| | | A secured party who fails to send an explanation under subsection | | (b)(1) [Maine cite subsection (2), paragraph (a)] is liable for | | any loss caused plus, if the noncompliance was "part of a | | pattern, or consistent with a practice of noncompliance," $500. | | See Section 9-625(b), (c), (e)(5) [Maine cite section 9-1625, | | subsection (2), subsection (3), subsection (5), paragraph (e)]. | | However, a secured party who fails to comply with this section is | | not liable for statutory minimum damages under Section 9- | | 625(c)(2) [Maine cite section 9-1625, subsection (3), paragraph | | (b)]. See Section 9-628(d) [Maine cite section 9-1628, | | subsection (4)]. |
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| | | §9-1617.__Rights of transferee of collateral |
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| | | (1)__A secured party's disposition of collateral after | | default: |
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| | | (a)__Transfers to a transferee for value all of the debtor's | | rights in the collateral; |
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| | | (b)__Discharges the security interest under which the | | disposition is made; and |
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| | | (c)__discharges any subordinate security interest or other | | subordinate lien. |
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| | | (2)__A transferee that acts in good faith takes free of the | | rights and interests described in subsection (1), even if the | | secured party fails to comply with this Article or the | | requirements of any judicial proceeding. |
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| | | (3)__If a transferee does not take free of the rights and | | interests described in subsection (1), the transferee takes the | | collateral subject to: |
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| | | (a)__The debtor's rights in the collateral; |
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| | | (b)__The security interest or agricultural lien under which | | the disposition is made; and |
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| | | (c)__Any security interest or other lien. |
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| | | 1. Source. Former Section 9504(4). |
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| | | 2. Title Taken by Good-Faith Transferee. Subsection (a) | | [Maine cite subsection (1)] sets forth the rights acquired by | | persons who qualify under subsection (b)-transferees [Maine cite |
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