LD 2245
pg. 370
Page 369 of 493 An Act to Adopt the Model Revised Article 9 Secured Transactions Page 371 of 493
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LR 1087
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5. Cumulative Remedies. Former Section 9-501(1) provided that
the secured party's remedies were cumulative, but it did not
explicitly provide whether the remedies could be exercised
simultaneously. Subsection (c) [Maine cite subsection (3)] permits
the simultaneous exercise of remedies if the secured party acts in
good faith. The liability scheme of Subpart 2 affords redress to
an aggrieved debtor or obligor. Moreover, permitting the
simultaneous exercise of remedies under subsection (c) [Maine cite
subsection (3)] does not override any non-UCC law, including the
law of tort and statutes regulating collection of debts, under
which the simultaneous exercise of remedies in a particular case
constitutes abusive behavior or harassment giving rise to
liability.

 
6. Judicial Enforcement. Under subsection (a) [Maine cite
subsection (1)] a secured party may reduce its claim to judgment
or foreclose its interest by any available procedure outside this
Article under applicable law. Subsection (e) [Maine cite
subsection (5)] generally follows former Section 9-501(5). It
makes clear that any judicial lien that the secured party may
acquire against the collateral effectively is a continuation of
the original security interest (if perfected) and not the
acquisition of a new interest or a transfer of property on
account of a preexisting obligation. Under former Section 9-
501(5), the judicial lien was stated to relate back to the date
of perfection of the security interest. Subsection (e) [Maine
cite subsection (5)], however, provides that the lien relates
back to the earlier of the date of filing or the date of
perfection. This provides a secured party who enforces a
security interest by judicial process with the benefit of the
"first-to-file-or-perfect" priority rule of Section 9-322(a)(1)
[Maine cite section 9-1322, subsection (1), paragraph (a)].

 
7. Agricultural Liens. Part 6 provides parallel treatment
for the enforcement of agricultural liens and security interests.
Because agricultural liens are statutory rather than consensual,
this Article does draw a few distinctions between these liens and
security interests. Under subsection (e) [Maine cite subsection
(5)], the statute creating an agricultural lien would govern
whether and the date to which an execution lien relates back.
Section 9-606 [Maine cite section 9-1606] explains when a
"default" occurs in the agricultural lien context.

 
8. Execution Sales. Subsection (f) [Maine cite subsection
(6)] also follows former Section 9-501(5). It makes clear that
an execution sale is an appropriate method of foreclosure
contemplated by this Part. However, the sale is governed by
other law and not by this Article, and the limitations under


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