A disposition has the effect specified in subsection (a) [Maine cite subsection (1)], even if the secured party fails to comply with this Article. An aggrieved person (e.g., the holder of a subordinate security interest to whom a notification required by Section 9-611 [Maine cite section 9-1611] was not sent) has a right to recover any loss under Section 9-625(b) [Maine cite section 9-1625, subsection (2)].

3. Unitary Standard in Public and Private Dispositions. Subsection (b) [Maine cite subsection (2)] now contains a unitary standard that applies to transferees in both private and public dispositions--acting in good faith. However, this change from former Section 9-504(4) should not be interpreted to mean that a transferee acts in good faith even though it has knowledge of defects or buys in collusion, standards applicable to public dispositions under the former section. Properly understood, those standards were specific examples of the absence of good faith.

4. Title Taken by Nonqualifying Transferee. Subsection (c) [Maine cite subsection (3)] specifies the consequences for a transferee who does not qualify for protection under subsections (a) and (b) [Maine cite subsections (1) and (2)] (i.e., a transferee who does not act in good faith). The transferee takes subject to the rights of the debtor, the enforcing secured party, and other security interests or other liens.

§9-1618.__Rights and duties of certain secondary obligors

(1)__A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:

(a)__Receives an assignment of a secured obligation from the secured party;