3. Remedy for Failure to Relinquish Control. If a secured party fails to comply with the requirements of subsection (b) [Maine cite subsection (2)], the debtor has the remedy set forth in Section 9-625(e) [Maine cite section 9-1625, subsection (5)]. This remedy is identical to that applicable to failure to provide or file a termination statement under Section 9-513 [Maine cite section 9-1513].

4. Duty to Relinquish Possession. Although Section 9-207 [Maine cite section 9-1207] addresses directly the duties of a secured party in possession of collateral, that section does not require the secured party to relinquish possession when the secured party ceases to hold a security interest. Under common law, absent agreement to the contrary, the failure to relinquish possession of collateral upon satisfaction of the secured obligation would constitute a conversion. Inasmuch as problems apparently have not surfaced in the absence of statutory duties under former Article 9 and the common-law duty appears to have been sufficient, this Article does not impose a statutory duty to relinquish possession.

§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

(b)__The secured party is not committed to make advances, incur obligations or otherwise give value.