| | | that a seller of accounts, chattel paper, payment intangibles, or | | promissory notes retains no interest in the collateral and so is | | not disadvantaged by the secured party's noncompliance with the | | requirements of this section. Accordingly, subsection (d) [Maine | | cite subsection (4)] provides that subsection (a) [Maine cite | | subsection (1)] applies only to security interests that secure an | | obligation and to sales of receivables in which the buyer has | | recourse against the debtor. (Of course, a buyer of accounts or | | payment intangibles could not have "possession" of original | | collateral, but might have possession of proceeds, such as | | promissory notes or checks.) The meaning of "recourse" in this | | respect is limited to recourse arising out of the account | | debtor's failure to pay or other default. |
|
| | | Subsection (d) [Maine cite subsection (4)] makes subsections | | (b) and (c) [Maine cite subsections (2) and (3)] inapplicable to | | buyers of accounts, chattel paper, payment intangibles, or | | promissory notes and consignors. Of course, there is no reason | | to believe that a buyer of receivables or a consignor could not, | | for example, create a security interest or otherwise transfer an | | interest in the collateral, regardless of who has possession of | | the collateral. However, this section leaves the rights of those | | owners to law other than Article 9 [Maine cite Article 9-A]. |
|
| | | §9-1208.__Additional duties of secured party having control |
|
| | | (1)__This section applies to cases in which there is no | | outstanding secured obligation and the secured party is not | | committed to make advances, incur obligations or otherwise give | | value. |
|
| | | (2)__Within 10 days after receiving an authenticated demand by | | the debtor: |
|
| | | (a)__A secured party having control of a deposit account | | under section 9-1104, subsection (1), paragraph (b) shall | | send to the bank with which the deposit account is | | maintained an authenticated statement that releases the bank | | from any further obligation to comply with instructions | | originated by the secured party; |
|
| | | (b)__A secured party having control of a deposit account | | under section 9-1104, subsection (1), paragraph (c) shall: |
|
| | | (i)__Pay the debtor the balance on deposit in the | | deposit account; or |
|
|
