LD 2245
pg. 173
Page 172 of 493 An Act to Adopt the Model Revised Article 9 Secured Transactions Page 174 of 493
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LR 1087
Item 1

 
application of priority rules to returned and repossessed goods
as proceeds of chattel paper.

 
9. Proceeds of Collateral Subject to Agricultural Lien. This
Article does not determine whether a lien extends to proceeds of
farm products encumbered by an agricultural lien. If, however,
the proceeds are themselves farm products on which an
"agricultural lien" (defined in Section 9-102 [Maine cite section
9-1102]) arises under other law, then the agricultural-lien
provisions of this Article apply to the agricultural lien on the
proceeds in the same way in which they would apply had the farm
products not been proceeds.

 
§9-1316.__Continued perfection of security interest following

 
change in governing law

 
(1)__A security interest perfected pursuant to the law of the
jurisdiction designated in section 9-1301, subsection (1) or
section 9-1305, subsection (3) remains perfected until the
earliest of:

 
(a)__The time perfection would have ceased under the law of
that jurisdiction;

 
(b)__The expiration of 4 months after a change of the
debtor's location to another jurisdiction;

 
(c)__The expiration of one year after a transfer of
collateral to a person that thereby becomes a debtor and is
located in another jurisdiction; or

 
(d)__The expiration of one year after a new debtor located
in another jurisdiction becomes bound under section 9-1203,
subsection (4).

 
(2)__If a security interest described in subsection (1)
becomes perfected under the law of the other jurisdiction before
the earliest time or event described in that subsection, it
remains perfected thereafter.__If the security interest does not
become perfected under the law of the other jurisdiction before
the earliest time or event, it becomes unperfected and is deemed
never to have been perfected as against a purchaser of the
collateral for value.

 
(3)__A possessory security interest in collateral, other than
goods covered by a certificate of title and collateral, as
extracted, consisting of goods, remains continuously perfected
if:


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