LD 2245, Page 335 - 119th Legislature, FIRST REGULAR Session

	3. Comparison to Prior Law. Most of the changes reflected in
this section are for clarification or to embrace medium-neutral
drafting. As a general matter, this section preserves the
opportunity given by former Section 9-405 to assign a security
interest of record in one of two different ways. Under
subsection (a) [Maine cite subsection (1)], a secured party may
assign all of its power to affect a financing statement by naming
an assignee in the initial financing statement. The secured
party of record may accomplish the same result under subsection
(b) [Maine cite subsection (2)] by making a subsequent filing.
Subsection (b) [Maine cite subsection (2)] also may be used for
an assignment of only some of the secured party of record's power
to affect a financing statement, e.g., the power to affect the
financing statement as it relates to particular items of
collateral or as it relates to an undivided interest in a
security interest in all the collateral. An initial financing
statement may not be used to change the secured party of record
under these circumstances. However, an amendment adding the
assignee as a secured party of record may be used.

§9-1515.__Duration and effectiveness of financing statement;

effect of lapsed financing statement

(1)__Except as otherwise provided in subsections (2), (5), (6)
and (7), a filed financing statement is effective for a period of
5 years after the date of filing.

(2)__Except as otherwise provided in subsections (5), (6) and
(7), an initial financing statement filed in connection with a
public-finance transaction or manufactured-home transaction is
effective for a period of 30 years after the date of filing if it
indicates that it is filed in connection with a public-finance
transaction or manufactured-home transaction.

(3)__The effectiveness of a filed financing statement lapses
on the expiration of the period of its effectiveness unless
before the lapse a continuation statement is filed pursuant to
subsection (4).__Upon lapse, a financing statement ceases to be
effective and any security interest or agricultural lien that was
perfected by the financing statement becomes unperfected, unless
the security interest is perfected otherwise.__If the security
interest or agricultural lien becomes unperfected upon lapse, it
is deemed never to have been perfected as against a purchaser of
the collateral for value.

(4)__A continuation statement may be filed only within 6
months before the expiration of the 5-year period specified in
subsection (1) or the 30-year period specified in subsection (2),
whichever is applicable.

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