LD 2245
pg. 33
Page 32 of 493 An Act to Adopt the Model Revised Article 9 Secured Transactions Page 34 of 493
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LR 1087
Item 1

 
(68)__"Pursuant to commitment," with respect to an advance
made or other value given by a secured party, means pursuant to
the secured party's obligation, whether or not a subsequent event
of default or other event not within the secured party's control
has relieved or may relieve the secured party from its
obligation.

 
(69) "Record," except as used in "for record," "of record,"
"record or legal title" and "record owner," means information
that is inscribed on a tangible medium or that is stored in an
electronic or other medium and is retrievable in perceivable
form.

 
(70)__"Registered organization" means an organization
organized solely under the law of a single state or of the United
States and as to which the state or the United States must
maintain a public record showing the organization to have been
organized.

 
(71)__"Secondary obligor" means an obligor to the extent that:

 
(a)__The obligor's obligation is secondary; or

 
(b)__The obligor has a right of recourse with respect to an
obligation secured by collateral against the debtor, another
obligor or property of either.

 
(72)__"Secured party" means:

 
(a)__A person in whose favor a security interest is created
or provided for under a security agreement, whether or not
any obligation to be secured is outstanding;

 
(b)__A person that holds an agricultural lien;

 
(c)__A consignor;

 
(d)__A person to which accounts, chattel paper, payment
intangibles or promissory notes have been sold;

 
(e)__A trustee, indenture trustee, agent, collateral agent
or other representative in whose favor a security interest
or agricultural lien is created or provided for; or

 
(f)__A person that holds a security interest arising under
section 2-401, 2-505, 2-711, subsection (3), 2-508,
subsection (5), 4-210, or 5-118.

 
(73)__"Security agreement" means an agreement that creates or
provides for a security interest.


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