| | | 9-1305, subsection (3)]. It also governs priority of a security | | interest in certain types of intangible collateral, such as | | accounts, electronic chattel paper, and general intangibles. | | This section determines the location of the debtor for choice-of- | | law purposes, but not for other purposes. See subsection (k) | | [Maine cite subsection (11)]. |
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| | | Subsection (b) [Maine cite subsection (2)] states the general | | rules: An individual debtor is deemed to be located at the | | individual's principal residence with respect to both personal | | and business assets. Any other debtor is deemed to be located at | | its place of business if it has only one, or at its chief | | executive office if it has more than one place of business. |
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| | | As used in this section, a "place of business" means a place | | where the debtor conducts its affairs. See subsection (a) [Maine | | cite subsection (1)]. Thus, every organization, even | | eleemosynary institutions and other organizations that do not | | conduct "for profit" business activities, has a "place of | | business." Under subsection (d) [Maine cite subsection (4)], a | | person who ceases to exist, have a residence, or have a place of | | business continues to be located in the jurisdiction determined | | by subsection (b) [Maine cite subsection (2)]. |
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| | | The term "chief executive office" is not defined in this | | Section or elsewhere in the Uniform Commercial Code. "Chief | | executive office" means the place from which the debtor manages | | the main part of its business operations or other affairs. This | | is the place where persons dealing with the debtor would normally | | look for credit information, and is the appropriate place for | | filing. With respect to most multi-state debtors, it will be | | simple to determine which of the debtor's offices is the "chief | | executive office." Even when a doubt arises, it would be rare | | that there could be more than two possibilities. A secured party | | in such a case may protect itself by perfecting under the law of | | each possible jurisdiction. |
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| | | Similarly, the term "principal residence" is not defined. If | | the security interest in question is a purchase-money security | | interest in consumer goods which is perfected upon attachment, | | see Section 9-309(1) [Maine cite section 9-1309, subsection (1)], | | the choice of law may make no difference. In other cases, when a | | doubt arises, prudence may dictate perfecting under the law of | | each jurisdiction that might be the debtor's "principal | | residence." |
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| | | The general rule is subject to several exceptions, each of | | which is discussed below. |
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