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(b) Extend the application of the rule of law, statute or rule | | to a transaction not otherwise subject to rule of law, statute | | or rule. |
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| | | 1. Source. Former Sections 9-201, 9-203(4). |
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| | | 2. Effectiveness of Security Agreement. Subsection (a) | | [Maine cite subsection (1)] provides that a security agreement is | | generally effective. With certain exceptions, a security | | agreement is effective between the debtor and secured party and | | is likewise effective against third parties. Note that "security | | agreement" is used here (and elsewhere in this Article) as it is | | defined in Section 9-102 [Maine cite section 9-1102]: "an | | agreement that creates or provides for a security interest." It | | follows that subsection (a) [Maine cite subsection (1)] does not |
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| | | provide that every term or provision contained in a record that | | contains a security agreement or that is so labeled is effective. | | Properly read, former Section 9-201 was to the same effect. | | Exceptions to the general rule of subsection (a) [Maine cite | | subsection (1)] arise where there is an overriding provision in | | this Article or any other Article of the UCC. For example, | | Section 9-317 [Maine cite section 9-1317] subordinates | | unperfected security interests to lien creditors and certain | | buyers, and several provisions in Part 3 subordinate some | | security interests to other security interests and interests of | | purchasers. |
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| | | 3. Law, Statutes, and Regulations Applicable to Certain | | Transactions. Subsection (b) [Maine cite subsection (2)] makes | | clear that certain transactions, although subject to this | | Article, also are subject to other applicable laws relating to | | consumers or specified in that subsection. Subsection (c) [Maine | | cite subsection (3)] provides that the other law is controlling | | in the event of a conflict, and that a violation of other law | | does not ipso facto constitute a violation of this Article. | | Subsection (d) [Maine cite subsection (4)] provides that this | | Article does not validate violations under or extend the | | application of the other applicable laws. |
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| | | §9-1202.__Title to collateral immaterial |
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| | | Except as otherwise provided with respect to consignments or | | sales of accounts, chattel paper, payment intangibles or | | promissory notes, the provisions of this Article with regard to | | rights and obligations apply whether title to collateral is in | | the secured party or the debtor. |
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