LD 2245
pg. 371
Page 370 of 493 An Act to Adopt the Model Revised Article 9 Secured Transactions Page 372 of 493
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LR 1087
Item 1

 
Section 9-610 [Maine cite section 9-1610] on the right of a
secured party to purchase collateral do not apply.

 
9. Sales of Receivables; Consignments. Subsection (g) [Maine
cite subsection (7)] provides that, except as provided in Section
9-607(c) [Maine cite section 9-1607, subsection (3)], the duties
imposed on secured parties do not apply to buyers of accounts,
chattel paper, payment intangibles, or promissory notes.
Although denominated "secured parties," these buyers own the
entire interest in the property sold and so may enforce their
rights without regard to the seller ("debtor") or the seller's
creditors. Likewise, a true consignor may enforce its ownership
interest under other law without regard to the duties that this
Part imposes on secured parties. Note, however, that Section 9-
615 [Maine cite section 9-1615] governs cases in which a
consignee's secured party (other than a consignor) is enforcing a
security interest that is senior to the security interest (i.e.,
ownership interest) of a true consignor.

 
§9-1602.__Waiver and variance of rights and duties

 
Except as otherwise provided in section 9-1624, to the extent
that they give rights to a debtor or obligor and impose duties on
a secured party, the debtor or obligor may not waive or vary the
rules stated in the following listed sections:

 
(1) Section 9-1207, subsection (2), paragraph (d),
subparagraph (iii), which deals with use and operation of the
collateral by the secured party;

 
(2) Section 9-1210, which deals with requests for an
accounting and requests concerning a list of collateral and
statement of account;

 
(3) Section 9-1607, subsection (3), which deals with
collection and enforcement of collateral;

 
(4) Section 9-1608, subsection (1) and section 9-1615,
subsection (3) to the extent that they deal with application or
payment of noncash proceeds of collection, enforcement or
disposition;

 
(5) Section 9-1608, subsection (1) and section 9-1615,
subsection (4) to the extent that they require accounting for or
payment of surplus proceeds of collateral;

 
(6) Section 9-1609 to the extent that it imposes upon a
secured party that takes possession of collateral without
judicial process the duty to do so without breach of the peace;


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