LD 2245
pg. 141
Page 140 of 493 An Act to Adopt the Model Revised Article 9 Secured Transactions Page 142 of 493
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LR 1087
Item 1

 
Under this Article, attachment and perfection of a security
interest in a secured right to payment do not of themselves affect
the obligation to pay. For example, if the obligation is evidenced
by a negotiable note, then Article 3 dictates the person whom the
maker must pay to discharge the note and any lien securing it. See
Section 3-602. If the right to payment is a payment intangible,
then Section 9-406 [Maine cite section 9-1406] determines whom the
account debtor must pay.

 
Similarly, this Article does not determine who has the power
to release a mortgage of record. That issue is determined by
real-property law.

 
7. Investment Property. Subsections (f) and (g) [Maine cite
subsection (6) and (7)] follow former Section 9-115(2).

 
§9-1309.__Security interest perfected upon attachment

 
The following security interests are perfected when they
attach:

 
(1)__A purchase-money security interest in consumer goods,
except as otherwise provided in section 9-1311, subsection (2)
with respect to consumer goods that are subject to a statute or
treaty described in section 9-1311, subsection (1);

 
(2)__An assignment of accounts or payment intangibles that
does not by itself or in conjunction with other assignments to
the same assignee transfer a significant part of the assignor's
outstanding accounts or payment intangibles;

 
(3)__A sale of a payment intangible;

 
(4)__A sale of a promissory note;

 
(5)__A security interest created by the assignment of a
health-care-insurance receivable to the provider of the health-
care goods or services;

 
(6)__A security interest arising under section 2-401, 2-505,
2-711, subsection (3) or 2-1508, subsection (5), until the debtor
obtains possession of the collateral;

 
(7)__A security interest of a collecting bank arising under
section 4-210;

 
(8)__A security interest of an issuer or nominated person
arising under section 5-1118;


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