3. Determination of Commercial Reasonableness; Advance Approval. It is important to make clear the conduct and procedures that are commercially reasonable and to provide a secured party with the means of obtaining, by court order or negotiation with a creditors' committee or a representative of creditors, advance approval of a proposed method of enforcement as commercially reasonable. This section contains rules that assist in that determination and provides for advance approval in appropriate situations. However, none of the specific methods of disposition specified in subsection (b) [Maine cite subsection (2)] is required or exclusive.

4. "Recognized Market." As in Sections 9-610(c) and 9-611(d) [Maine cite section 9-1610, subsection (3) and section 9-1611, subsection (4)], the concept of a "recognized market" in subsections (b)(1) and (2) [Maine cite subsection (1), paragraphs (a) and (b)] is quite limited; it applies only to markets in which there are standardized price quotations for property that is essentially fungible, such as stock exchanges.

§9-1628.__Nonliability and limitation on liability of secured

party; liability of secondary obligor

(1)__Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person and knows how to communicate with the person:

(a)__The secured party is not liable to the person or to a secured party or lienholder that has filed a financing statement against the person for failure to comply with this Article; and

(b)__The secured party's failure to comply with this Article does not affect the liability of the person for a deficiency.

(2)__A secured party is not liable because of its status as secured party:

(a)__To a person that is a debtor or obligor, unless the secured party knows:

(i)__That the person is a debtor or obligor;