| | | [Maine cite subsection (4)] gives priority to any buyer who gives | | value without knowledge, and before perfection, of the security | | interest. A licensee of a general intangible takes free of an | | unperfected security interest in the general intangible under the | | same circumstances. Note that a licensee of a general intangible | | in ordinary course of business takes rights under a nonexclusive | | license free of security interests created by the licensor, even | | if perfected. See Section 9-321 [Maine cite section 9-1321]. |
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| | | Unless Section 9-109 [Maine cite section 9-1109] excludes the | | transaction from this Article, a buyer of accounts, chattel | | paper, payment intangibles, or promissory notes is a "secured | | party" (defined in Section 9-102) [Maine cite section 9-1102], | | and subsections (b) and (d) [Maine cite subsections (2) and (4)] | | do not determine priority of the security interest created by the | | sale. Rather, the priority rules generally applicable to | | competing security interests apply. See Section 9-322 [Maine | | cite section 9-1322]. |
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| | | 7. Agricultural Liens. Subsections (a), (b), and (c) [Maine | | cite subsections (1), (2) and (3)] subordinate unperfected | | agricultural liens in the same manner in which they subordinate | | unperfected security interests. |
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| | | 8. Purchase-Money Security Interests. Subsection (e) [Maine | | cite subsection (5)] derives from former Section 9-301(2). It | | provides that, if a purchase-money security interest is perfected | | by filing no later than 20 days after the debtor receives | | delivery of the collateral, the security interest takes priority | | over the rights of buyers, lessees, or lien creditors which arise | | between the time the security interest attaches and the time of | | filing. Subsection (e) [Maine cite subsection (5)] differs from | | former Section 9-301(2) in two significant respects. First, | | subsection (e) [Maine cite subsection (5)] protects a purchase- | | money security interest against all buyers and lessees, not just | | against transferees in bulk. Second, subsection (e) [Maine cite | | subsection (5)] conditions this protection on filing within 20, | | as opposed to ten, days after delivery. |
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| | | Section 9-311(b) [Maine cite section 9-1311, subsection (2)] | | provides that compliance with the perfection requirements of a | | statute or treaty described in Section 9-311(a) [Maine cite | | section 9-1311, subsection (1)] "is equivalent to the filing of a | | financing statement." It follows that a person who perfects a | | security interest in goods covered by a certificate of title by | | complying with the perfection requirements of an applicable | | certificate-of-title statute "files a financing statement" within | | the meaning of subsection (e) [Maine cite subsection (5)]. |
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