2. Notification Requirement. Subsection (a) [Maine cite subsection (1)] specifies three classes of competing claimants to whom the secured party must send notification of its proposal: (i) those who notify the secured party that they claim an interest in the collateral, (ii) holders of certain security interests and liens who have filed against the debtor, and (iii) holders of certain security interests who have perfected by compliance with a statute (including a certificate-of-title statute), regulation, or treaty described in Section 9-311(a) [Maine cite section 9-1311, subsection (1)]. With regard to (ii), see Section 9-611 [Maine cite section 9-1611], Comment 4. Subsection (b) [Maine cite subsection (2)] also requires notification to any secondary obligor if the proposal is for acceptance in partial satisfaction.

Unlike Section 9-611 [Maine cite section 9-1611], this section contains no "safe harbor," which excuses an enforcing secured party from notifying certain secured parties and other lienholders. This is because, unlike Section 9-610 [Maine section 9-1610], which requires that a disposition of collateral be commercially reasonable, Section 9-620 [Maine cite section 9- 1620] permits the debtor and secured party to set the amount of credit the debtor will receive for the collateral subject only to the requirement of good faith. An effective acceptance discharges subordinate security interests and other subordinate liens. See Section 9-622 [Maine cite section 9-1622]. If collateral is subject to several liens securing debts much larger than the value of the collateral, the debtor may be disinclined to refrain from consenting to an acceptance by the holder of the senior security interest, even though, had the debtor objected and the senior disposed of the collateral under Section 9-610 [Maine cite section 9-1610], the collateral may have yielded more than enough to satisfy the senior security interest (but not enough to satisfy all the liens). Accordingly, this section imposes upon the enforcing secured party the risk of the filing office's errors and delay. The holder of a security interest who is entitled to notification under this section but does not receive it has the right to recover under Section 9-625(b) [Maine cite section 9-1625, subsection (2)] any loss resulting from the enforcing secured party's noncompliance with this section.

§9-1622.__Effect of acceptance of collateral

(1)__A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures: