LD 2245
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Page 131 of 493 An Act to Adopt the Model Revised Article 9 Secured Transactions Page 133 of 493
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LR 1087
Item 1

 
other applicable law) deals with the rights and duties of, an
issuer or nominated person. Perfection, nonperfection, and
priority have no effect on those rights and duties.

 
5. Change in Law Governing Perfection. When the issuer's
jurisdiction, or nominated person's jurisdiction changes, the
jurisdiction whose law governs perfection under subsection (a)
[Maine cite subsection (1)]) changes, as well. Nevertheless,
this change will not result in an immediate loss of perfection.
See Section 9-316(f), (g) [Maine cite section 9-1316, subsection
(6), subsection (7)].

 
§9-1307.__Location of debtor

 
(1)__In this section, "place of business" means a place where
a debtor conducts its affairs.

 
(2)__Except as otherwise provided in this section, the
following rules determine a debtor's location:

 
(a)__An debtor who is an individual is located at the
individual's principal residence.

 
(b)__A debtor that is an organization and has only one place
of business is located at its place of business.

 
(c)__A debtor that is an organization and has more than one
place of business is located at its chief executive office.

 
(3)__Subsection (2) applies only if a debtor's residence,
place of business or chief executive office, as applicable, is
located in a jurisdiction whose law generally requires
information concerning the existence of a nonpossessory security
interest to be made generally available in a filing, recording or
registration system as a condition or result of the security
interest's obtaining priority over the rights of a lien creditor
with respect to the collateral.__If subsection (2) does not
apply, the debtor is located in the District of Columbia.

 
(4)__A person that ceases to exist, have a residence or have a
place of business continues to be located in the jurisdiction
specified by subsections (2) and (3).

 
(5)__A registered organization that is organized under the law
of a state is located in that state.

 
(6)__Except as otherwise provided in subsection (9), a
registered organization that is organized under the law of the
United States and a branch or agency of a bank that is not


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