reglab/statecodes huggingface dataset:
2023 Maine Revised Statutes › TITLE 11: UNIFORM COMMERCIAL CODE › Article 9-A: TRANSACTIONS › Part 1: GENERAL PROVISIONS › Subpart 1: SHORT TITLE, DEFINITIONS AND GENERAL CONCEPTS › 11 §9-1105. Control of electronic chattel paper

§9-1105. Control of electronic chattel paper
A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned. A system satisfies this section if the record or records comprising the chattel paper are created, stored and assigned in such a manner that:   [PL 2013, c. 317, Pt. A, §9 (AMD).]
(1).
A single authoritative copy of the record or records exists that is unique, identifiable and, except as otherwise provided in subsections (4), (5) and (6), unalterable;
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
The authoritative copy identifies the secured party as the assignee of the record or records;
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(3).
The authoritative copy is communicated to and maintained by the secured party or its designated custodian;
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(4).
Copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the secured party;
[PL 2013, c. 317, Pt. A, §10 (AMD).]
(5).
Each copy of the authoritative copy and any copy of a copy is readily identifiable as a copy that is not the authoritative copy; and
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(6).
Any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.
[PL 2013, c. 317, Pt. A, §11 (AMD).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF). PL 2013, c. 317, Pt. A, §§9-11 (AMD).
2023 Maine Revised Statutes › TITLE 11: UNIFORM COMMERCIAL CODE › Article 9-A: TRANSACTIONS › Part 1: GENERAL PROVISIONS › Subpart 1: SHORT TITLE, DEFINITIONS AND GENERAL CONCEPTS › 11 §9-1106. Control of investment property

§9-1106. Control of investment property
(1).
A person has control of a certificated security, uncertificated security or security entitlement as provided in section 8-1106.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
A secured party has control of a commodity contract if:
(a). The secured party is the commodity intermediary with which the commodity contract is carried; or   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). The commodity customer, secured party and commodity intermediary have agreed that the commodity intermediary will apply any value distributed on account of the commodity contract as directed by the secured party without further consent by the commodity customer.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(3).
A secured party having control of all security entitlements or commodity contracts carried in a securities account or commodity account has control over the securities account or commodity account.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF).
2023 Maine Revised Statutes › TITLE 11: UNIFORM COMMERCIAL CODE › Article 9-A: TRANSACTIONS › Part 1: GENERAL PROVISIONS › Subpart 1: SHORT TITLE, DEFINITIONS AND GENERAL CONCEPTS › 11 §9-1107. Control of letter-of-credit right

§9-1107. Control of letter-of-credit right
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).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF). PL 2003, c. 510, §A5 (AMD).
2023 Maine Revised Statutes › TITLE 11: UNIFORM COMMERCIAL CODE › Article 9-A: TRANSACTIONS › Part 1: GENERAL PROVISIONS › Subpart 1: SHORT TITLE, DEFINITIONS AND GENERAL CONCEPTS › 11 §9-1108. Sufficiency of description

§9-1108. Sufficiency of description
(1).
Except as otherwise provided in subsections (3), (4) and (5), a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
Except as otherwise provided in subsection (4), a description of collateral reasonably identifies the collateral if it identifies the collateral by:
(a). Specific listing;   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). Category;   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(c). Except as otherwise provided in subsection (5), a type of collateral defined in this Title;   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(d). Quantity;   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(e). Computational or allocational formula or procedure; or   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(f). Except as otherwise provided in subsection (3), any other method, if the identity of the collateral is objectively determinable.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(3).
A description of collateral as "all the debtor's assets" or "all the debtor's personal property" or using words of similar import does not reasonably identify the collateral.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(4).
Except as otherwise provided in subsection (5), a description of a security entitlement, securities account or commodity account is sufficient if it describes:
(a). The collateral by those terms or as investment property; or   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). The underlying financial asset or commodity contract.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(5).
A description only by type of collateral defined in this Title is an insufficient description of:
(a). A commercial tort claim; or   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). In a consumer transaction, consumer goods, a security entitlement, a securities account or a commodity account.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF).
2023 Maine Revised Statutes › TITLE 11: UNIFORM COMMERCIAL CODE › Article 9-A: TRANSACTIONS › Part 1: GENERAL PROVISIONS › Subpart 2: APPLICABILITY OF ARTICLE › 11 §9-1110. Security interests arising under Article 2 or 2-A

§9-1110. Security interests arising under Article 2 or 2-A
A security interest arising under section 2‑401, 2‑505, 2‑711, subsection (3), or 2‑1508, subsection (5) is subject to this Article. However, until the debtor obtains possession of the goods:   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(1).
The security interest is enforceable, even if section 9‑1203, subsection (2), paragraph (c) has not been satisfied;
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
Filing is not required to perfect the security interest;
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(3).
The rights of the secured party after default by the debtor are governed by Article 2 or 2‑A; and
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(4).
The security interest has priority over a conflicting security interest created by the debtor.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF).
2023 Maine Revised Statutes › TITLE 11: UNIFORM COMMERCIAL CODE › Article 9-A: TRANSACTIONS › Part 2: EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT › Subpart 1: EFFECTIVENESS AND ATTACHMENT › 11 §9-1201. General effectiveness of security agreement

§9-1201. General effectiveness of security agreement
(1).
Except as otherwise provided in this Title, a security agreement is effective according to its terms between the parties, against purchasers of the collateral and against creditors.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
A transaction subject to this Article is subject to any applicable rule of law that establishes a different rule for consumers, including Title 9‑A, Title 30‑A, sections 3960 to 3964‑A and Title 32, sections 11001 to 11054.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(3).
In case of conflict between this Article and a rule of law, statute or rule described in subsection (2), the rule of law, statute or rule controls. Failure to comply with a statute or rule described in subsection (2) has only the effect the statute or rule specifies.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(4).
This Article does not:
(a). Validate any rate, charge, agreement or practice that violates a rule of law, statute or rule described in subsection (2); or   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). Extend the application of the rule of law, statute or rule to a transaction not otherwise subject to rule of law, statute or rule.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF).
2023 Maine Revised Statutes › TITLE 11: UNIFORM COMMERCIAL CODE › Article 9-A: TRANSACTIONS › Part 2: EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT › Subpart 1: EFFECTIVENESS AND ATTACHMENT › 11 §9-1202. Title to collateral immaterial

§9-1202. Title to collateral immaterial
Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles or promissory notes, the provisions of this Article with regard to rights and obligations apply whether title to collateral is in the secured party or the debtor.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF).
2023 Maine Revised Statutes › TITLE 11: UNIFORM COMMERCIAL CODE › Article 9-A: TRANSACTIONS › Part 2: EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT › Subpart 1: EFFECTIVENESS AND ATTACHMENT › 11 §9-1204. After-acquired property; future advances

§9-1204. After-acquired property; future advances
(1).
Except as otherwise provided in subsection (2), a security agreement may create or provide for a security interest in after-acquired collateral.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
A security interest does not attach under a term constituting an after-acquired property clause to:
(a). Consumer goods, other than an accession when given as additional security, unless the debtor acquires rights in them within 10 days after the secured party gives value; or   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). A commercial tort claim.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(3).
A security agreement may provide that collateral secures, or that accounts, chattel paper, payment intangibles or promissory notes are sold in connection with future advances or other value whether or not the advances or value are given pursuant to commitment.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF).
2023 Maine Revised Statutes › TITLE 11: UNIFORM COMMERCIAL CODE › Article 9-A: TRANSACTIONS › Part 2: EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT › Subpart 1: EFFECTIVENESS AND ATTACHMENT › 11 §9-1205. Use or disposition of collateral permissible

§9-1205. Use or disposition of collateral permissible
(1).
A security interest is not invalid or fraudulent against creditors solely because:
(a). The debtor has the right or ability to:
(i) Use, commingle or dispose of all or part of the collateral, including returned or repossessed goods;
(ii) Collect, compromise, enforce or otherwise deal with collateral;
(iii) Accept the return of collateral or make repossessions; or
(iv) Use, commingle or dispose of proceeds; or   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). The secured party fails to require the debtor to account for proceeds or replace collateral.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
This section does not relax the requirements of possession if attachment, perfection or enforcement of a security interest depends upon possession of the collateral by the secured party.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF).
2023 Maine Revised Statutes › TITLE 11: UNIFORM COMMERCIAL CODE › Article 9-A: TRANSACTIONS › Part 2: EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT › Subpart 1: EFFECTIVENESS AND ATTACHMENT › 11 §9-1206. Security interest arising in purchase or delivery of financial asset

§9-1206. Security interest arising in purchase or delivery of financial asset
(1).
A security interest in favor of a securities intermediary attaches to a person's security entitlement if:
(a). The person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchase price to the securities intermediary at the time of the purchase; and   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). The securities intermediary credits the financial asset to the buyer's securities account before the buyer pays the securities intermediary.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
The security interest described in subsection (1) secures the person's obligation to pay for the financial asset.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(3).
A security interest in favor of a person that delivers a certificated security or other financial asset represented by a writing attaches to the security or other financial asset if:
(a). The security or other financial asset:
(i) In the ordinary course of business is transferred by delivery with any necessary indorsement or assignment; and
(ii) Is delivered under an agreement between persons in the business of dealing with such securities or financial assets; and   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). The agreement calls for delivery against payment.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(4).
The security interest described in subsection (3) secures the obligation to make payment for the delivery.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF).
2023 Maine Revised Statutes › TITLE 11: UNIFORM COMMERCIAL CODE › Article 9-A: TRANSACTIONS › Part 2: EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT › Subpart 2: RIGHTS AND DUTIES › 11 §9-1209. Duties of secured party if account debtor has been notified of assignment

§9-1209. Duties of secured party if account debtor has been notified of assignment
(1).
Except as otherwise provided in subsection (3), this section applies if:
(a). There is no outstanding secured obligation; and   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). The secured party is not committed to make advances, incur obligations or otherwise give value.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
Within 20 days after receiving an authenticated demand by the debtor, a secured party shall send to an account debtor that has received notification of an assignment to the secured party as assignee under section 9-1406, subsection (1) an authenticated record that releases the account debtor from any further obligation to the secured party.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(3).
This section does not apply to an assignment constituting the sale of an account, chattel paper or payment intangible.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF).
2023 Maine Revised Statutes › TITLE 11: UNIFORM COMMERCIAL CODE › Article 9-A: TRANSACTIONS › Part 3: PERFECTION AND PRIORITY › Subpart 1: LAW GOVERNING PERFECTION AND PRIORITY › 11 §9-1301. Law governing perfection and priority of security interests

§9-1301. Law governing perfection and priority of security interests
Except as otherwise provided in sections 9‑1303 through 9‑1306, the following rules determine the law governing perfection, the effect of perfection or nonperfection and the priority of a security interest in collateral.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(1).
Except as otherwise provided in this section, while a debtor 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 collateral.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
While collateral is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a possessory security interest in that collateral.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(3).
Except as otherwise provided in subsection (4), while tangible negotiable documents, goods, instruments, money or tangible chattel paper is located in a jurisdiction, the local law of that jurisdiction governs:
(a). Perfection of a security interest in the goods by filing a fixture filing;   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). Perfection of a security interest in timber to be cut; and   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(c). The effect of perfection or nonperfection and the priority of a nonpossessory security interest in the collateral.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 2009, c. 324, Pt. B, §34 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).]
(4).
The local law of the jurisdiction in which the wellhead or minehead is located governs perfection, the effect of perfection or nonperfection and the priority of a security interest in as-extracted collateral.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF). PL 2009, c. 324, Pt. B, §34 (AMD). PL 2009, c. 324, Pt. B, §48 (AFF).
2023 Maine Revised Statutes › TITLE 11: UNIFORM COMMERCIAL CODE › Article 9-A: TRANSACTIONS › Part 3: PERFECTION AND PRIORITY › Subpart 1: LAW GOVERNING PERFECTION AND PRIORITY › 11 §9-1302. Law governing perfection and priority of agricultural liens

§9-1302. Law governing perfection and priority of agricultural liens
While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of an agricultural lien on the farm products.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF).
2023 Maine Revised Statutes › TITLE 11: UNIFORM COMMERCIAL CODE › Article 9-A: TRANSACTIONS › Part 3: PERFECTION AND PRIORITY › Subpart 1: LAW GOVERNING PERFECTION AND PRIORITY › 11 §9-1303. Law governing perfection and priority of security interests in goods covered by certificate of title

§9-1303. Law governing perfection and priority of security interests in goods covered by certificate of title
(1).
This section applies to goods covered by a certificate of title, even if there is no other relationship between the jurisdiction under whose certificate of title the goods are covered and the goods or the debtor.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
Goods become covered by a certificate of title when a valid application for the certificate of title and the applicable fee are delivered to the appropriate authority. Goods cease to be covered by a certificate of title at the earlier of the time the certificate of title ceases to be effective under the law of the issuing jurisdiction or the time the goods become covered subsequently by a certificate of title issued by another jurisdiction.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(3).
The local law of the jurisdiction under whose certificate of title the goods are covered governs perfection, the effect of perfection or nonperfection and the priority of a security interest in goods covered by a certificate of title from the time the goods become covered by the certificate of title until the goods cease to be covered by the certificate of title.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF).
2023 Maine Revised Statutes › TITLE 11: UNIFORM COMMERCIAL CODE › Article 9-A: TRANSACTIONS › Part 3: PERFECTION AND PRIORITY › Subpart 1: LAW GOVERNING PERFECTION AND PRIORITY › 11 §9-1304. Law governing perfection and priority of security interests in deposit accounts

§9-1304. Law governing perfection and priority of security interests in deposit accounts
(1).
The local law of a bank's jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a security interest in a deposit account maintained with that bank.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
The following rules determine a bank's jurisdiction for purposes of this Part.
(a). If an agreement between the bank and the debtor governing the deposit account expressly provides that a particular jurisdiction is the bank's jurisdiction for purposes of this Part, this Article or this Title, that jurisdiction is the bank's jurisdiction.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). If paragraph (a) does not apply and an agreement between the bank and its customer governing the deposit account expressly provides that the agreement is governed by the law of a particular jurisdiction, that jurisdiction is the bank's jurisdiction.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(c). If neither paragraph (a) nor paragraph (b) applies and an agreement between the bank and its customer governing the deposit account expressly provides that the deposit account is maintained at an office in a particular jurisdiction, that jurisdiction is the bank's jurisdiction.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(d). If none of the preceding paragraphs applies, the bank's jurisdiction is the jurisdiction in which the office identified in an account statement as the office serving the customer's account is located.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(e). If none of the preceding paragraphs applies, the bank's jurisdiction is the jurisdiction in which the chief executive office of the bank is located.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF).
2023 Maine Revised Statutes › TITLE 11: UNIFORM COMMERCIAL CODE › Article 9-A: TRANSACTIONS › Part 3: PERFECTION AND PRIORITY › Subpart 1: LAW GOVERNING PERFECTION AND PRIORITY › 11 §9-1306. Law governing perfection and priority of security interests in letter-of-credit rights

§9-1306. Law governing perfection and priority of security interests in letter-of-credit rights
(1).
Subject to subsection (3), the local law of the issuer's jurisdiction or a nominated person's jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a security interest in a letter-of-credit right if the issuer's jurisdiction or nominated person's jurisdiction is a state.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
For purposes of this Part, an issuer's jurisdiction or nominated person's jurisdiction is the jurisdiction whose law governs the liability of the issuer or nominated person with respect to the letter-of-credit right as provided in section 5-116.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(3).
This section does not apply to a security interest that is perfected only under section 9-1308, subsection (4).
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF).
2023 Maine Revised Statutes › TITLE 11: UNIFORM COMMERCIAL CODE › Article 9-A: TRANSACTIONS › Part 3: PERFECTION AND PRIORITY › Subpart 2: PERFECTION › 11 §9-1308. When security interest or agricultural lien is perfected; continuity of perfection

§9-1308. When security interest or agricultural lien is perfected; continuity of perfection
(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).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF).
2023 Maine Revised Statutes › TITLE 11: UNIFORM COMMERCIAL CODE › Article 9-A: TRANSACTIONS › Part 3: PERFECTION AND PRIORITY › Subpart 2: PERFECTION › 11 §9-1309. Security interest perfected upon attachment

§9-1309. Security interest perfected upon attachment
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).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF).
2023 Maine Revised Statutes › TITLE 11: UNIFORM COMMERCIAL CODE › Article 9-A: TRANSACTIONS › Part 3: PERFECTION AND PRIORITY › Subpart 2: PERFECTION › 11 §9-1310. When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply

§9-1310. When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply
(1).
Except as otherwise provided in subsection (2) and section 9‑1312, subsection (2), a financing statement must be filed to perfect all security interests and agricultural liens.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
The filing of a financing statement is not necessary to perfect a security interest:
(a). That is perfected under section 9‑1308, subsection (4), (5), (6) or (7);   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). That is perfected under section 9‑1309 when it attaches;   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(c). In property subject to a statute, regulation or treaty described in section 9‑1311, subsection (1);   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(d). In goods in possession of a bailee that is perfected under section 9‑1312, subsection (4), paragraph (a) or (b);   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(e). In certificated securities, documents, goods or instruments that is perfected without filing, control or possession under section 9‑1312, subsection (5), (6) or (7);   [PL 2009, c. 324, Pt. B, §35 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).]
(f). In collateral in the secured party's possession under section 9‑1313;   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(g). In a certificated security that is perfected by delivery of the security certificate to the secured party under section 9‑1313;   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(h). In deposit accounts, electronic chattel paper, electronic documents, investment property or letter-of-credit rights that is perfected by control under section 9‑1314;   [PL 2009, c. 324, Pt. B, §36 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).]
(i). In proceeds that is perfected under section 9‑1315; or   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(j). That is perfected under section 9‑1316.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 2009, c. 324, Pt. B, §§35, 36 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).]
(3).
If a secured party assigns a perfected security interest or agricultural lien, a filing under this Article is not required to continue the perfected status of the security interest against creditors of and transferees from the original debtor.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF). PL 2009, c. 324, Pt. B, §§35, 36 (AMD). PL 2009, c. 324, Pt. B, §48 (AFF).
2023 Maine Revised Statutes › TITLE 11: UNIFORM COMMERCIAL CODE › Article 9-A: TRANSACTIONS › Part 3: PERFECTION AND PRIORITY › Subpart 2: PERFECTION › 11 §9-1311. Perfection of security interests in property subject to certain statutes, regulations and treaties

§9-1311. Perfection of security interests in property subject to certain statutes, regulations and treaties
(1).
Except as otherwise provided in subsection (4), the filing of a financing statement is not necessary or effective to perfect a security interest in property subject to:
(a). A statute, regulation, or treaty of the United States whose requirements for a security interest's obtaining priority over the rights of a lien creditor with respect to the property preempt section 9‑1310, subsection (1);   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). Title 29‑A, chapter 7; or   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(c). A statute of another jurisdiction that provides for a security interest to be indicated on a certificate of title as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the property.   [PL 2013, c. 317, Pt. A, §13 (AMD).]
[PL 2013, c. 317, Pt. A, §13 (AMD).]
(2).
Compliance with the requirements of a statute, regulation or treaty described in subsection (1) for obtaining priority over the rights of a lien creditor is equivalent to the filing of a financing statement under this Article. Except as otherwise provided in subsection (4) and sections 9‑1313 and 9‑1316, subsections (4) and (5) for goods covered by a certificate of title, a security interest in property subject to a statute, regulation or treaty described in subsection (1) may be perfected only by compliance with those requirements, and a security interest so perfected remains perfected notwithstanding a change in the use or transfer of possession of the collateral.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(3).
Except as otherwise provided in subsection (4) and section 9‑1316, subsection (4) and (5), duration and renewal of perfection of a security interest perfected by compliance with the requirements prescribed by a statute, regulation or treaty described in subsection (1) are governed by the statute, regulation or treaty. In other respects, the security interest is subject to this Article.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(4).
During any period in which collateral subject to a statute specified in subsection (1), paragraph (b), is inventory held for sale or lease by a person or leased by that person as lessor and that person is in the business of selling goods of that kind, this section does not apply to a security interest in that collateral created by that person.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF). PL 2013, c. 317, Pt. A, §13 (AMD).
2023 Maine Revised Statutes › TITLE 11: UNIFORM COMMERCIAL CODE › Article 9-A: TRANSACTIONS › Part 3: PERFECTION AND PRIORITY › Subpart 2: PERFECTION › 11 §9-1314. Perfection by control

§9-1314. Perfection by control
(1).
A security interest in investment property, deposit accounts, letter-of-credit rights, electronic chattel paper or electronic documents may be perfected by control of the collateral under section 7‑1106, 9‑1104, 9‑1105, 9‑1106 or 9‑1107.
[PL 2009, c. 324, Pt. B, §39 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).]
(2).
A security interest in deposit accounts, electronic chattel paper, letter-of-credit rights or electronic documents is perfected by control under section 7‑1106, 9‑1104, 9‑1105 or 9‑1107 when the secured party obtains control and remains perfected by control only while the secured party retains control.
[PL 2009, c. 324, Pt. B, §40 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).]
(3).
A security interest in investment property is perfected by control under section 9‑1106 from the time the secured party obtains control and remains perfected by control until:
(a). The secured party does not have control; and   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). One of the following occurs:
(i) If the collateral is a certificated security, the debtor has or acquires possession of the security certificate;
(ii) If the collateral is an uncertificated security, the issuer has registered or registers the debtor as the registered owner; or
(iii) If the collateral is a security entitlement, the debtor is or becomes the entitlement holder.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF). PL 2009, c. 324, Pt. B, §§39, 40 (AMD). PL 2009, c. 324, Pt. B, §48 (AFF).
2023 Maine Revised Statutes › TITLE 11: UNIFORM COMMERCIAL CODE › Article 9-A: TRANSACTIONS › Part 3: PERFECTION AND PRIORITY › Subpart 3: PRIORITY › 11 §9-1317. Interests that take priority over or take free of security interest or agricultural lien

§9-1317. Interests that take priority over or take free of security interest or agricultural lien
(1).
A security interest or agricultural lien is subordinate to the rights of:
(a). A person entitled to priority under section 9‑1322; and   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). Except as otherwise provided in subsection (5), a person that becomes a lien creditor before the earlier of the time:
(i) The security interest or agricultural lien is perfected; or
(ii) One of the conditions specified in section 9‑1203, subsection (2), paragraph (c) is met and a financing statement covering the collateral is filed.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
Except as otherwise provided in subsection (5), a buyer, other than a secured party, of tangible chattel paper, tangible documents, goods, instruments or a certificated security takes free of a security interest or agricultural lien if the buyer gives value and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected.
[PL 2013, c. 317, Pt. A, §15 (AMD).]
(3).
Except as otherwise provided in subsection (5), a lessee of goods takes free of a security interest or agricultural lien if the lessee gives value and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(4).
A licensee of a general intangible or a buyer, other than a secured party, of collateral other than tangible chattel paper, tangible documents, goods, instruments or a certificated security takes free of a security interest if the licensee or buyer gives value without knowledge of the security interest and before it is perfected.
[PL 2013, c. 317, Pt. A, §16 (AMD).]
(5).
Except as otherwise provided in sections 9‑1320 and 9‑1321, if a person files a financing statement with respect to a purchase-money security interest before or within 20 days after the debtor receives delivery of the collateral, the security interest takes priority over the rights of a buyer, lessee or lien creditor that arise between the time the security interest attaches and the time of filing, unless the collateral is covered by Title 29‑A, chapter 7, in which case the security interest takes priority if perfected in accordance with section 9‑1303 within 30 days after the debtor receives delivery of the collateral.
[PL 2003, c. 652, Pt. A, §1 (AMD); PL 2003, c. 652, Pt. A, §7 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF). PL 2003, c. 652, §A1 (AMD). PL 2003, c. 652, §A7 (AFF). PL 2009, c. 324, Pt. B, §§41, 42 (AMD). PL 2009, c. 324, Pt. B, §48 (AFF). PL 2013, c. 317, Pt. A, §§15, 16 (AMD).
2023 Maine Revised Statutes › TITLE 11: UNIFORM COMMERCIAL CODE › Article 9-A: TRANSACTIONS › Part 3: PERFECTION AND PRIORITY › Subpart 3: PRIORITY › 11 §9-1318. No interest retained in right to payment that is sold; rights and title of seller of account or chattel paper with respect to creditors and purchasers

§9-1318. No interest retained in right to payment that is sold; rights and title of seller of account or chattel paper with respect to creditors and purchasers
(1).
A debtor that has sold an account, chattel paper, payment intangible or promissory note does not retain a legal or equitable interest in the collateral sold.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
For purposes of determining the rights of creditors of, and purchasers for value of an account or chattel paper from, a debtor that has sold an account or chattel paper, while the buyer's security interest is unperfected, the debtor is deemed to have rights and title to the account or chattel paper identical to those the debtor sold.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF).
2023 Maine Revised Statutes › TITLE 11: UNIFORM COMMERCIAL CODE › Article 9-A: TRANSACTIONS › Part 3: PERFECTION AND PRIORITY › Subpart 3: PRIORITY › 11 §9-1319. Rights and title of consignee with respect to creditors and purchasers

§9-1319. Rights and title of consignee with respect to creditors and purchasers
(1).
Except as otherwise provided in subsection (2), for purposes of determining the rights of creditors of, and purchasers for value of goods from, a consignee, while the goods are in the possession of the consignee, the consignee is deemed to have rights and title to the goods identical to those the consignor had or had power to transfer.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
For purposes of determining the rights of a creditor of a consignee, law other than this Article determines the rights and title of a consignee while goods are in the consignee's possession if, under this Part, a perfected security interest held by the consignor would have priority over the rights of the creditor.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF).
2023 Maine Revised Statutes › TITLE 11: UNIFORM COMMERCIAL CODE › Article 9-A: TRANSACTIONS › Part 3: PERFECTION AND PRIORITY › Subpart 3: PRIORITY › 11 §9-1320. Buyer of goods

§9-1320. Buyer of goods
(1).
Except as otherwise provided in subsection (5), a buyer in ordinary course of business, other than a person buying farm products from a person engaged in farming operations, takes free of a security interest created by the buyer's seller, even if the security interest is perfected and the buyer knows of its existence.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
Except as otherwise provided in subsection (5), a buyer of goods from a person who used or bought the goods for use primarily for personal, family or household purposes takes free of a security interest, even if perfected, if the buyer buys:
(a). Without knowledge of the security interest;   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). For value;   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(c). Primarily for the buyer's personal, family or household purposes; and   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(d). Before the filing of a financing statement covering the goods.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(3).
To the extent that it affects the priority of a security interest over a buyer of goods under subsection (2), the period of effectiveness of a filing made in the jurisdiction in which the seller is located is governed by section 9‑1316, subsections (1) and (2).
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(4).
A buyer in ordinary course of business buying oil, gas or other minerals at the wellhead or minehead or after extraction takes free of an interest arising out of an encumbrance.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(5).
Subsections (1) and (2) do not affect a security interest in goods in the possession of the secured party under section 9‑1313.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF).