| | 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. |