| 37. "Security Interest." See Section 1, Uniform Trust |
Receipts Act. The present definition is elaborated, in view |
especially of the complete coverage of the subject in Article 9. |
Notice that in view of the Article the term includes the interest |
of certain outright buyers of certain kinds of property. Section |
1201(37) is being amended at the same time that the Article on |
Leases (Article 2A) is being promulgated as an amendment to this |
Act. The definition of "security interest" was revised in |
connection with the promulgation of Article 2A and also to take |
account of the expanded scope of Article 9 [Maine cite article 9- |
A] as revised in the 1998 Official Text.__It includes the |
interest of a consignor and the interest of a buyer of accounts, |
chattel paper, payment intangibles, or promissory notes.__See |
Section 9-109 [Maine cite section 9-1109].__It also makes clear |
that, with certain exceptions, in rem rights of sellers and |
lessors under Articles 2 and 2A are not "security interests."__ |
Among the rights that are not security interests are the right to |
withhold delivery under Section 2-702(1), 2-703(a), or 2A-525 |
[Maine cite section 2-1525], the right to stop delivery under |
Section 2-705 or 2A-526 [Maine cite section 2-1526], and the |
right to reclaim under Section 2-507(2) or 2-702(2). |