| | | one would think of filing. Any person who regularly takes | | assignments of any debtor's accounts or payment intangibles | | should file. In this connection Section 9-109(d)(4) through (7) | | [Maine cite section 9-1109, subsection (4), paragraphs (d) to | | (g)], which excludes certain transfers of accounts, chattel | | paper, payment intangibles, and promissory notes from this | | Article, should be consulted. |
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| | | Paragraphs (3) and (4)[Maine cite paragraphs (c) and (d)], | | which are new, afford automatic perfection to sales of payment | | intangibles and promissory notes, respectively. They reflect the | | practice under former Article 9. Under that Article, filing a | | financing statement did not affect the rights of a buyer of | | payment intangibles or promissory notes, inasmuch as the former | | Article did not cover those sales. To the extent that the | | exception in paragraph (2) [Maine cite paragraph (b)] covers | | outright sales of payment intangibles, which automatically are | | perfected under paragraph (3) [Maine cite paragraph (c)], the | | exception is redundant. |
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| | | 5. Health-Care-Insurance Receivables. Paragraph (5) [Maine | | cite paragraph (e)] extends automatic perfection to assignments | | of health-care-insurance receivables if the assignment is made to | | the health-care provider that provided the health-care goods or | | services. The primary effect is that, when an individual assigns | | a right to payment under an insurance policy to the person who | | provided health-care goods or services, the provider has no need | | to file a financing statement against the individual. The normal | | filing requirements apply to other assignments of health-care- | | insurance receivables covered by this Article, e.g., assignments | | from the health-care provider to a financer. |
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| | | 6. Investment Property. Paragraph (9) [Maine cite paragraph | | (i)] replaces the last clause of former Section 9-116(2), | | concerning security interests that arise in the delivery of a | | financial asset. |
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| | | Paragraphs (10) and (11) [Maine cite paragraphs (j) and (k)] | | replace former Section 9-115(4)(c) and (d), concerning secured | | financing of securities and commodity firms and clearing | | corporations. The former sections indicated that, with respect | | to certain security interests created by a securities | | intermediary or commodity intermediary, "[t]he filing of a | | financing statement . . . has no effect for purposes of | | perfection or priority with respect to that security interest." | | No change in meaning is intended by the deletion of the quoted | | phrase. |
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| | | Secured financing arrangements for securities firms are | | currently implemented in various ways. In some circumstances, |
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