf of the sender pursuant to section 4‑1206 complied with the security procedure and that the error would have been detected if the receiving bank had also complied, the sender is not obliged to pay the order to the extent stated in paragraphs (b) and (c) . [PL 1991, c. 812, §2 (NEW).] (b). If the funds transfer is completed on the basis of a payment order that erroneously instructed payment to a beneficiary not intended by the sender or that was an erroneously transmitted duplicate of a payment order previously sent by the sender, the sender is not obliged to pay the order and the receiving 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).] (c). If the funds transfer is completed on the basis of a payment order erroneously instructing payment in an amount greater than the amount intended by the sender, the sender is not obliged to pay the order to the extent the amount received by the beneficiary is greater than the amount intended by the sender. In that case, the receiving bank is entitled to recover from the beneficiary the excess amount received to the extent allowed by the law governing mistake and restitution. [PL 1991, c. 812, §2 (NEW).] [PL 1991, c. 812, §2 (NEW).]

(2). If the sender of an erroneous payment order described in subsection (1) is not obliged to pay all or part of the order, and the sender receives notification from the receiving bank that the order was accepted by the bank or that the sender's account was debited with respect to the order, the sender has a duty to exercise ordinary care, on the basis of information available to the sender, to discover the error with respect to the order and to advise the bank of the relevant facts within a reasonable time, not exceeding 90 days, after the bank's notification was received by the sender. If the bank proves that the sender failed to perform that duty, the sender is liable to the bank for the loss the bank proves it incurred as a result of the failure, but the liability of the sender may not exceed the amount of the sender's order. [PL 1991, c. 812, §2 (NEW).]

(3). This section applies to amendments to payment orders to the same extent it applies to payment orders. [PL 1991, c. 812, §2 (NEW).]
11 M.R.S. § 15-301 — ME Code / Title 11 / Chapter 15 / Section 15-301
11 §15-301. Savings clause
Status: in_force

(1). Except as provided in this part, Article 9‑A as in effect on July 1, 2025 and Article 12 apply to a transaction, lien or other interest in property, even if the transaction, lien or interest was entered into, created or acquired before July 1, 2025. [PL 2023, c. 669, Pt. C, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). Except as provided in subsection (3) and sections 15‑302 to 15‑306 : (a). A transaction, lien or interest in property that was validly entered into, created or transferred before July 1, 2025 and was not governed by the Uniform Commercial Code, but would be subject to Article 9‑A as in effect on July 1, 2025 or Article 12 if it had been entered into, created or transferred on or after July 1, 2025, including the rights, duties and interests flowing from the transaction, lien or interest, remains valid on and after July 1, 2025; and [PL 2023, c. 669, Pt. C, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). The transaction, lien or interest may be terminated, completed, consummated and enforced as required or permitted by this Title as in effect on July 1, 2025 or by the law that would apply prior to July 1, 2025. [PL 2023, c. 669, Pt. C, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. C, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). The provisions of this Title that take effect July 1, 2025 do not affect an action, case or proceeding commenced before July 1, 2025. [PL 2023, c. 669, Pt. C, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 9-1325 — ME Code / Title 11 / Chapter 9-A / Section 9-1325
11 §9-1325. Priority of security interests in transferred collateral
Status: in_force

(1). Except as otherwise provided in subsection (2) , a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if: (a). The debtor acquired the collateral subject to the security interest created by the other person; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The security interest created by the other person was perfected when the debtor acquired the collateral; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). There is no period thereafter when the security interest is unperfected. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). Subsection (1) subordinates a security interest only if the security interest: (a). Otherwise would have priority solely under section 9‑1322, subsection (1) or section 9‑1324 ; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Arose solely under section 2‑711, subsection (3) or section 2‑1508 . [PL 2001, c. 286, §2 (AMD).] [PL 2001, c. 286, §2 (AMD).]
11 M.R.S. § 2-1214 — ME Code / Title 11 / Chapter 2-A / Section 2-1214
11 §2-1214. Exclusion or modification of warranties
Status: in_force

(1). Words or conduct relevant to the creation of an express warranty and words or conduct tending to negate or limit a warranty must be construed wherever reasonable as consistent with each other; but, subject to the provisions of section 2‑1202 on parol or extrinsic evidence, negation or limitation is inoperative to the extent that the construction is unreasonable. [PL 1991, c. 805, §4 (NEW).]

(2). Subject to subsection (3) , to exclude or modify the implied warranty of merchantability or any part of it, the language must mention "merchantability," be by a writing and be conspicuous. Subject to subsection (3), to exclude or modify any implied warranty of fitness, the exclusion must be by a writing and be conspicuous. Language to exclude all implied warranties of fitness is sufficient if it is in writing, is conspicuous and states, for example: "There is no warranty that the goods will be fit for a particular purpose." [PL 1991, c. 805, §4 (NEW).]

(3). Notwithstanding subsection (2) , but subject to subsection (4) : (a). Unless the circumstances indicate otherwise, all implied warranties are excluded by expressions like "as is," "with all faults" or by other language that in common understanding calls the lessee's attention to the exclusion of warranties and makes plain that there is no implied warranty, if in writing and conspicuous; [PL 1991, c. 805, §4 (NEW).] (b). If the lessee before entering into the lease contract has examined the goods or the sample or model as fully as desired or has refused to examine the goods, there is no implied warranty with regard to defects that an examination ought in the circumstances to have revealed; and [PL 1991, c. 805, §4 (NEW).] (c). An implied warranty may also be excluded or modified by course of dealing, course of performance, or usage of trade. [PL 1991, c. 805, §4 (NEW).] [PL 1991, c. 805, §4 (NEW).]

(4). To exclude or modify a warranty against interference or against infringement under section 2‑1211 , or any part of it, the language must be specific, be by a writing and be conspicuous, unless the circumstances, including course of performance, course of dealing or usage of trade, give the lessee reason to know that the goods are being leased subject to a claim or interest of any person. [PL 1991, c. 805, §4 (NEW).]

(5). In a consumer lease that is not a finance lease, the lessor's ability to disclaim, exclude or modify any implied warranties of merchantability and fitness for a particular purpose or to exclude or modify the consumer's remedies for breach of those warranties is subject to and governed by the terms and provisions of section 2‑316, subsection (5) . [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 3-1503 — ME Code / Title 11 / Chapter 3-A / Section 3-1503
11 §3-1503. Notice of dishonor
Status: in_force

(1). The obligation of an indorser stated in section 3‑1415, subsection (1) and the obligation of a drawer stated in section 3‑1414, subsection (4) may not be enforced unless: (a). The indorser or drawer is given notice of dishonor of the instrument complying with this section; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). Notice of dishonor is excused under section 3‑1504, subsection (2) . [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). Notice of dishonor may be given by any person and by any commercially reasonable means, including an oral, written or electronic communication, and is sufficient if it reasonably identifies the instrument and indicates that the instrument has been dishonored or has not been paid or accepted. Return of an instrument given to a bank for collection is sufficient notice of dishonor. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). Subject to section 3‑1504, subsection (3) , with respect to an instrument taken for collection by a collecting bank, notice of dishonor must be given: (a). By the bank before midnight of the next banking day following the banking day on which the bank receives notice of dishonor of the instrument; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). By any other person within 30 days following the day on which the person receives notice of dishonor. [PL 1993, c. 293, Pt. A, §2 (NEW).] With respect to any other instrument, notice of dishonor must be given within 30 days following the day on which dishonor occurs. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 5-1106 — ME Code / Title 11 / Chapter 5-A / Section 5-1106
11 §5-1106. Issuance, amendment, cancellation and duration
Status: in_force

(1). A letter of credit is issued and becomes enforceable according to its terms against the issuer when the issuer sends or otherwise transmits it to the person requested to advise or to the beneficiary. A letter of credit is revocable only if it so provides. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(2). After a letter of credit is issued, rights and obligations of a beneficiary, applicant, confirmer and issuer are not affected by an amendment or cancellation to which that person has not consented except to the extent the letter of credit provides that it is revocable or that the issuer may amend or cancel the letter of credit without that consent. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(2-A). (REALLOCATED TO T. 11, §5-1116, sub-§(2-A)) [PL 2023, c. 669, Pt. A, §53 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF); PL 2025, c. 390, Pt. A, §23 (RAL); PL 2025, c. 390, Pt. A, §24 (AFF).]

(3). If there is no stated expiration date or other provision that determines its duration, a letter of credit expires one year after its stated date of issuance or, if none is stated, after the date on which it is issued. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]

(4). A letter of credit that states that it is perpetual expires 5 years after its stated date of issuance or, if none is stated, after the date on which it is issued. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]
11 M.R.S. § 9-1401 — ME Code / Title 11 / Chapter 9-A / Section 9-1401
11 §9-1401. Alienability of debtor's rights
Status: in_force

(1). Except as otherwise provided in subsection (2) and sections 9‑1406 , 9‑1407 , 9‑1408 and 9‑1409 , whether a debtor's rights in collateral may be voluntarily or involuntarily transferred is governed by law other than this Article. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). An agreement between the debtor and secured party that prohibits a transfer of the debtor's rights in collateral or makes the transfer a default does not prevent the transfer from taking effect. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 2-1303 — ME Code / Title 11 / Chapter 2-A / Section 2-1303
11 §2-1303. Alienability of party's interest under lease contract or of lessor's residual interest in goods; delegation of performance; assignment of rights
Status: in_force

(1). As used in this section, "creation of a security interest" includes the sale of a lease contract that is subject to Article 9‑A, section 9‑1109, subsection (1), paragraph (c) . [PL 1999, c. 699, Pt. B, §12 (AMD); PL 1999, c. 699, Pt. B, §28 (AFF).]

(2). Except as provided in subsection (4) and section 9‑1407 , a provision in a lease agreement that: prohibits the voluntary or involuntary transfer, including a transfer by sale, sublease, creation or enforcement of a security interest, or attachment, levy or other judicial process, of an interest of a party under the lease contract or of the lessor's residual interest in the goods; or makes such a transfer an event of default, gives rise to the rights and remedies provided in subsection (5) , but a transfer that is prohibited or is an event of default under the lease agreement is otherwise effective. [PL 2011, c. 691, Pt. A, §5 (AMD).]

(3). [PL 1999, c. 699, Pt. B, §13 (RP); PL 1999, c. 699, Pt. B, §28 (AFF).]

(4). A provision in a lease agreement that prohibits a transfer of a right to damages for default with respect to the whole lease contract or of a right to payment arising out of the transferor's due performance of the transferor's entire obligation, or makes such a transfer an event of default, is not enforceable, and such a transfer is not a transfer that materially impairs the prospect of obtaining return performance by, materially changes the duty of or materially increases the burden or risk imposed on, the other party to the lease contract within the purview of subsection (5) . [PL 1991, c. 805, §4 (NEW).]

(5). Subject to subsection (4) and section 9‑1407 : (a). If a transfer is made which is made an event of default under a lease agreement, the party to the lease contract not making the transfer, unless that party waives the default or otherwise agrees, has the rights and remedies described in section 2‑1501, subsection (2) ; and [PL 1991, c. 805, §4 (NEW).] (b). If paragraph (a) is not applicable and if a transfer is made that is prohibited under a lease agreement or materially impairs the prospect of obtaining return performance by, materially changes the duty of, or materially increases the burden or risk imposed on, the other party to the lease contract, unless the party not making the transfer agrees at any time to the transfer in the lease contract or otherwise, then, except as limited by contract: (i) The transferor is liable to the party not making the transfer for damages caused by the transfer to the extent that the damages could not reasonably be prevented by the party not making the transfer; and (ii) A court having jurisdiction may grant other appropriate relief, including cancellation of the lease contract or an injunction against the transfer. [PL 1991, c. 805, §4 (NEW).] [PL 2011, c. 691, Pt. A, §6 (AMD).]

(6). A transfer of "the lease" or of "all my rights under the lease," or a transfer in similar general terms, is a transfer of rights and, unless the language or the circumstances, as in a transfer for security, indicate the contrary, the transfer is a delegation of duties by the transferor to the transferee. Acceptance by the transferee constitutes a promise by the transferee to perform those duties. The promise is enforceable by either the transferor or the other party to the lease contract. [PL 1991, c. 805, §4 (NEW).]

(7). Unless otherwise agreed by the lessor and the lessee, a delegation of performance does not relieve the transferor as against the other party of any duty to perform or of any liability for default. [PL 1991, c. 805, §4 (NEW).]

(8). In a consumer lease, to prohibit the transfer of an interest of a party under the lease contract or to make a transfer an event of default, the language must be specific, by a writing and conspicuous. The lessor's remedies with regard to a prohibited transfer or a transfer that results in default are subject to the duty of the lessor to mitigate damages. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 2-1531 — ME Code / Title 11 / Chapter 2-A / Section 2-1531
11 §2-1531. Standing to sue third parties for injury to goods
Status: in_force

(1). If a third party so deals with goods that have been identified to a lease contract as to cause actionable injury to a party to the lease contract, the lessor has a right of action against the third party, and the lessee also has a right of action against the third party if the lessee: (a). Has a security interest in the goods; [PL 1991, c. 805, §5 (NEW).] (b). Has an insurable interest in the goods; or [PL 1991, c. 805, §4 (NEW).] (c). Bears the risk of loss under the lease contract or has since the injury assumed that risk as against the lessor and the goods have been converted or destroyed. [PL 1991, c. 805, §4 (NEW).] [PL 1991, c. 805, §4 (NEW).]

(2). If at the time of the injury the party plaintiff did not bear the risk of loss as against the other party to the lease contract and there is no arrangement between them for disposition of the recovery, the party plaintiff's suit or settlement, subject to the party plaintiff's own interest, is as a fiduciary for the other party to the lease contract. [PL 1991, c. 805, §4 (NEW).]

(3). Either party with the consent of the other may sue for the benefit of whom it may concern. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 2-1514 — ME Code / Title 11 / Chapter 2-A / Section 2-1514
11 §2-1514. Waiver of lessee's objections
Status: in_force

(1). In rejecting goods, a lessee's failure to state a particular defect that is ascertainable by reasonable inspection precludes the lessee from relying on the defect to justify rejection or to establish default: (a). If, stated seasonably, the lessor or the supplier could have cured it ( section 2‑1513 ); or [PL 1991, c. 805, §4 (NEW).] (b). Between merchants if the lessor or the supplier after rejection has made a request in writing for a full and final written statement of all defects on which the lessee proposes to rely. [PL 1991, c. 805, §4 (NEW).] [PL 1991, c. 805, §4 (NEW).]

(2). A lessee's failure to reserve rights when paying rent or other consideration against documents precludes recovery of the payment for defects apparent in the documents. [PL 2009, c. 324, Pt. B, §21 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).]
11 M.R.S. § 7-1402 — ME Code / Title 11 / Chapter 7-A / Section 7-1402
11 §7-1402. Duplicate document of title; overissue
Status: in_force

A duplicate or any other document of title purporting to cover goods already represented by an outstanding document of the same issuer does not confer any right in the goods, except as provided in the case of tangible bills of lading in a set of parts, overissue of documents for fungible goods, substitutes for lost, stolen or destroyed documents or substitute documents issued pursuant to section 7‑1105 . The issuer is liable for damages caused by its overissue or failure to identify a duplicate document by a conspicuous notation. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).]
11 M.R.S. § 9-1328 — ME Code / Title 11 / Chapter 9-A / Section 9-1328
11 §9-1328. Priority of security interests in investment property
Status: in_force

The following rules govern priority among conflicting security interests in the same investment property. [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 investment property under section 9‑1106 has priority over a security interest held by a secured party that does not have control of the investment property. [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) , conflicting security interests held by secured parties each of which has control under section 9‑1106 rank according to priority in time of: (a). If the collateral is a security, obtaining control; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). If the collateral is a security entitlement carried in a securities account and: (i) If the secured party obtained control under section 8‑1106, subsection (4), paragraph (a) , the secured party's becoming the person for which the securities account is maintained; (ii) If the secured party obtained control under section 8‑1106, subsection (4), paragraph (b) , the securities intermediary's agreement to comply with the secured party's entitlement orders with respect to security entitlements carried or to be carried in the securities account; or (iii) If the secured party obtained control through another person under section 8‑1106, subsection (4), paragraph (c) , the time on which priority would be based under this paragraph if the other person were the secured party; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). If the collateral is a commodity contract carried with a commodity intermediary, the satisfaction of the requirement for control specified in section 9‑1106, subsection (2), paragraph (b) with respect to commodity contracts carried or to be carried with the commodity intermediary. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(3). A security interest held by a securities intermediary in a security entitlement or a securities account maintained with the securities intermediary has priority over a conflicting security interest held by another secured party. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(4). A security interest held by a commodity intermediary in a commodity contract or a commodity account maintained with the commodity intermediary has priority over a conflicting security interest held by another secured party. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(5). A security interest in a certificated security in registered form that is perfected by taking delivery under section 9‑1313, subsection (1) and not by control under section 9‑1314 has priority over a conflicting security interest perfected by a method other than control. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(6). Conflicting security interests created by a broker, securities intermediary or commodity intermediary that are perfected without control under section 9‑1106 rank equally. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(7). In all other cases, priority among conflicting security interests in investment property is governed by sections 9‑1322 and 9‑1323 . [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 2-1108 — ME Code / Title 11 / Chapter 2-A / Section 2-1108
11 §2-1108. Unconscionability
Status: in_force

(1). If the court as a matter of law finds a lease contract or any clause of a lease contract to have been unconscionable at the time it was made, the court may refuse to enforce the lease contract, it may enforce the remainder of the lease contract without the unconscionable clause or it may so limit the application of any unconscionable clause as to avoid any unconscionable result. [PL 1991, c. 805, §4 (NEW).]

(2). With respect to a consumer lease, if the court as a matter of law finds that a lease contract or any clause of a lease contract has been induced by unconscionable conduct or that unconscionable conduct has occurred in the collection of a claim arising from a lease contract, the court may grant appropriate relief. [PL 1991, c. 805, §4 (NEW).]

(3). Before making a finding of unconscionability under subsection (1) or (2) , the court, on its own motion or that of a party, shall afford the parties a reasonable opportunity to present evidence as to the setting, purpose and effect of the lease contract or clause thereof, or of the conduct. [PL 1991, c. 805, §4 (NEW).]

(4). In an action in which the lessee claims unconscionability with respect to a consumer lease: (a). If the court finds unconscionability under subsection (1) or (2) , the court shall award reasonable attorney's fees to the lessee; [PL 1991, c. 805, §4 (NEW).] (b). If the court does not find unconscionability and the lessee claiming unconscionability has brought or maintained an action the lessee knew to be groundless, the court shall award reasonable attorney's fees to the party against whom the claim is made; or [PL 1991, c. 805, §4 (NEW).] (c). In determining attorney's fees, the amount of the recovery on behalf of the claimant under subsections (1) and (2) is not controlling. [PL 1991, c. 805, §4 (NEW).] [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 1-1304 — ME Code / Title 11 / Chapter 1-A / Section 1-1304
11 §1-1304. Obligation of good faith
Status: in_force

Every contract or duty within the Uniform Commercial Code imposes an obligation of good faith in its performance and enforcement. [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).]
11 M.R.S. § 8-1208 — ME Code / Title 11 / Chapter 8-A / Section 8-1208
11 §8-1208. Effect of signature of authenticating trustee, registrar or transfer agent
Status: in_force

(1). A person signing a security certificate as authenticating trustee, registrar, transfer agent or the like, warrants to a purchaser for value of the certificated security, if the purchaser is without notice of a particular defect, that: (a). The certificate is genuine; [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). The person's own participation in the issue of the security is within the person's capacity and within the scope of the authority received by the person from the issuer; and [PL 1997, c. 429, Pt. B, §2 (NEW).] (c). The person has reasonable grounds to believe that the certificated security is in the form and within the amount the issuer is authorized to issue. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]

(2). Unless otherwise agreed, a person signing under subsection (1) does not assume responsibility for the validity of the security in other respects. [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 4-1105 — ME Code / Title 11 / Chapter 4-A / Section 4-1105
11 §4-1105. Other definitions
Status: in_force

(1). In this Article: (a). "Authorized account" means a deposit account of a customer in a bank designated by the customer as a source of payment of payment orders issued by the customer to the bank. If a customer does not so designate an account, any account of the customer is an authorized account if payment of a payment order from that account is not inconsistent with a restriction on the use of that account; [PL 1991, c. 812, §2 (NEW).] (b). "Bank" means a person engaged in the business of banking and includes a savings bank, savings and loan association, credit union and trust company. A branch or separate office of a bank is a separate bank for purposes of this Article; [PL 1991, c. 812, §2 (NEW).] (c). "Customer" means a person, including a bank, having an account with a bank or from whom a bank has agreed to receive payment orders; [PL 1991, c. 812, §2 (NEW).] (d). "Funds transfer business day" of a receiving bank means the part of a day during which the receiving bank is open for the receipt, processing and transmittal of payment orders and cancellations and amendments of payment orders; [PL 1991, c. 812, §2 (NEW).] (e). "Funds transfer system" means a wire transfer network, automated clearing house or other communication system of a clearing house or other association of banks through which a payment order by a bank may be transmitted to the bank to which the order is addressed; and [PL 2009, c. 325, Pt. B, §17 (AMD); PL 2009, c. 325, Pt. B, §27 (AFF).] (f). [PL 2009, c. 325, Pt. B, §18 (RP); PL 2009, c. 325, Pt. B, §27 (AFF).] (g). "Prove" with respect to a fact means to meet the burden of establishing the fact ( section 1‑1201, subsection (8) ). [PL 2009, c. 325, Pt. B, §19 (AMD); PL 2009, c. 325, Pt. B, §27 (AFF).] [PL 2009, c. 325, Pt. B, §§17-19 (AMD); PL 2009, c. 325, Pt. B, §27 (AFF).]

(2). Other definitions applying to this Article and the sections in which they appear are: "Acceptance" Section 4‑1209 "Beneficiary" Section 4‑1103 "Beneficiary's bank" Section 4‑1103 "Executed" Section 4‑1301 "Execution date" Section 4‑1301 "Funds transfer" Section 4‑1104 "Funds transfer system rule" Section 4‑1501 "Intermediary bank" Section 4‑1104 "Originator" Section 4‑1104 "Originator's bank" Section 4‑1104 "Payment by beneficiary's bank to beneficiary" Section 4‑1405 "Payment by originator to beneficiary" Section 4‑1406 "Payment by sender to receiving bank" Section 4‑1403 "Payment date" Section 4‑1401 "Payment order" Section 4‑1103 "Receiving bank" Section 4‑1103 "Security procedure" Section 4‑1201 "Sender" Section 4‑1103 [PL 1991, c. 812, §2 (NEW).]

(3). The following definitions in Article 4 apply to this Article: "Clearing house" Section 4‑104 "Item" Section 4‑104 "Suspends payments" Section 4‑104 [PL 1991, c. 812, §2 (NEW).]

(4). In addition, Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article. [PL 1991, c. 812, §2 (NEW).]
11 M.R.S. § 9-1625 — ME Code / Title 11 / Chapter 9-A / Section 9-1625
11 §9-1625. Remedies for secured party's failure to comply with Article
Status: in_force

(1). If it is established that a secured party is not proceeding in accordance with this Article, a court may order or restrain collection, enforcement or disposition of collateral on appropriate terms and conditions. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). Subject to subsections (3) , (4) and (6) , a person is liable for damages in the amount of any loss caused by a failure to comply with this Article. Loss caused by a failure to comply may include loss resulting from the debtor's inability to obtain, or increased costs of, alternative financing. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(3). Except as otherwise provided in section 9‑1628 : (a). A person that, at the time of the failure, was a debtor, was an obligor or held a security interest in or other lien on the collateral may recover damages under subsection (2) for its loss; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). If the collateral is consumer goods, a person that was a debtor or a secondary obligor at the time a secured party failed to comply with this part may recover for that failure in any event an amount not less than the credit service charge plus 10% of the principal amount of the obligation or the time-price differential plus 10% of the cash price. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(4). A debtor whose deficiency is eliminated under section 9‑1626 may recover damages for the loss of any surplus. However, a debtor or secondary obligor whose deficiency is eliminated or reduced under Section 9‑1626 may not otherwise recover under subsection (2) for noncompliance with the provisions of this part relating to collection, enforcement, disposition or acceptance. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(5). In addition to any damages recoverable under subsection (2) , the debtor, consumer obligor or person named as a debtor in a filed record, as applicable, may recover $500 in each case from a person that: (a). Fails to comply with section 9‑1208 ; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Fails to comply with section 9‑1209 ; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). Files a record that the person is not entitled to file under section 9‑1509, subsection (1) ; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (d). Fails to cause the secured party of record to file or send a termination statement as required by section 9‑1513, subsection (1) or (3) ; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (e). Fails to comply with section 9‑1616, subsection (2), paragraph (a) and whose failure is part of a pattern, or consistent with a practice, of noncompliance; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (f). Fails to comply with section 9‑1616, subsection (2), 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 debtor or consumer obligor may recover damages under subsection (2) and, in addition, $500 in each case from a person that, without reasonable cause, fails to comply with a request under section 9‑1210 . A recipient of a request under section 9‑1210 that never claimed an interest in the collateral or obligations that are the subject of a request under that section has a reasonable excuse for failure to comply with the request within the meaning of this subsection. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(7). If a secured party fails to comply with a request regarding a list of collateral or a statement of account under section 9‑1210 , the secured party may claim a security interest only as shown in the list or statement included in the request as against a person that is reasonably misled by the failure. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 2-312 — ME Code / Title 11 / Chapter 2 / Section 2-312
11 §2-312. Warranty of title and against infringement; buyer's obligation against infringement
Status: in_force

(1). Subject to subsection (2) there is in a contract for sale a warranty by the seller that (a). The title conveyed shall be good, and its transfer rightful; and (b). The goods shall be delivered free from any security interest or other lien or encumbrance of which the buyer at the time of contracting has no knowledge.

(2). A warranty under subsection (1) will be excluded or modified only by specific language or by circumstances which give the buyer reason to know that the person selling does not claim title in himself or that he is purporting to sell only such right or title as he or a third person may have.

(3). Unless otherwise agreed a seller who is a merchant regularly dealing in goods of the kind warrants that the goods shall be delivered free of the rightful claim of any third person by way of infringement or the like but a buyer who furnishes specifications to the seller must hold the seller harmless against any such claim which arises out of compliance with the specifications.
11 M.R.S. § 3-1408 — ME Code / Title 11 / Chapter 3-A / Section 3-1408
11 §3-1408. Drawee not liable on unaccepted draft
Status: in_force

A check or other draft does not of itself operate as an assignment of funds in the hands of the drawee available for its payment, and the drawee is not liable on the instrument until the drawee accepts it. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 9-1405 — ME Code / Title 11 / Chapter 9-A / Section 9-1405
11 §9-1405. Modification of assigned contract
Status: in_force

(1). A modification of or substitution for an assigned contract is effective against an assignee if made in good faith. The assignee acquires corresponding rights under the modified or substituted contract. The assignment may provide that the modification or substitution is a breach of contract by the assignor. This subsection is subject to subsections (2) through (4) . [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). Subsection (1) applies to the extent that: (a). The right to payment or a part thereof under an assigned contract has not been fully earned by performance; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The right to payment or a part thereof has been fully earned by performance and the account debtor has not received notification of the assignment under section 9‑1406, subsection (1) . [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). This section is subject to law other than this Article that establishes a different rule for an account debtor who is an individual and who incurred the obligation primarily for personal, family or household purposes. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(4). This section does not apply to an assignment of a health-care-insurance receivable. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 8-1306 — ME Code / Title 11 / Chapter 8-A / Section 8-1306
11 §8-1306. Effect of guaranteeing signature, indorsement or instruction
Status: in_force

(1). A person who guarantees a signature of an indorser of a security certificate warrants that at the time of signing: (a). The signature was genuine; [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). The signer was an appropriate person to indorse or, if the signature is by an agent, the agent had actual authority to act on behalf of the appropriate person; and [PL 1997, c. 429, Pt. B, §2 (NEW).] (c). The signer had legal capacity to sign. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]

(2). A person who guarantees a signature of the originator of an instruction warrants that at the time of signing: (a). The signature was genuine; [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). The signer was an appropriate person to originate the instruction or, if the signature is by an agent, the agent had actual authority to act on behalf of the appropriate person, if the person specified in the instruction as the registered owner was, in fact, the registered owner, as to which fact the signature guarantor does not make a warranty; and [PL 1997, c. 429, Pt. B, §2 (NEW).] (c). The signer had legal capacity to sign. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]

(3). A person who specially guarantees the signature of an originator of an instruction makes the warranties of a signature guarantor under subsection (2) and also warrants that at the time the instruction is presented to the issuer: (a). The person specified in the instruction as the registered owner of the uncertificated security will be the registered owner; and [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). The transfer of the uncertificated security requested in the instruction will be registered by the issuer free from all liens, security interests, restrictions and claims other than those specified in the instruction. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]

(4). A guarantor under subsections (1) and (2) or a special guarantor under subsection (3) does not otherwise warrant the rightfulness of the transfer. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(5). A person who guarantees an indorsement of a security certificate makes the warranties of a signature guarantor under subsection (1) and also warrants the rightfulness of the transfer in all respects. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(6). A person who guarantees an instruction requesting the transfer of an uncertificated security makes the warranties of a special signature guarantor under subsection (3) and also warrants the rightfulness of the transfer in all respects. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(7). An issuer may not require a special guaranty of signature, a guaranty of indorsement or a guaranty of instruction as a condition to registration of transfer. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(8). The warranties under this section are made to a person taking or dealing with the security in reliance on the guaranty and the guarantor is liable to the person for loss resulting from their breach. An indorser or originator of an instruction whose signature, indorsement or instruction has been guaranteed is liable to a guarantor for any loss suffered by the guarantor as a result of breach of the warranties of the guarantor. [PL 1997, c. 429, Pt. B, §2 (NEW).]
11 M.R.S. § 2-612 — ME Code / Title 11 / Chapter 2 / Section 2-612
11 §2-612. "Installment contract"; breach
Status: in_force

(1). An "installment contract" is one which requires or authorizes the delivery of goods in separate lots to be separately accepted, even though the contract contains a clause "each delivery is a separate contract" or its equivalent.

(2). The buyer may reject any installment which is nonconforming if the nonconformity substantially impairs the value of that installment and cannot be cured or if the nonconformity is a defect in the required documents; but if the nonconformity does not fall within subsection (3) and the seller gives adequate assurance of its cure the buyer must accept that installment.

(3). Whenever nonconformity or default with respect to one or more installments substantially impairs the value of the whole contract there is a breach of the whole. But the aggrieved party reinstates the contract if he accepts a nonconforming installment without seasonably notifying of cancellation or if he brings an action with respect only to past installments or demands performance as to future installments.
11 M.R.S. § 2-102 — ME Code / Title 11 / Chapter 2 / Section 2-102
11 §2-102. Scope; certain security and other transactions excluded from this Article
Status: in_force

(1). Unless the context otherwise requires, and except as provided in subsection (3) , this Article applies to transactions in goods and, in the case of a hybrid transaction, it applies to the extent provided in subsection (2) . [PL 2023, c. 669, Pt. A, §13 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(2). In a hybrid transaction: (a). If the aspects of the transaction that relate to the sale of goods do not predominate, 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. [PL 2023, c. 669, Pt. A, §13 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). If the aspects of the transaction that relate to the sale of goods predominate, this Article applies to the transaction but does not preclude application in appropriate circumstances of other law to aspects of the transaction that do not relate to the sale of goods. [PL 2023, c. 669, Pt. A, §13 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §13 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

(3). This Article does not: (a). Apply to a transaction that, even though in the form of an unconditional contract to sell or present sale, operates only to create a security interest; or [PL 2023, c. 669, Pt. A, §13 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). Impair or repeal a statute regulating sales to consumers, farmers or other specified classes of buyers. [PL 2023, c. 669, Pt. A, §13 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).] [PL 2023, c. 669, Pt. A, §13 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]
11 M.R.S. § 2-402 — ME Code / Title 11 / Chapter 2 / Section 2-402
11 §2-402. Rights of seller's creditors against sold goods
Status: in_force

(1). Except as provided in subsection (2) and (3) , rights of unsecured creditors of the seller with respect to goods which have been identified to a contract for sale are subject to the buyer's rights to recover the goods under this Article ( sections 2‑502 and 2‑716 ).

(2). A creditor of the seller may treat a sale or an identification of goods to a contract for sale as void, if as against him a retention of possession by the seller is fraudulent under any rule of law of the state where the goods are situated, except that retention of possession in good faith and current course of trade by a merchant-seller for a commercially reasonable time after a sale or identification is not fraudulent.

(3). Nothing in this Article shall be deemed to impair the rights of creditors of the seller (a). Under the provisions of the Article on secured transactions (Article 9); or (b). Where identification to the contract or delivery is made not in current course of trade but in satisfaction of or as security for a pre-existing claim for money, security or the like and is made under circumstances which under any rule of law of the state where the goods are situated would apart from this Article constitute the transaction a fraudulent conveyance or voidable preference. [PL 1965, c. 306, §7 (AMD).] [PL 1965, c. 306, §7 (AMD).]
11 M.R.S. § 3-1309 — ME Code / Title 11 / Chapter 3-A / Section 3-1309
11 §3-1309. Enforcement of lost, destroyed or stolen instrument
Status: in_force

(1). A person not in possession of an instrument is entitled to enforce the instrument if: (a). The person was in possession of the instrument and entitled to enforce it when loss of possession occurred; [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). The loss of possession was not the result of a transfer by the person or a lawful seizure; and [PL 1993, c. 293, Pt. A, §2 (NEW).] (c). The person can not reasonably obtain possession of the instrument because the instrument was destroyed, its whereabouts can not be determined or it is in the wrongful possession of an unknown person or a person that can not be found or is not amenable to service of process. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). A person seeking enforcement of an instrument under subsection (1) must prove the terms of the instrument and the person's right to enforce the instrument. If that proof is made, Section 3‑1308 applies to the case as if the person seeking enforcement had produced the instrument. The court may not enter judgment in favor of the person seeking enforcement unless it finds that the person required to pay the instrument is adequately protected against loss that might occur by reason of a claim by another person to enforce the instrument. Adequate protection may be provided by any reasonable means. [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 2-1404 — ME Code / Title 11 / Chapter 2-A / Section 2-1404
11 §2-1404. Substituted performance
Status: in_force

(1). If without fault of the lessee, the lessor and the supplier, the agreed berthing, loading or unloading facilities fail, the agreed type of carrier becomes unavailable or the agreed manner of delivery otherwise becomes commercially impracticable, but a commercially reasonable substitute is available, the substitute performance must be tendered and accepted. [PL 1991, c. 805, §4 (NEW).]

(2). If the agreed means or manner of payment fails because of domestic or foreign governmental regulation: (a). The lessor may withhold or stop delivery or cause the supplier to withhold or stop delivery unless the lessee provides a means or manner of payment that is commercially a substantial equivalent; and [PL 1991, c. 805, §4 (NEW).] (b). If delivery has already been taken, payment by the means or in the manner provided by the regulation discharges the lessee's obligation unless the regulation is discriminatory, oppressive or predatory. [PL 1991, c. 805, §4 (NEW).] [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 9-1324-A — ME Code / Title 11 / Chapter 9-A / Section 9-1324-A
11 §9-1324-A. Priority of production-money security interests and agricultural liens
Status: in_force

(1). Except as otherwise provided in subsections (3) , (4) and (5) , if the requirements of subsection (2) are satisfied, a perfected production-money security interest in production-money crops has priority over a conflicting security interest in the same crops and, except as otherwise provided in section 9‑1327 , also has priority in their identifiable proceeds. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(2). A production-money security interest has priority under subsection (1) if: (a). The production-money security interest is perfected by filing when the production-money secured party first gives new value to enable the debtor to produce the crops; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). The production-money secured party sends an authenticated notification to the holder of the conflicting security interest not less than 10 or more than 30 days before the production-money secured party first gives new value to enable the debtor to produce the crops if the holder had filed a financing statement covering the crops before the date of the filing made by the production-money secured party; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (c). The notification states that the production-money secured party has or expects to acquire a production-money security interest in the debtor's crops and provides a description of the crops. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(3). Except as otherwise provided in subsection (4) or (5) , if more than one security interest qualifies for priority in the same collateral under subsection (1) , the security interests rank according to priority in time of filing under section 9‑1322, subsection (1) . [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(4). To the extent that a person holding a perfected security interest in production-money crops that are the subject of a production-money security interest gives new value to enable the debtor to produce the production-money crops and the value is in fact used for the production of the production-money crops, the security interests rank according to priority in time of filing under section 9‑1322, subsection (1) . [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

(5). To the extent that a person holds both an agricultural lien and a production-money security interest in the same collateral securing the same obligations, the rules of priority applicable to agricultural liens govern priority. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
11 M.R.S. § 3-1118 — ME Code / Title 11 / Chapter 3-A / Section 3-1118
11 §3-1118. Statute of limitations
Status: in_force

(1). Except as provided in subsection (5) , an action to enforce the obligation of a party to pay a note payable at a definite time must be commenced within 6 years after the due date or dates stated in the note or, if a due date is accelerated, within 6 years after the accelerated due date. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(2). Except as provided in subsection (4) or (5) , if demand for payment is made to the maker of a note payable on demand, an action to enforce the obligation of a party to pay the note must be commenced within 6 years after the demand. If no demand for payment is made to the maker, an action to enforce the note is barred if neither principal nor interest on the note has been paid for a continuous period of 10 years. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(3). Except as provided in subsection (4) , an action to enforce the obligation of a party to an unaccepted draft to pay the draft must be commenced within 3 years after dishonor of the draft or 10 years after the date of the draft, whichever period expires first. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(4). An action to enforce the obligation of the acceptor of a certified check or the issuer of a teller's check, cashier's check or traveler's check must be commenced within 3 years after demand for payment is made to the acceptor or issuer, as the case may be. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(5). An action to enforce the obligation of a party to a certificate of deposit to pay the instrument must be commenced within 6 years after demand for payment is made to the maker, but if the instrument states a due date and the maker is not required to pay before that date, the 6-year period begins when a demand for payment is in effect and the due date has passed. [PL 1993, c. 293, Pt. A, §2 (NEW).]

(6). An action to enforce the obligation of a party to pay an accepted draft, other than a certified check, must be commenced: (a). Within 6 years after the due date or dates stated in the draft or acceptance if the obligation of the acceptor is payable at a definite time; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). Within 6 years after the date of the acceptance if the obligation of the acceptor is payable on demand. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]

(7). Unless governed by other law regarding claims for indemnity or contribution, an action must be commenced within 3 years after the cause of action accrues if that action is: (a). For conversion of an instrument, for money had and received or like action based on conversion; [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). For breach of warranty; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (c). To enforce an obligation, duty or right arising under this Article and not governed by this section. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).]
11 M.R.S. § 2-1105 — ME Code / Title 11 / Chapter 2-A / Section 2-1105
11 §2-1105. Territorial application of article to goods covered by certificate of title
Status: in_force

Subject to the provisions of section 2‑1304, subsection (3) and section 2‑1305, subsection (3) , with respect to goods covered by a certificate of title issued under a statute of this State or of another jurisdiction, compliance and the effect of compliance or noncompliance with a certificate of title statute are governed by the law, including the conflict of laws rules, of the jurisdiction issuing the certificate until the earlier of: [PL 1991, c. 805, §4 (NEW).]

(1). Surrender of the certificate; or [PL 1991, c. 805, §4 (NEW).]

(2). Four months after the goods are removed from that jurisdiction and thereafter until a new certificate of title is issued by another jurisdiction. [PL 1991, c. 805, §4 (NEW).]
11 M.R.S. § 9-1521 — ME Code / Title 11 / Chapter 9-A / Section 9-1521
11 §9-1521. Uniform form of written financing statement and amendment
Status: in_force

(1). Except for a reason set forth in section 9‑1516, subsection (2) , a filing office that accepts written records may not refuse to accept a written initial financing statement in a form and format: (a). Approved by the International Association of Commercial Administrators or successor organization; or [PL 2013, c. 317, Pt. A, §27 (NEW).] (b). Adopted by rule adopted by the Secretary of State. [PL 2013, c. 317, Pt. A, §27 (NEW).] [PL 2013, c. 317, Pt. A, §27 (RPR).]

(2). Except for a reason set forth in section 9‑1516, subsection (2) , a filing office that accepts written records may not refuse to accept a written amendment or information statement in a form and format: (a). Approved by the International Association of Commercial Administrators or successor organization; or [PL 2013, c. 317, Pt. A, §27 (NEW).] (b). Adopted by rule adopted by the Secretary of State. [PL 2013, c. 317, Pt. A, §27 (NEW).] [PL 2013, c. 317, Pt. A, §27 (RPR).]

(3). [PL 2013, c. 317, Pt. A, §27 (RP).]
11 M.R.S. § 10-104 — ME Code / Title 11 / Chapter 10 / Section 10-104
11 §10-104. Transition provision on change of requirement of filing
Status: in_force

A security interest for the perfection of which filing or the taking of possession was required under the old code and which attached prior to the effective date of public law, 1977, chapter 526, but was not perfected shall be deemed perfected on the effective date of public law, 1977, chapter 526, if the new code permits perfection without filing or authorizes filing in the office or offices where a prior ineffective filing was made. [PL 1977, c. 586 (NEW).]
11 M.R.S. § 4-209 — ME Code / Title 11 / Chapter 4 / Section 4-209
11 §4-209. When bank gives value for purposes of holder in due course
Status: in_force

For purposes of determining its status as a holder in due course, a bank has given value to the extent it has a security interest in an item, if the bank otherwise complies with the requirements of section 3‑1302 on what constitutes a holder in due course. [PL 1993, c. 293, Pt. B, §29 (AMD).]