| | priority rule of pro rata treatment | | secured parties have obtained control but omitted to specify | their respective rights by agreement. See Section 9-115(5)(b) | 328(2) [Maine cite section 9-1328, subsection (2)] and Comment 6 | 5 to Section 9-115 | | the purchaser priority rule in Section 8-510(c) is intended to | | track the Article 9 [Maine cite Article 9-A] priority rules, it | too has a pro rata | | multiple non-secured party purchasers have obtained control but | | omitted to specify their respective rights by agreement. The | | rule is patterned on Section 9-328(2) [Maine cite section 1328, | | subsection (2)]. |
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| | | 5.__If a securities intermediary itself is a purchaser, | | subsection (d) provides that it has priority over the interest of | | another purchaser who has control.__Article 9 [Maine cite Article | | 9-A] contains a similar rule.__See Section 9-328(3) [Maine cite | | section 9-1328, subsection (3)]. |
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| | | Sec. B-26. Effective date. This Part takes effect July 1, 2001. |
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| | | Sec. C-1. Rules. Notwithstanding that Parts A and B of this Act do | | not take effect until July 1, 2001, the Secretary of State may | | adopt rules in accordance with the Maine Revised Statutes, Title | | 5, chapter 375 that are necessary to carry out this Act in | | preparation for the effective date of July 1, 2001 of Article 9- | | A. Rules adopted pursuant to this section are routine technical | | rules for the purposes of Title 5, chapter 375, subchapter II-A. |
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| | | This bill enacts changes recommended by the National | | Conference of Commissioners on Uniform State Laws as revisions to | | the Uniform Commercial Code, Article 9, on secured transactions. | | Part A of this bill repeals the Maine Revised Statutes, Title 11, | | Article 9 and enacts a new Title 11, Article 9-A to accomplish | | those revisions. Part B of this bill makes necessary conforming | | amendments and recommended changes to the Uniform Commercial Code | | to provide consistency with the new Article 9-A. Parts A and B | | take effect July 1, 2001. Part C gives the Secretary of State | | rulemaking authority to adopt rules prior to July 1, 2001 to | | carry out Article 9-A as soon as it is in effect. |
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