| | | that other law addresses. The Federal Trade Commission has ruled | | that, with some exceptions, the taking of an assignment of wages | | or other earnings is an unfair act or practice under the Federal | | Trade Commission Act. See 16 C.F.R. Part 444. State statutes | | also may regulate such assignments. |
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| | | 12. Certain Sales and Assignments of Receivables; Judgments. | | In general this Article covers security interests in (including | | sales of) accounts, chattel paper, payment intangibles, and | | promissory notes. Paragraphs (4), (5), (6), and (7) of | | subsection (d) [Maine cite paragraphs (d), (e), (f) and (g) of | | subsection (4)] exclude from the Article certain sales and | | assignments of receivables that, by their nature, do not concern | | commercial financing transactions. These paragraphs add to the | | exclusions in former Section 9-104(f) analogous sales and | | assignments of payment intangibles and promissory notes. For | | similar reasons, subsection (d)(9) [Maine cite subsection (4), | | paragraph (i)] retains the exclusion of assignments of judgments | | under former Section 9-104(h) (other than judgments taken on a | | right to payment that itself was collateral under this Article). |
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| | | 13. Insurance. Subsection (d)(8) [Maine cite subsection (4), | | paragraph (h)] narrows somewhat the broad exclusion of interests | | in insurance policies under former Section 9-104(g) [Maine cite | | section 9-1104, subsection (7)]. This Article now covers | | assignments by or to a health-care provider of "health-care- | | insurance receivables" (defined in Section 9-102) [Maine cite | | section 9-1102]. |
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| | | 14. Set-Off. Subsection (d)(10) [Maine cite subsection (4), | | paragraph (j)] adds two exceptions to the general exclusion of | | set-off rights from Article 9 under former Section 9-104(i). The | | first takes account of new Section 9-340 [Maine cite section 9- | | 1340], which regulates the effectiveness of a set-off against a | | deposit account that stands as collateral. The second recognizes | | Section 9-404 [Maine cite section 9-1404], which affords the | | obligor on an account, chattel paper, or general intangible the | | right to raise claims and defenses against an assignee (secured | | party). |
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| | | 15. Tort Claims. Subsection (d)(12) [Maine cite subsection | | (4), paragraph (l)] narrows somewhat the broad exclusion of | | transfers of tort claims under former Section 9-104(k). This | | Article now applies to assignments of "commercial tort claims" | | (defined in Section 9-102) [Maine cite section 9-1102] as well as | | to security interests in tort claims that constitute proceeds of | | other collateral (e.g., a right to payment for negligent | | destruction of the debtor's inventory). Note that once a claim | | arising in tort has been settled and reduced to a contractual | | obligation to pay (as in, but not limited to, a structured |
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