LD 2245
pg. 462
Page 461 of 493 An Act to Adopt the Model Revised Article 9 Secured Transactions Page 463 of 493
Download Bill Text
LR 1087
Item 1

 
"drop shipment") involving delivery by the seller to a person
buying from the buyer or a donee from the buyer.__The requirement
relates to whether as against the seller the buyer or one taking
through the buyer has possessory rights.

 
32. "Purchase." Section 58, Uniform Warehouse Receipts Act;
Section 76, Uniform Sales Act; Section 53, Uniform Bills of
Lading Act; Section 22, Uniform Stock Transfer Act; Section 1,
Uniform Trust Receipts Act. Rephrased. With the addition of
taking "by . . . security interest," the revised definition makes
explicit what formerly was implicit.

 
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).

 
Sec. B-5. 11 MRSA §2-103, sub-§(3) is amended to read:

 
(3) The following definitions in other Articles apply to this
Article:

 
"Check." Section 3-104.

 
"Consignee." Section 7-102.

 
"Consignor." Section 7-102.

 
"Consumer goods." Section 9-109 9-1102.

 
"Dishonor." Section 3-507 3-1502.

 
"Draft." Section 3-104.

 
Sec. B-6. 11 MRSA §2-210, sub-§(2) is amended to read:

 
(2) Unless Except as otherwise provided in section 9-1406,
unless otherwise agreed, all rights of either seller or buyer can


Page 461 of 493 Top of Page Page 463 of 493