LD 2245
pg. 19
Page 18 of 493 An Act to Adopt the Model Revised Article 9 Secured Transactions Page 20 of 493
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LR 1087
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applicable), 16 C.F.R. Part 433, even in the absence of
the required legend.

 
(v) The 10-day safe-harbor for notification of a
disposition provided by Section 9-612 [Maine cite
section 9-1612] does not apply in a consumer
transaction.

 
(vi) Section 9-613 [Maine cite section 9-1613]
(contents and form of notice of disposition) does not
apply to a consumer-goods transaction.

 
(vii) Section 9-614 [Maine cite section 9-1614]
contains special requirements for the contents of a
notification of disposition and a safe-harbor, "plain
English" form of notification, for consumer-goods
transactions.

 
(viii) Section 9-616 [Maine cite section 9-1616]
requires a secured party in a consumer-goods
transaction to provide a debtor with a notification of
how it calculated a deficiency at the time it first
undertakes to collect a deficiency.

 
(ix) Section 9-620 [Maine cite section 9-1620]
prohibits partial strict foreclosure with respect to
consumer goods collateral and, unless the debtor agrees
to waive the requirement in an authenticated record
after default, in certain cases requires the secured
party to dispose of consumer goods collateral which has
been repossessed.

 
(x) Section 9-626 [Maine cite section 9-1626]
("rebuttable presumption" rule) does not apply to a
consumer transaction. Section 9-626 [Maine cite
section 9-1626] also provides that its limitation to
transactions other than consumer transactions leaves to
the courts the proper rules for consumer transactions
and prohibits the courts from drawing inferences from
that limitation.

 
k. Good Faith. Section 9-102 [Maine cite section 9-1102]
contains a new definition of "good faith" that includes not
only "honesty in fact" but also "the observance of
reasonable commercial standards of fair dealing." The
definition is similar to the ones adopted in connection with
other, recently completed revisions of the UCC.

 
l. Transition Provisions. Part 7 (Sections 9-701 through
9-707) [Maine cite sections 9-1701 to 9-1707] contains


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