LD 2245
pg. 22
Page 21 of 493 An Act to Adopt the Model Revised Article 9 Secured Transactions Page 23 of 493
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LR 1087
Item 1

 
(c)__Identifying the components of the obligations in
reasonable detail.

 
(5)__"Agricultural lien" means an interest, other than a
security interest, in farm products:

 
(a)__That secures payment or performance of an obligation
for:

 
(i)__Goods or services furnished in connection with a
debtor's farming operation; or

 
(ii)__Rent on real property leased by a debtor in
connection with its farming operation;

 
(b)__That is created by statute in favor of a person that:

 
(i)__In the ordinary course of its business furnished
goods or services to a debtor in connection with a
debtor's farming operation; or

 
(ii)__Leased real property to a debtor in connection
with the debtor's farming operation; and

 
(c)__Whose effectiveness does not depend on the person's
possession of the personal property.

 
(6)__"As-extracted collateral" means:

 
(a)__Oil, gas or other minerals that are subject to a
security interest that:

 
(i)__Is created by a debtor having an interest in the
minerals before extraction; and

 
(ii)__Attaches to the minerals as extracted; or

 
(b)__Accounts arising out of the sale at the wellhead or
minehead of oil, gas or other minerals in which the debtor
had an interest before extraction.

 
(7)__"Authenticate" means:

 
(a)__To sign; or

 
(b)__To execute or otherwise adopt a symbol or encrypt or
similarly process a record in whole or in part with the
present intent of the authenticating person to identify the
person and adopt or accept a record.


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