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| Subsection (a) [Maine cite subsection (1)] explains that the time | | of perfection is when the security interest has attached and any | | necessary steps for perfection, such as taking possession or | | filing, have been taken. The "except" clause refers to the | | perfection-upon-attachment rules appearing in Section 9-309 [Maine | | cite section 9-1309]. It also reflects that other subsections of | | this section, e.g., subsection (d) [Maine cite subsection (4)], | | contain automatic-perfection rules. If the steps for perfection | | have been taken in advance, as when the secured party files a | | financing statement before giving value or before the debtor | | acquires rights in the collateral, then the security interest is | | perfected when it attaches. |
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| | | 3. Agricultural Liens. Subsection (b) [Maine cite subsection | | (2)] is new. It describes the elements of perfection of an | | agricultural lien. |
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| | | 4. Continuous Perfection. The following example illustrates | | the operation of subsection (c) [Maine cite subsection (3)]: |
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| | | Example 1: Debtor, an importer, creates a security interest | | in goods that it imports and the documents of title that cover | | the goods. The secured party, Bank, takes possession of a | | negotiable bill of lading covering certain imported goods and | | thereby perfects its security interest in the bill of lading and | | the goods. See Sections 9-313(a) [Maine cite section 9-1313, | | subsection (1)], 9-312(c)(1) [Maine cite section 9-1312, | | subsection (3), paragraph (a)]. Bank releases the bill of lading | | to the debtor for the purpose of procuring the goods from the | | carrier and selling them. Under Section 9-312(f) [Maine cite | | section 9-1312, subsection (6)], Bank continues to have a | | perfected security interest in the document and goods for 20 | | days. Bank files a financing statement covering the collateral | | before the expiration of the 20-day period. Its security | | interest now continues perfected for as long as the filing is | | good. |
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| | | If the successive stages of Bank's security interest succeed | | each other without an intervening gap, the security interest is | | "perfected continuously," and the date of perfection is when the | | security interest first became perfected (i.e., when Bank | | received possession of the bill of lading). If, however, there | | is a gap between stages--for example, if Bank does not file until | | after the expiration of the 20-day period specified in Section 9- | | 312(f) [Maine cite section 9-1312, subsection (6)] and leaves the | | collateral in the debtor's possession--then, the chain being | | broken, the perfection is no longer continuous. The date of | | perfection would now be the date of filing (after expiration of |
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