§9-1511.__Secured party of record

(1)__A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured party or a representative of the secured party in an initial financing statement that has been filed.__If an initial financing statement is filed under section 9-1514, subsection (1), the assignee named in the initial financing statement is the secured party of record with respect to the financing statement.

(2)__If an amendment of a financing statement that provides the name of a person as a secured party or a representative of a secured party is filed, the person named in the amendment is a secured party of record.__If an amendment is filed under section 9-1514, subsection (2), the assignee named in the amendment is a secured party of record.

(3)__A person remains a secured party of record until the filing of an amendment of the financing statement that deletes the person.

Official Comment

1. Source. New.

2. Secured Party of Record. This new section explains how the secured party of record is to be determined. If SP-1 is named as the secured party in an initial financing statement, it is the secured party of record. Similarly, if an initial financing statement reflects a total assignment from SP-0 to SP- 1, then SP-1 is the secured party of record. See subsection (a) [Maine cite subsection (1)]. If, subsequently, an amendment is filed assigning SP-1's status to SP-2, then SP-2 becomes the secured party of record in place of SP-1. The same result obtains if a subsequent amendment deletes the reference to SP-1 and substitutes therefor a reference to SP-2. If, however, a subsequent amendment adds SP-2 as a secured party but does not purport to remove SP-1 as a secured party, then SP-2 and SP-1 each is a secured party of record. See subsection (b) [Maine cite subsection (2)]. An amendment purporting to remove the only secured party of record without providing a successor is ineffective. See Section 9-512(e) [Maine cite section 9-1512,