| 3. Changes from Former Section 9-408. This section expands |
the rule of Section 9-408 to embrace more generally other |
bailments and transactions, as well as sales transactions, |
primarily sales of payment intangibles and promissory notes. It |
provides the same benefits for compliance with a statute or |
treaty described in Section 9-311(a) [Maine cite section 9-1311, |
subsection (1)] that former Section 9-408 provided for filing, in |
connection with the use of terms such as "lessor," consignor," |
etc. The references to "owner" and "registered owner" are |
intended to address, for example, the situation where a putative |
lessor is the registered owner of an automobile covered by a |
certificate of title and the transaction is determined to create |
a security interest. Although this section provides that the |
security interest is perfected, the relevant certificate-of-title |
statute may expressly provide to the contrary or may be |
ambiguous. If so, it may be necessary or advisable to amend the |
certificate-of-title statute to ensure that perfection of the |
security interest will be achieved. |