| | | only transfers covered by another statute (other than a statute | | generally applicable to security interests) to the extent the | | statute governs the creation, perfection, priority, or | | enforcement of security interests. |
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| | | Nonassignable general intangibles, promissory notes, health- | | care-insurance receivables, and letter-of-credit rights. This | | Article enables a security interest to attach to letter-of-credit | | rights, health-care-insurance receivables, promissory notes, and | | general intangibles, including contracts, permits, licenses, and | | franchises, notwithstanding a contractual or statutory | | prohibition against or limitation on assignment. This Article | | explicitly protects third parties against any adverse effect of | | the creation or attempted enforcement of the security interest. | | See Sections 9-408, 9-409 [Maine cite sections 9-1408 and 9- | | 1409]. |
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| | | Subject to Sections 9-408 and 9-409 [Maine cite sections 9- | | 1408 and 9-1409] and two other exceptions (Sections 9-406 [Maine | | cite section 9-1406], concerning accounts, chattel paper, and | | payment intangibles, and 9-407 [Maine cite section 9-1407], | | concerning interests in leased goods), Section 9-401 [Maine cite | | section 9-1401] establishes a baseline rule that the inclusion of | | transactions and collateral within the scope of Article 9 [Maine | | cite Article 9-A] has no effect on non-Article 9 law dealing with | | the alienability or inalienability of property. For example, if | | a commercial tort claim is nonassignable under other applicable | | law, the fact that a security interest in the claim is within the | | scope of Article 9 [Maine cite Article 9-A] does not override the | | other applicable law's effective prohibition of assignment. |
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| | | b. Duties of Secured Party. This Article provides for | | expanded duties of secured parties. |
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| | | Release of control. Section 9-208 [Maine cite 9-1208] imposes | | upon a secured party having control of a deposit account, | | investment property, or a letter-of-credit right the duty to | | release control when there is no secured obligation and no | | commitment to give value. Section 9-209 [Maine cite section 9- | | 1209] contains analogous provisions when an account debtor has | | been notified to pay a secured party. |
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| | | Information. Section 9-210 [Maine cite section 9-1210] | | expands a secured party's duties to provide the debtor with | | information concerning collateral and the obligations that it | | secures. |
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| | | Default and enforcement. Part 6 also includes some additional | | duties of secured parties in connection with default and | | enforcement. See, e.g., Section 9-616 [Maine cite section |
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