LD 2245
pg. 15
Page 14 of 493 An Act to Adopt the Model Revised Article 9 Secured Transactions Page 16 of 493
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LR 1087
Item 1

 
to continue the effectiveness for another five years. Under that
section, an initial financing statement filed in connection with
a "public-finance transaction" or a "manufactured-home
transaction" (terms defined in Section 9-102) [Maine cite section
9-1102] is effective for 30 years.

 
National form of financing statement and related forms.
Section 9-521 [Maine cite section 9-1521] provides for uniform,
national written forms of financing statements and related
written records that must be accepted by a filing office that
accepts written records.

 
i. Default and Enforcement. Part 6 of Article 9 [Maine
cite Article 9-A] extensively revises former Part 5.
Provisions relating to enforcement of consumer-goods
transactions and consumer transactions are discussed in
Comment 4.j.

 
Debtor, secondary obligor; waiver. Section 9-602 [Maine cite
section 9-1602] clarifies the identity of persons who have rights
and persons to whom a secured party owes specified duties under
Part 6. Under that section, the rights and duties are enjoyed by
and run to the "debtor," defined in Section 9-102 [Maine cite
section 9-1102] to mean any person with a non-lien property
interest in collateral, and to any "obligor." However, with one
exception (Section 9-616 [Maine cite section 9-1616], as it
relates to a consumer obligor), the rights and duties concerned
affect non-debtor obligors only if they are "secondary obligors."
"Secondary obligor" is defined in Section 9-102 [Maine cite
section 9-1102] to include one who is secondarily obligated on
the secured obligation, e.g., a guarantor, or one who has a right
of recourse against the debtor or another obligor with respect to
an obligation secured by collateral. However, under Section 9-
628 [Maine cite section 9-1628], the secured party is relieved
from any duty or liability to any person unless the secured party
knows that the person is a debtor or obligor. Resolving an issue
on which courts disagreed under former Article 9, this Article
generally prohibits waiver by a secondary obligor of its rights
and a secured party's duties under Part 6. See Section 9-602
[Maine cite section 9-1602]. However, Section 9-624 [Maine cite
section 9-1624] permits a secondary obligor or debtor to waive
the right to notification of disposition of collateral and, in a
non-consumer transaction, the right to redeem collateral, if the
secondary obligor or debtor agrees to do so after default.

 
Rights of collection and enforcement of collateral. Section
9-607 [Maine cite section 9-1607] explains in greater detail than
former 9-502 the rights of a secured party who seeks to collect
or enforce collateral, including accounts, chattel paper, and


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