LD 2245
pg. 8
Page 7 of 493 An Act to Adopt the Model Revised Article 9 Secured Transactions Page 9 of 493
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LR 1087
Item 1

 
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.

 
Automatic perfection. Section 9-309 [Maine cite section 9-
1309] lists various types of security interests as to which no
public-notice step is required for perfection (e.g., purchase-
money security interests in consumer goods other than
automobiles). This automatic perfection also extends to a
transfer of a health-care-insurance receivable to a health-care
provider. Those transfers normally will be made by natural
persons who receive health-care services; there is little value
in requiring filing for perfection in that context. Automatic
perfection also applies to security interests created by sales of
payment intangibles and promissory notes. Section 9-308 [Maine
cite section 9-1308] provides that a perfected security interest
in collateral supported by a "supporting obligation" (such as an
account supported by a guaranty) also is a perfected security
interest in the supporting obligation, and that a perfected
security interest in an obligation secured by a security interest
or lien on property (e.g., a real-property mortgage) also is a
perfected security interest in the security interest or lien.

 
e. Priority; Special Rules for Banks and Deposit Accounts.
The rules governing priority of security interests and
agricultural liens are found in Part 3, Subpart 3 (Sections
9-317 through 9-342) [Maine cite sections 9-1317 to 9-1342].
This Article includes several new priority rules and some
special rules relating to banks and deposit accounts
(Sections 9-340 through 9-342) [Maine cite sections 9-1340
to 9-1342].


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