| | | disposition of collateral which discharges a security interest. | | Inasmuch as a secured party could itself buy collateral at its | | own public sale, it makes no sense to prohibit a recourse party | | ever from buying at the sale. |
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| | | 4. Timing and Scope of Obligations. Under subsection (a) | | [Maine cite subsection (1)], a recourse party acquires rights and | | incurs obligations only "after" one of the specified | | circumstances occurs. This makes clear that when a successor | | assignee, transferee, or subrogee becomes obligated it does not | | assume any liability for earlier actions or inactions of the | | secured party whom it has succeeded unless it agrees to do so. | | Once the successor becomes obligated, however, it is responsible | | for complying with the secured party's duties thereafter. For | | example, if the successor is in possession of collateral, then it | | has the duties specified in Section 9-207 [Maine cite section 9- | | 1207]. |
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| | | Under subsection (b) [Maine cite subsection (2)], the same | | event (assignment, transfer, or subrogation) that gives rise to | | rights to, and imposes obligations on, a successor relieves its | | predecessor of any further duties under this Article. For | | example, if the security interest is enforced after the secured | | obligation is assigned, the assignee-but not the assignor-has the | | duty to comply with this Part. Similarly, the assignment does | | not excuse the assignor from liability for failure to comply with | | duties that arose before the event or impose liability on the | | assignee for the assignor's failure to comply. |
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| | | §9-1619.__Transfer of record or legal title |
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| | | (1)__In this section, "transfer statement" means a record | | authenticated by a secured party stating: |
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| | | (a)__That the debtor has defaulted in connection with an | | obligation secured by specified collateral; |
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| | | (b)__That the secured party has exercised its post-default | | remedies with respect to the collateral; |
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| | | (c)__That, by reason of the exercise, a transferee has | | acquired the rights of the debtor in the collateral; and |
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| | | (d)__The name and mailing address of the secured party, | | debtor and transferee. |
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| | | (2)__A transfer statement entitles the transferee to the | | transfer of record of all rights of the debtor in the collateral | | specified in the statement in any official filing, recording, | | registration or certificate-of-title system covering the |
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