| | | multi-bank facility under which Bank A, Bank B, and Bank C are | | lenders and Bank A serves as the collateral agent. If the | | security interest is granted to the banks, then they are the | | secured parties. If the security interest is granted to Bank A | | as collateral agent, then Bank A is the secured party. |
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| | | c. Other Parties. A "consumer obligor" is defined as the | | obligor in a consumer transaction. Definitions of "new | | debtor" and "original debtor" are used in the special rules | | found in Sections 9-326 and 9-508 [Maine cite sections 9- | | 1326 and 9-1508]. |
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| | | 3. Definitions Relating to Creation of a Security Interest. |
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| | | a. "Collateral." As under former Section 9-105, | | "collateral" is the property subject to a security interest | | and includes accounts and chattel paper that have been sold. | | It has been expanded in this Article. The term now | | explicitly includes proceeds subject to a security interest. | | It also reflects the broadened scope of the Article. It | | includes property subject to an agricultural lien as well as | | payment intangibles and promissory notes that have been | | sold. |
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| | | b. "Security Agreement." The definition of "security | | agreement" is substantially the same as under former Section | | 9105-an agreement that creates or provides for a security | | interest. However, the term frequently was used | | colloquially in former Article 9 to refer to the document or | | writing that contained a debtor's security agreement. This | | Article eliminates that usage, reserving the term for the | | more precise meaning specified in the definition. |
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| | | Whether an agreement creates a security interest depends not | | on whether the parties intend that the law characterize the | | transaction as a security interest but rather on whether the | | transaction falls within the definition of "security interest" in | | Section 1-201. Thus, an agreement that the parties characterize | | as a "lease" of goods may be a "security agreement," | | notwithstanding the parties' stated intention that the law treat | | the transaction as a lease and not as a secured transaction. |
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| | | 4. Goods-Related Definitions. |
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| | | a. "Goods"; "Consumer Goods"; "Equipment"; "Farm Products"; | | "Farming Operation"; "Inventory." The definition of "goods" | | is substantially the same as the definition in former | | Section 9-105. This Article also retains the four mutually- | | exclusive "types" of collateral that consist of goods: | | "consumer goods," "equipment," |
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