reglab/statecodes huggingface dataset:
2023 Maine Revised Statutes › TITLE 11: UNIFORM COMMERCIAL CODE › Article 9-A: TRANSACTIONS › Part 5: FILING › Subpart 1: FILING OFFICE; CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT › 11 §9-1509. Persons entitled to file a record

§9-1509. Persons entitled to file a record
(1).
A person may file an initial financing statement, amendment that adds collateral covered by a financing statement or amendment that adds a debtor to a financing statement only if:
(a). The debtor authorizes the filing in an authenticated record or pursuant to subsection (2) or (3); or   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). The person holds an agricultural lien that has become effective at the time of filing and the financing statement covers only collateral in which the person holds an agricultural lien.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
By authenticating or becoming bound as debtor by a security agreement, a debtor or new debtor authorizes the filing of an initial financing statement, and an amendment, covering:
(a). The collateral described in the security agreement; and   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). Property that becomes collateral under section 9‑1315, subsection (1), paragraph (b), whether or not the security agreement expressly covers proceeds.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(3).
By acquiring collateral in which a security interest or agricultural lien continues under section 9‑1315, subsection 1, paragraph (a), a debtor authorizes the filing of an initial financing statement, and an amendment, covering the collateral and property that becomes collateral under section 9‑1315, subsection (1), paragraph (b).
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(4).
A person may file an amendment other than an amendment that adds collateral covered by a financing statement or an amendment that adds a debtor to a financing statement only if:
(a). The secured party of record authorizes the filing; or   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). The amendment is a termination statement for a financing statement as to which the secured party of record has failed to file or send a termination statement as required by section 9‑1513, subsection (1) or (3), the debtor authorizes the filing and the termination statement indicates that the debtor authorized it to be filed.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(5).
If there is more than one secured party of record for a financing statement, each secured party of record may authorize the filing of an amendment under subsection (4).
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
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 5: FILING › Subpart 1: FILING OFFICE; CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT › 11 §9-1510. Effectiveness of filed record

§9-1510. Effectiveness of filed record
(1).
A filed record is effective only to the extent that it was filed by a person that may file it under section 9-1509.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
A record authorized by one secured party of record does not affect the financing statement with respect to another secured party of record.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(3).
A continuation statement that is not filed within the 6-month period prescribed by section 9-1515, subsection (4) is ineffective.
[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 5: FILING › Subpart 1: FILING OFFICE; CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT › 11 §9-1511. Secured party of record

§9-1511. Secured party of record
(1).
A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured party or a representative of the secured party in an initial financing statement that has been filed. If an initial financing statement is filed under section 9-1514, subsection (1), the assignee named in the initial financing statement is the secured party of record with respect to the financing statement.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
If an amendment of a financing statement that provides the name of a person as a secured party or a representative of a secured party is filed, the person named in the amendment is a secured party of record. If an amendment is filed under section 9-1514, subsection (2), the assignee named in the amendment is a secured party of record.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(3).
A person remains a secured party of record until the filing of an amendment of the financing statement that deletes the 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).
2023 Maine Revised Statutes › TITLE 11: UNIFORM COMMERCIAL CODE › Article 9-A: TRANSACTIONS › Part 5: FILING › Subpart 1: FILING OFFICE; CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT › 11 §9-1512. Amendment of financing statement

§9-1512. Amendment of financing statement
(1).
Subject to Section 9-1509, a person may add or delete collateral covered by, continue or terminate the effectiveness of or, subject to subsection (5), otherwise amend the information provided in a financing statement by filing an amendment that:
(a). Identifies, by its file number, the initial financing statement to which the amendment relates; or   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). If the amendment relates to an initial financing statement recorded in the county registry of deeds, provides the book and page at which the initial financing statement was recorded and the name of the debtor and secured party.   [PL 2001, c. 286, §5 (AMD).]
[PL 2001, c. 286, §5 (AMD).]
(2).
Except as otherwise provided in section 9-1515, the filing of an amendment does not extend the period of effectiveness of the financing statement.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(3).
A financing statement that is amended by an amendment that adds collateral is effective as to the added collateral only from the date of the filing of the amendment.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(4).
A financing statement that is amended by an amendment that adds a debtor is effective as to the added debtor only from the date of the filing of the amendment.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(5).
An amendment is ineffective to the extent it:
(a). Purports to delete all debtors and fails to provide the name of a debtor to be covered by the financing statement; or   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). Purports to delete all secured parties of record and fails to provide the name of a new secured party of record.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF). PL 2001, c. 286, §5 (AMD).
2023 Maine Revised Statutes › TITLE 11: UNIFORM COMMERCIAL CODE › Article 9-A: TRANSACTIONS › Part 5: FILING › Subpart 1: FILING OFFICE; CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT › 11 §9-1514. Assignment of powers of secured party of record

§9-1514. Assignment of powers of secured party of record
(1).
Except as otherwise provided in subsection (3), an initial financing statement may reflect an assignment of all of the secured party's power to authorize an amendment to the financing statement by providing the name and mailing address of the assignee as the name and address of the secured party.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
Except as otherwise provided in subsection (3), a secured party of record may assign of record all or part of its power to authorize an amendment to a financing statement by filing in the filing office an amendment of the financing statement that:
(a). Identifies, by its file number, the initial financing statement to which it relates;   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). Provides the name of the assignor; and   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(c). Provides the name and mailing address of the assignee.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(3).
An assignment of record of a security interest in a fixture covered by a record of a mortgage that is effective as a financing statement recorded as a fixture filing under section 9-1502, subsection (3) may be made only by an assignment of record of the mortgage in the manner provided by the laws of this State other than this Title.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
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 5: FILING › Subpart 1: FILING OFFICE; CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT › 11 §9-1517. Effect of indexing errors

§9-1517. Effect of indexing errors
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).]
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 5: FILING › Subpart 1: FILING OFFICE; CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT › 11 §9-1518. Claim concerning inaccurate or wrongfully filed record

§9-1518. Claim concerning inaccurate or wrongfully filed record
(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).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF). PL 2001, c. 286, §7 (AMD). PL 2013, c. 317, Pt. A, §26 (AMD).
2023 Maine Revised Statutes › TITLE 11: UNIFORM COMMERCIAL CODE › Article 9-A: TRANSACTIONS › Part 5: FILING › Subpart 2: DUTIES AND OPERATION OF FILING OFFICE › 11 §9-1520. Acceptance and refusal to accept record

§9-1520. Acceptance and refusal to accept record
(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).]
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 5: FILING › Subpart 2: DUTIES AND OPERATION OF FILING OFFICE › 11 §9-1521. Uniform form of written financing statement and amendment

§9-1521. Uniform form of written financing statement and amendment
(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).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF). PL 2013, c. 317, Pt. A, §27 (RPR).
2023 Maine Revised Statutes › TITLE 11: UNIFORM COMMERCIAL CODE › Article 9-A: TRANSACTIONS › Part 5: FILING › Subpart 2: DUTIES AND OPERATION OF FILING OFFICE › 11 §9-1522. Maintenance and destruction of records

§9-1522. Maintenance and destruction of records
(1).
The filing office shall maintain a record of the information provided in a filed financing statement for at least one year after the effectiveness of the financing statement has lapsed under section 9-1515 with respect to all secured parties of record. The record must be retrievable by using the name of the debtor and:
(a). If the record was recorded in the county registry of deeds, by using the book and page at which the initial financing statement to which the record relates was recorded; or   [PL 2001, c. 286, §9 (AMD).]
(b). If the record was filed in the office of the Secretary of State, by using the file number assigned to the initial financing statement to which the record relates.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 2001, c. 286, §9 (AMD).]
(2).
Except to the extent that a statute governing disposition of public records provides otherwise, the filing office immediately may destroy any written record evidencing a financing statement. However, if the filing office destroys a written record, it shall maintain another record of the financing statement that complies with subsection (1).
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF). PL 2001, c. 286, §9 (AMD).
2023 Maine Revised Statutes › TITLE 11: UNIFORM COMMERCIAL CODE › Article 9-A: TRANSACTIONS › Part 5: FILING › Subpart 2: DUTIES AND OPERATION OF FILING OFFICE › 11 §9-1524. Delay by filing office

§9-1524. Delay by filing office
Delay by the filing office beyond a time limit prescribed by this part is excused if:   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(1).
The delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipment or other circumstances beyond control of the filing office; and
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
The filing office exercises reasonable diligence under the circumstances.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
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 5: FILING › Subpart 2: DUTIES AND OPERATION OF FILING OFFICE › 11 §9-1526. Filing-office rules

§9-1526. Filing-office rules
(1).
The Secretary of State shall adopt and publish rules to implement this Article. The filing-office rules must be:
(a). Consistent with this Article; and   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). Adopted and published in accordance with Title 5, chapter 375.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter II‑A.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
To keep the filing-office rules and practices of the filing office in harmony with the rules and practices of filing offices in other jurisdictions that enact substantially this part and to keep the technology used by the filing office compatible with the technology used by filing offices in other jurisdictions that enact substantially this part, the Secretary of State, so far as is consistent with the purposes, policies and provisions of this Article, in adopting, amending and repealing filing-office rules, shall:
(a). Consult with filing offices in other jurisdictions that enact substantially this part; and   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). Consult the most recent version of the Model Rules promulgated by the International Association of Corporate Administrators or any successor organization; and   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(c). Take into consideration the rules and practices of and the technology used by filing offices in other jurisdictions that enact substantially this part.   [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 6: DEFAULT › Subpart 1: DEFAULT AND ENFORCEMENT OF SECURITY INTEREST › 11 §9-1603. Agreement on standards concerning rights and duties

§9-1603. Agreement on standards concerning rights and duties
(1).
The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in section 9-1602 if the standards are not manifestly unreasonable.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
Subsection (1) does not apply to the duty under section 9-1609 to refrain from breaching the peace.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
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 6: DEFAULT › Subpart 1: DEFAULT AND ENFORCEMENT OF SECURITY INTEREST › 11 §9-1604. Procedure if security agreement covers real property or fixtures

§9-1604. Procedure if security agreement covers real property or fixtures
(1).
If a security agreement covers both personal and real property, a secured party may proceed:
(a). Under this part as to the personal property without prejudicing any rights with respect to the real property; or   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). As to both the personal property and the real property in accordance with the rights with respect to the real property, in which case the other provisions of this part do not apply.   [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).
Subject to subsection (3), if a security agreement covers goods that are or become fixtures, a secured party may proceed:
(a). Under this part; or   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). In accordance with the rights with respect to real property, in which case the other provisions of this part do not apply.   [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).
Subject to the other provisions of this part, if a secured party holding a security interest in fixtures has priority over all owners and encumbrancers of the real property, the secured party, after default, may remove the collateral from the real property.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(4).
A secured party that removes collateral shall promptly reimburse any encumbrancer or owner of the real property, other than the debtor, for the cost of repair of any physical injury caused by the removal. The secured party need not reimburse the encumbrancer or owner for any diminution in value of the real property caused by the absence of the goods removed or by any necessity of replacing them. A person entitled to reimbursement may refuse permission to remove until the secured party gives adequate assurance for the performance of the obligation to reimburse.
[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 6: DEFAULT › Subpart 1: DEFAULT AND ENFORCEMENT OF SECURITY INTEREST › 11 §9-1605. Unknown debtor or secondary obligor

§9-1605. Unknown debtor or secondary obligor
A secured party does not owe a duty based on its status as secured party:   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (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).]
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 6: DEFAULT › Subpart 1: DEFAULT AND ENFORCEMENT OF SECURITY INTEREST › 11 §9-1606. Time of default for agricultural lien

§9-1606. Time of default for agricultural lien
For purposes of this part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created.   [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 6: DEFAULT › Subpart 1: DEFAULT AND ENFORCEMENT OF SECURITY INTEREST › 11 §9-1608. Application of proceeds of collection or enforcement; liability for deficiency and right to surplus

§9-1608. Application of proceeds of collection or enforcement; liability for deficiency and right to surplus
(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 an authenticated demand for proceeds before distribution of the proceeds is completed.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (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 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (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).]
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 6: DEFAULT › Subpart 1: DEFAULT AND ENFORCEMENT OF SECURITY INTEREST › 11 §9-1609. Secured party's right to take possession after default

§9-1609. Secured party's right to take possession after default
(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).]
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 6: DEFAULT › Subpart 1: DEFAULT AND ENFORCEMENT OF SECURITY INTEREST › 11 §9-1610. Disposition of collateral after default

§9-1610. Disposition of collateral after default
(1).
After default, a secured party may sell, lease, license or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
Every aspect of a disposition of collateral, including the method, manner, time, place and other terms, must be commercially reasonable. If it is commercially reasonable, a secured party may dispose of collateral by public or private proceedings, by one or more contracts, as a unit or in parcels and at any time and place and on any terms.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(3).
A secured party may purchase collateral:
(a). At a public disposition; or   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). At a private disposition only if the collateral is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(4).
A contract for sale, lease, license or other disposition includes the warranties relating to title, possession, quiet enjoyment and the like that by operation of law accompany a voluntary disposition of property of the kind subject to the contract.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(5).
A secured party may disclaim or modify warranties under subsection (4):
(a). In a manner that would be effective to disclaim or modify the warranties in a voluntary disposition of property of the kind subject to the contract of disposition; or   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). By communicating to the purchaser a record evidencing the contract for disposition and including an express disclaimer or modification of the warranties.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(6).
A record is sufficient to disclaim warranties under subsection (5) if it indicates "There is no warranty relating to title, possession, quiet enjoyment or the like in this disposition" or uses words of similar import.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
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 6: DEFAULT › Subpart 1: DEFAULT AND ENFORCEMENT OF SECURITY INTEREST › 11 §9-1612. Timeliness of notification before disposition of collateral

§9-1612. Timeliness of notification before disposition of collateral
(1).
Except as otherwise provided in subsection (2), whether a notification is sent within a reasonable time is a question of fact.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
In a transaction other than a consumer transaction, a notification of disposition sent after default and 10 days or more before the earliest time of disposition set forth in the notification is sent within a reasonable time before the disposition.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
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 6: DEFAULT › Subpart 1: DEFAULT AND ENFORCEMENT OF SECURITY INTEREST › 11 §9-1617. Rights of transferee of collateral

§9-1617. Rights of transferee of collateral
(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).]
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 6: DEFAULT › Subpart 1: DEFAULT AND ENFORCEMENT OF SECURITY INTEREST › 11 §9-1618. Rights and duties of certain secondary obligors

§9-1618. Rights and duties of certain secondary obligors
(1).
A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:
(a). Receives an assignment of a secured obligation from the secured party;   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). Receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(c). Is subrogated to the rights of a secured party with respect to collateral.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
An assignment, transfer or subrogation described in subsection (1):
(a). Is not a disposition of collateral under section 9-1610; and   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). Relieves the secured party of further duties under this Article.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
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 6: DEFAULT › Subpart 1: DEFAULT AND ENFORCEMENT OF SECURITY INTEREST › 11 §9-1619. Transfer of record or legal title

§9-1619. Transfer of record or legal title
(1).
In this section, "transfer statement" means a record authenticated by a secured party stating:
(a). That the debtor has defaulted in connection with an obligation secured by specified collateral;   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). That the secured party has exercised its post-default remedies with respect to the collateral;   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(c). That, by reason of the exercise, a transferee has acquired the rights of the debtor in the collateral; and   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(d). The name and mailing address of the secured party, debtor and transferee.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
A transfer statement entitles the transferee to the transfer of record of all rights of the debtor in the collateral specified in the statement in any official filing, recording, registration or certificate-of-title system covering the collateral. If a transfer statement is presented with the applicable fee and request form to the official or office responsible for maintaining the system, the official or office shall:
(a). Accept the transfer statement;   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). Promptly amend its records to reflect the transfer; and   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(c). If applicable, issue a new appropriate certificate of title in the name of the transferee.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(3).
A transfer of the record or legal title to collateral to a secured party under subsection (2) or otherwise is not of itself a disposition of collateral under this Article and does not of itself relieve the secured party of its duties under this Article.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
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 6: DEFAULT › Subpart 1: DEFAULT AND ENFORCEMENT OF SECURITY INTEREST › 11 §9-1621. Notification of proposal to accept collateral

§9-1621. Notification of proposal to accept collateral
(1).
A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to:
(a). Any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of an interest in the collateral;   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). Any other secured party or lienholder that, 10 days before the debtor consented to the acceptance, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:
(i) Identified the collateral;
(ii) Was indexed under the debtor's name as of that date; and
(iii) Was filed in the office or offices in which to file a financing statement against the debtor covering the collateral as of that date; and   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(c). Any other secured party that, 10 days before the debtor consented to the acceptance, held a security interest in the collateral perfected by compliance with 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).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
A secured party that desires to accept collateral in partial satisfaction of the obligation it secures shall send its proposal to any secondary obligor in addition to the persons described in subsection (1).
[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 6: DEFAULT › Subpart 1: DEFAULT AND ENFORCEMENT OF SECURITY INTEREST › 11 §9-1622. Effect of acceptance of collateral

§9-1622. Effect of acceptance of collateral
(1).
A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures:
(a). Discharges the obligation to the extent consented to by the debtor;   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). Transfers to the secured party all of a debtor's rights in the collateral;   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(c). Discharges the security interest or agricultural lien that is the subject of the debtor's consent and any subordinate security interest or other subordinate lien; and   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(d). Terminates any other subordinate interest.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
A subordinate interest is discharged or terminated under subsection (1), even if the secured party fails to comply with this Article.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
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 6: DEFAULT › Subpart 1: DEFAULT AND ENFORCEMENT OF SECURITY INTEREST › 11 §9-1623. Right to redeem collateral

§9-1623. Right to redeem collateral
(1).
A debtor, any secondary obligor or any other secured party or lienholder may redeem collateral.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
To redeem collateral, a person shall tender:
(a). Fulfillment of all obligations secured by the collateral; and   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). The reasonable expenses and attorney's fees described in section 9-1615, subsection (1), paragraph (a).   [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 redemption may occur at any time before a secured party:
(a). Has collected collateral under section 9-1607;   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). Has disposed of collateral or entered into a contract for its disposition under section 9-1610; or   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(c). Has accepted collateral in full or partial satisfaction of the obligation it secures under section 9-1622.   [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 6: DEFAULT › Subpart 1: DEFAULT AND ENFORCEMENT OF SECURITY INTEREST › 11 §9-1624. Waiver

§9-1624. Waiver
(1).
A debtor or secondary obligor may waive the right to notification of disposition of collateral under section 9-1611 only by an agreement to that effect entered into and authenticated after default.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
A debtor may waive the right to require disposition of collateral under section 9-1620, subsection (5) only by an agreement to that effect entered into and authenticated after default.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(3).
Except in a consumer-goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under section 9-1623 only by an agreement to that effect entered into and authenticated after default.
[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 6: DEFAULT › Subpart 2: NONCOMPLIANCE WITH ARTICLE › 11 §9-1627. Determination of whether conduct was commercially reasonable

§9-1627. Determination of whether conduct was commercially reasonable
(1).
The fact that a greater amount could have been obtained by a collection, enforcement, disposition or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing that the collection, enforcement, disposition or acceptance was made in a commercially reasonable manner.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).
A disposition of collateral is made in a commercially reasonable manner if the disposition is made:
(a). In the usual manner on any recognized market;   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). At the price current in any recognized market at the time of the disposition; or   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(c). Otherwise in conformity with reasonable commercial practices among dealers in the type of property that was the subject of the disposition.   [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 collection, enforcement, disposition or acceptance is commercially reasonable if it has been approved:
(a). In a judicial proceeding;   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). By a bona fide creditors' committee;   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(c). By a representative of creditors; or   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(d). By an assignee for the benefit of creditors.   [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).
Approval under subsection (3) need not be obtained, and lack of approval does not mean that the collection, enforcement, disposition or acceptance is not commercially reasonable.
[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).