| | | if the secured party's belief is based on its reasonable reliance | | on a representation of the type specified in subsection (c)(1) or | | (c)(2) [Maine cite subsection (3), paragraph (1) or (2)], then | | this Article should be applied as if the facts reasonably | | believed and reasonably relied upon were true. For example, if a | | secured party reasonably believed that a transaction was a non- | | consumer transaction and its belief was based on reasonable | | reliance on the debtor's misrepresentation that the collateral | | secured an obligation incurred for business purposes, the | | rebuttable presumption rule would apply under 9-626(b) [Maine | | cite section 9-1626, subsection (2)]. Of course, if the secured | | party's belief is not reasonable or, even if reasonable, is not | | based on reasonable reliance on the debtor's misrepresentation, | | this limitation on liability is inapplicable. |
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| | | 3. Inapplicability of Statutory Damages to Section 9-616, | | Subsection (d) [Maine cite section 9-1616, subsection (4)] | | excludes noncompliance with Section 9-616 [Maine cite section 9- | | 1616] entirely from the scope of statutory damage liability under | | Section 9-625(c)(2) [Maine cite section 9-1625, subsection (3), | | paragraph (b)]. |
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| | | 4. Single Liability for Statutory Minimum Damages. | | Subsection (e) [Maine cite subsection (5)] ensures that a secured | | party will incur statutory damages only once in connection with | | any one secured obligation. |
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| | | This__Article takes effect on July 1, 2001. |
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| | | A uniform law as complex as Article 9 [Maine cite Article 9-A] | | necessarily gives rise to difficult problems and uncertainties | | during the transition to the new law. As is customary for | | uniform laws, this Article is based on the general assumption | | that all States will have enacted substantially identical | | versions. While always important, uniformity is essential to the | | success of this Article. If former Article 9 is in effect in | | some jurisdictions, and this Article is in effect in others, | | horrendous complications may arise. For example, the proper | | place in which to file to perfect a security interest (and thus | | the status of a particular security interest as perfected or | | unperfected) would depend on whether the matter was litigated in | | a State in which former Article 9 was in effect or a State in | | which this Article was in effect. | | Accordingly, this section |
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