| | | Example: Debtor creates a security interest in favor of Bank | | X, Bank Y, and Bank Z, but not to their representative, the | | collateral agent (Bank A). The collateral agent is not itself a | | secured party. See Section 9-102 [Maine cite section 9-1102]. | | Under Sections 9-502(a) [Maine cite section 9-1502, subsection | | (1)] and 9-503(d)[Maine cite section 9-1503, subsection (4)], | | however, a financing statement is effective if it names as | | secured party Bank A and not the actual secured parties, even if | | it omits Bank A's representative capacity. |
|
| | | Each person whose name is provided in an initial financing | | statement as the name of the secured party or representative of | | the secured party is a secured party of record. See Section 9- | | 511 [Maine cite section 9-1511]. |
|
| | | 4. Multiple Names. Subsection (e) [Maine cite subsection | | (5)] makes explicit what is implicit under former Article 9: a | | financing statement may provide the name of more than one debtor | | and secured party. See Section 1-102(5)(a) (words in the | | singular include the plural). With respect to records relating | | to more than one debtor, see Section 9-520(d) [Maine cite section | | 9-1520, subsection (4)]. With respect to financing statements | | providing the name of more than one secured party, see Sections | | 9-509(e) [Maine cite section 9-1509, subsection (5)] and 9-510(b) | | [Maine cite section 9-1510, subsection (2)]. |
|
| | | §9-1504.__Indication of collateral |
|
| | | A financing statement sufficiently indicates the collateral | | that it covers only if the financing statement provides: |
|
| | | (1)__A description of the collateral pursuant to section 9- | | 1108; or |
|
| | | (2)__An indication that the financing statement covers all | | assets or all personal property. |
|
| | | 1. Source. Former Section 9-402(1). |
|
| | | 2. Indication of Collateral. To comply with Section 9-502(a) | | [Maine cite section 9-1502, subsection (1)], a financing | | statement must "indicate" the collateral it covers. This section | | explains what suffices for an indication. |
|
| | | Paragraph (1) [Maine cite paragraph (a)] provides that a | | "description" of the collateral (as the term is explained in | | Section 9-108 [Maine cite section 9-1108]) suffices as an |
|
|
