3. Specific Rules When Secured Party in Possession or Control of Collateral. Subsections (b) and (c) [Maine cite subsections (2) and (3)] provide rules following common-law precedents which apply unless the parties otherwise agree. The rules in subsection (b) [Maine cite subsection (2)] apply to typical issues that may arise while a secured party is in possession of collateral, including expenses, insurance, and taxes, risk of loss or damage, identifiable and fungible collateral, and use or operation of collateral. Subsection (c) [Maine cite subsection (3)] contains rules that apply in certain circumstances that may arise when a secured party is in either possession or control of collateral. These circumstances include the secured party's receiving proceeds from the collateral and the secured party's creation of a security interest in the collateral.

4. Applicability Following Default. This section applies when the secured party has possession of collateral either before or after default. See Sections 9-601(b), 9-609 [Maine cite section 9-1601, subsection 2, section 9-1609]. Subsection (b)(4)(C) [Maine cite subsection (2) paragraph (d) subparagraph (iii)] limits agreements concerning the use or operation of collateral to collateral other than consumer goods. Under Section 9-602(1) [Maine cite section 9-1602, subsection (1)], a debtor cannot waive or vary that limitation.

5. "Repledges" and Right of Redemption. Subsection (c)(3) [Maine cite subsection (3), paragraph (c)] eliminates the qualification in former Section 9-207 to the effect that the terms of a "repledge" may not "impair" a debtor's "right to redeem" collateral. The change is primarily for clarification. There is no basis on which to draw from subsection (c)(3) [Maine cite subsection (3), paragraph (c)] any inference concerning the debtor's right to redeem the collateral. The debtor enjoys that right under Section 9-621 [Maine cite section 9-1621]; this section need not address it. For example, if the collateral is a negotiable note that the secured party (SP-1) repledges to SP-2, nothing in this section suggests that the debtor (D) does not retain the right to redeem the note upon payment to SP-1 of all obligations secured by the note. But, as explained below, the debtor's unimpaired right to redeem as against the debtor's original secured party nevertheless may not be enforceable as against the new secured party.