| | Possessory security interests. Several provisions of this |
| Article address aspects of security interests involving a secured |
| party or a third party who is in possession of the collateral. |
| In particular, Section 9-313 [Maine cite section 9-1313] resolves |
| a number of uncertainties under former Section 9-305. It |
| provides that a security interest in collateral in the possession |
| of a third party is perfected when the third party acknowledges |
| in an authenticated record that it holds for the secured party's |
| benefit. Section 9-313 [Maine cite section 9-1313] also provides |
| that a third party need not so acknowledge and that its |
| acknowledgment does not impose any duties on it, unless it |
| otherwise agrees. A special rule in Section 9-313 [Maine cite |
| section 9-1313] provides that if a secured party already is in |
| possession of collateral, its security interest remains perfected |
| by possession if it delivers the collateral to a third party and |
| the collateral is accompanied by instructions to hold it for the |
| secured party or to redeliver it to the secured party. Section |
| 9-313 [Maine cite section 9-1313] also clarifies the limited |
| circumstances under which a security interest in goods covered by |
| a certificate of title may be perfected by the secured party's |
| taking possession. |