LD 2245
pg. 342
Page 341 of 493 An Act to Adopt the Model Revised Article 9 Secured Transactions Page 343 of 493
Download Bill Text
LR 1087
Item 1

 
cite section 9-1102] (definition of "send"). Similarly, because
the address is "held out by [the secured party] as the place for
receipt of such communications [i.e., communications relating to
security interests]," the secured party is deemed to have
received a notification delivered to that address. See Section
1-201(26).

 
6. Uncertainty Concerning Individual Debtor's Last Name.
Subsection (b)(3)(C) [Maine cite subsection (2), paragraph (c),
subparagraph (iii)] requires the filing office to reject an
initial financing statement or amendment adding an individual
debtor if the office cannot index the record because it does not
identify the debtor's last name (e.g., it is unclear whether the
debtor's name is Elton John or John Elton).

 
7. Inability of Filing Office to Read or Decipher
Information. Under subsection (c)(1) [Maine cite subsection (3),
paragraph (a)], if the filing office cannot read or decipher
information, the information is not provided by a record for
purposes of subsection (b) [Maine cite subsection (2)].

 
8. Classification of Records. For purposes of subsection (b)
[Maine cite subsection (2)], a record that does not indicate it
is an amendment or identify an initial financing statement to
which it relates is deemed to be an initial financing statement.
See subsection (c)(2) [Maine cite subsection (3), paragraph (b)].

 
9. Effectiveness of Rejectable But Unrejected Record.
Section 9-520(a) [Maine cite section 9-1520, subsection (1)]
requires the filing office to refuse to accept an initial
financing statement for a reason set forth in subsection (b)
[Maine cite subsection (2)]. However, if the filing office
accepts such a financing statement nevertheless, the financing
statement generally is effective if it complies with the
requirements of Section 9-502(a) and (b) [Maine cite section 9-
1502, subsections (1) and (2)]. See Section 9-520(c) [Maine cite
section 1520, subsection (3)]. Similarly, an otherwise effective
financing statement generally remains so even though the
information in the financing statement becomes incorrect. See
Section 9-507(b) [Maine cite section 9-1507, subsection (2)].
(Note that if the information required by subsection (b)(5)
[Maine cite subsection (2), paragraph (e)] is incorrect when the
financing statement is filed, Section 9-338 [Maine cite section
9-1338] applies.)

 
§9-1517.__Effect of indexing errors

 
The failure of the filing office to index a record correctly
does not affect the effectiveness of the filed record.


Page 341 of 493 Top of Page Page 343 of 493