| 5. Terminology: "Account Debtor"; "Person Obligated on a |
Promissory Note." This section uses the term "account debtor" as |
it is defined in Section 9-102 [Maine cite section 9-1102]. The |
term refers to the party, other than the debtor, to a general |
intangible, including a permit, license, franchise, or the like, |
and the person obligated on a health-care-insurance receivable, |
which is a type of account. The definition of "account debtor" |
does not limit the term to persons who are obligated to pay under |
a general intangible. Rather, the term includes all persons who |
are obligated on a general intangible, including those who are |
obligated to render performance in exchange for payment. In some |
cases, e.g., the creation of a security interest in a |
franchisee's rights under a franchise agreement, the principal |
payment obligation may be owed by the debtor (franchisee) to the |
account debtor (franchisor). This section also refers to a |
"person obligated on a promissory note," inasmuch as those |
persons do not fall within the definition of "account debtor." |