| 4. Possession. The priority afforded by this section turns |
in part on whether a purchaser "takes possession" of tangible |
chattel paper. Similarly, the governing law provisions in |
Section 9-301 [Maine cite section 9-1301] address both |
"possessory" and "nonpossessory" security interests. Two common |
practices have raised particular concerns. First, in some cases |
the parties create more than one copy or counterpart of chattel |
paper evidencing a single secured obligation or lease. This |
practice raises questions as to which counterpart is the |
"original" and whether it is necessary for a purchaser to take |
possession of all counterparts in order to "take possession" of |
the chattel paper. Second, parties sometimes enter into a single |
"master" agreement. The master agreement contemplates that the |
parties will enter into separate "schedules" from time to time, |
each evidencing chattel paper. Must a purchaser of an obligation |
or lease evidenced by a single schedule also take possession of |
the master agreement as well as the schedule in order to "take |
possession" of the chattel paper? |