| | 1. Source. Former Section 9-202. |
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| | 2. Title Immaterial. The rights and duties of parties to a | secured transaction and affected third parties are provided in | this Article without reference to the location of "title" to the | collateral. For example, the characteristics of a security | interest that secures the purchase price of goods are the same | whether the secured party appears to have retained title or the | debtor appears to have obtained title and then conveyed title or | a lien to the secured party. |
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| a. Under This Article. This section explicitly | acknowledges two circumstances in which the effect of | certain Article 9 [Maine cite Article 9-A] provisions | turns on ownership (title). First, in some respects | sales of accounts, chattel paper, payment intangibles, | and promissory notes receive special treatment. See, | e.g., Sections 9-207(a), 9-210(b), 9-615(e) [Maine cite | section 9-1207, subsection (1), section 9-1210, | subsection (2), section 9-1615, subsection (5)]. | Buyers of receivables under former Article 9 were | treated specially, as well. See, e.g., former Section | 9502(2). Second, the remedies of a consignor under a | true consignment and, for the most part, the remedies | of a buyer of accounts, chattel paper, payment | intangibles, or promissory notes are determined by | other law and not by Part 6. See Section 9601(g) | [Maine cite section 9-1601, subsection (7)]. |
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| b. Under Other Law. This Article does not determine | which line of interpretation (e.g., title theory or | lien theory, retained title or conveyed title) should | be followed in cases in which the applicability of | another rule of law depends upon who has title. If, | for example, a revenue law imposes a tax on the "legal" | owner of goods or if a corporation law makes a vote of | the stockholders prerequisite to a corporation "giving" | a security interest but not if it acquires property | "subject" to a security interest, this Article does not | attempt to define whether the secured party is a | "legal" owner or whether the transaction "gives" a | security interest for the purpose of such laws. Other | rules of law or the agreement of the parties determines | the location and source of title for those purposes. |
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| §9-1203.__Attachment and enforceability of security interest; |
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