LD 2245, Page 333 - 119th Legislature, FIRST REGULAR Session

interest in them to another buyer (B-2) or to a lien creditor

(LC). However, for purposes of determining the rights of the

debtor's creditors and certain purchasers of accounts or chattel

paper from the debtor, while B-1's security interest is

unperfected, the debtor-seller is deemed to have rights in the

sold receivables, and a competing security interest or judicial

lien may attach to those rights. See Sections 9-318, 9-109

[Maine cite section 9-1318, section 9-1109], Comment 5. Suppose

that B-1's security interest in certain accounts and chattel

paper is perfected by filing, but the effectiveness of the

financing statement lapses. Both before and after lapse, B-1

collects some of the receivables. After lapse, LC acquires a

lien on the accounts and chattel paper. B-1's unperfected

security interest in the accounts and chattel paper is

subordinate to LC's rights. See Section 9-317(a)(2) [Maine cite

section 9-1317, subsection (1), paragraph (b)]. But collections

on accounts and chattel paper are not "accounts" or "chattel

paper." Even if B-1's security interest in the accounts and

chattel paper is or becomes unperfected, neither the debtor nor

LC acquires rights to the collections that B-1 collects (and

owns) before LC acquires a lien.

5. Effect of Filing. Subsection (d) [Maine cite subsection
(4)] states the effect of filing a termination statement: the
related financing statement ceases to be effective. If one of
several secured parties of record files a termination statement,
subsection (d) [Maine cite subsection (4)] applies only with
respect to the rights of the person who authorized the filing of
the termination statement. See Section 9-510(b) [Maine cite
section 9-1510, subsection (2)]. The financing statement remains
effective with respect to the rights of the others. However,
even if a financing statement is terminated (and thus no longer
is effective) with respect to all secured parties of record, the
financing statement, including the termination statement, will
remain of record until at least one year after it lapses with
respect to all secured parties of record. See Section 9-519(g)
[Maine cite section 9-1519, subsection (7)].

§9-1514.__Assignment of powers of secured party of record

(1)__Except as otherwise provided in subsection (3), an
initial financing statement may reflect an assignment of all of
the secured party's power to authorize an amendment to the
financing statement by providing the name and mailing address of
the assignee as the name and address of the secured party.

(2)__Except as otherwise provided in subsection (3), a secured
party of record may assign of record all or part of its power to
authorize an amendment to a financing statement by

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