LD 2245
pg. 23
Page 22 of 493 An Act to Adopt the Model Revised Article 9 Secured Transactions Page 24 of 493
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LR 1087
Item 1

 
(8)__"Bank" means an organization that is engaged in the
business of banking.__"Bank" includes savings banks, savings and
loan associations, credit unions and trust companies.

 
(9)__"Cash proceeds" means proceeds that are money, checks,
deposit accounts or the like.

 
(10)__"Certificate of title" means a certificate of title with
respect to which a statute provides for the security interest in
question to be indicated on the certificate as a condition or
result of the security interest's obtaining priority over the
rights of a lien creditor with respect to the collateral.

 
(11)__"Chattel paper" means a record or records that evidence
both a monetary obligation and a security interest in specific
goods, a security interest in specific goods and software used in
the goods or a lease of specific goods.__"chattel paper" does not
include charters or other contracts involving the use or hire of
a vessel.__If a transaction is evidenced both by a security
agreement or lease and by an instrument or series of instruments,
the group of records taken together constitutes chattel paper.

 
(12)__"Collateral" means the property subject to a security
interest or agricultural lien.__"Collateral" includes:

 
(a)__Proceeds to which a security interest attaches;

 
(b)__Accounts, chattel paper, payment intangibles and
promissory notes that have been sold; and

 
(c)__Goods that are the subject of a consignment.

 
(13)__"Commercial tort claim" means a claim arising in tort
with respect to which:

 
(a)__The claimant is an organization; or

 
(b)__The claimant is an individual and the claim:

 
(i)__Arose in the course of the claimant's business or
profession; and

 
(ii)__Does not include damages arising out of personal
injury to or the death of an individual.

 
(14)__"Commodity account" means an account maintained by a
commodity intermediary in which a commodity contract is carried
for a commodity customer.


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