3. State Statutes. Subsections (a)(2) and (3) [Maine cite subsection (1), paragraphs (b) and (c)] exempt from the filing requirements of this Article transactions covered by State certificate-of-title statutes covering motor vehicles and the like. The description of certificate-of-title statutes in subsections (a)(2) and (a)(3) [Maine cite subsection (1), paragraphs (b) and (c)] tracks the language of the definition of "certificate of title" in Section 9-102 [Maine cite section 9- 1102]. For a discussion of the operation of state certificate- of-title statutes in interstate contexts, see the Comments to Section 9-303 [Maine cite section 9-1303].

Some states have enacted central filing statutes with respect to secured transactions in kinds of property that are of special importance in the local economy. Subsection (a)(2) [Maine cite subsection (1), paragraph (b)] defers to these statutes with respect to filing for that property.

4. Inventory Covered by Certificate of Title. Under subsection (d) [Maine cite subsection (4)], perfection of a security interest in the inventory of a dealer is governed by the normal perfection rules, even if the inventory is covered by a certificate of title. Under former Section 9-302(3), a secured party who financed a dealer may have needed to perfect by filing for goods held for sale and by compliance with a certificate-of- title statute for goods held for lease. In some cases, this may have required notation on thousands of certificates. The problem would have been compounded by the fact that dealers, particularly of automobiles, often do not know whether a particular item of inventory will be sold or leased. Under subsection (d) [Maine cite subsection (4)], notation is both unnecessary and ineffective.

The filing and other perfection provisions of this Article apply to goods covered by a certificate of title only "during any period in which collateral is inventory held for sale or lease or leased." If the debtor takes goods of this kind out of inventory and uses them, say, as equipment, a filed financing statement would not remain effective to perfect a security interest.

5. Compliance with Perfection Requirements of Other Statute. Subsection (b) [Maine cite subsection (2)] makes clear that compliance with the perfection requirements (i.e., the requirements for obtaining priority over a lien creditor), but not other requirements, of a statute, regulation, or treaty described in subsection (a) [Maine cite subsection (1)] is sufficient for perfection under this Article. Perfection of a