10. Accounts, Chattel Paper, Payment Intangibles, and Promissory Notes. If the collateral is accounts, chattel paper, payment intangibles, or promissory notes, then a secured party's acceptance of the collateral in satisfaction of secured obligations would constitute a sale to the secured party. That sale normally would give rise to a new security interest (the ownership interest) under Sections 1-201(37) and 9-109 [Maine cite section 9-1109]. In the case of accounts and chattel paper, the new security interest would remain perfected by a filing that was effective to perfect the secured party's original security interest. In the case of payment intangibles or promissory notes, the security interest would be perfected when it attaches. See Section 9-309 [Maine cite 9-1309]. However, the procedures for acceptance of collateral under this section satisfy all necessary formalities and a new security agreement authenticated by the debtor would not be necessary.

11. Role of Good Faith. Section 1-203 imposes an obligation of good faith on a secured party's enforcement under this Article. This obligation may not be disclaimed by agreement. See Section 1-102. Thus, a proposal and acceptance made under this section in bad faith would not be effective. For example, a secured party's proposal to accept marketable securities worth $1,000 in full satisfaction of indebtedness in the amount of $100, made in the hopes that the debtor might inadvertently fail to object, would be made in bad faith. On the other hand, in the normal case proposals and acceptances should be not second- guessed on the basis of the "value" of the collateral involved. Disputes about valuation or even a clear excess of collateral value over the amount of obligations satisfied do not necessarily demonstrate the absence of good faith.

12. Special Rules in Consumer Cases. Subsection (e) [Maine cite subsection (5)] imposes an obligation on the secured party to dispose of consumer goods under certain circumstances. Subsection (f) [Maine cite subsection (6)] explains when a disposition that is required under subsection (e) [Maine cite subsection (5)] is timely. An effective acceptance of collateral cannot occur if subsection (e) [Maine cite subsection (5)] requires a disposition unless the debtor waives this requirement pursuant to Section 9-624(b) [Maine cite section 9-1624, subsection (2)]. Moreover, a secured party who takes possession of collateral and unreasonably delays disposition violates subsection (e) [Maine cite subsection (5)], if applicable, and may also violate Section 9-610 [Maine cite section 9-1610] or