| Subsection (e) [Maine cite subsection (5)] provides a "safe |
harbor" that takes into account the delays that may be attendant |
to receiving information from the public filing offices. It |
provides, generally, that the secured party will be deemed to |
have satisfied its notification duty under subsection (c)(3)(B) |
[Maine cite subsection (3), paragraph (c), subparagraph (ii)] if |
it requests a search from the proper office at least 20 but not |
more than 30 days before sending notification to the debtor and |
if it also sends a notification to all secured parties (and other |
lienholders) reflected on the search report. The secured party's |
duty under subsection (c)(3)(B) [Maine cite subsection (3), |
paragraph (c), subparagraph (ii)] also will be satisfied if the |
secured party requests but does not receive a search report |
before the notification is sent to the debtor. Thus, if |
subsection (e) [Maine cite subsection (5)] applies, a secured |
party who is entitled to notification under subsection (c)(3)(B) |
[Maine cite subsection (3), paragraph (c), subparagraph (ii)] has |
no remedy against a foreclosing secured party who does not send |
the notification. The foreclosing secured party has complied |
with the notification requirement. Subsection (e) [Maine cite |
subsection (5)] has no effect on the requirements of the other |
paragraphs of subsection (c) [Maine cite subsection (3)]. For |
example, if the foreclosing secured party received a notification |
from the holder of a conflicting security interest in accordance |
with subsection (c)(3)(A) [Maine cite subsection (3), paragraph |
(c), subparagraph |
(i)] but failed to send to the holder a |