Title 11, Article 9-A: TRANSACTIONS

Title 11, Article 9-A: TRANSACTIONS

Part 1: GENERAL PROVISIONS

Subpart 1: SHORT TITLE, DEFINITIONS AND GENERAL CONCEPTS

11 §9-1101. Short title

11 §9-1102. Definitions and index of definitions

11 §9-1103. Purchase-money security interest; application of payments; burden of establishing

11 §9-1103-A. Production-money crops; production-money obligation; production-money security interest; burden of establishing

11 §9-1104. Control of deposit account

11 §9-1105. Control of electronic chattel paper (WHOLE SECTION TEXT EFFECTIVE UNTIL 7/01/25)

11 §9-1105. Control of electronic chattel paper (WHOLE SECTION TEXT REPEALED 7/01/25)

11 §9-1105-A. Control of electronic copy of record evidencing chattel paper (WHOLE SECTION TEXT EFFECTIVE 7/01/25)

11 §9-1106. Control of investment property

11 §9-1107. Control of letter-of-credit right

11 §9-1107-A. Control of controllable electronic record, controllable account or controllable payment intangible (WHOLE SECTION TEXT EFFECTIVE 7/01/25)

11 §9-1107-B. No requirement to acknowledge or confirm; no duties (WHOLE SECTION TEXT EFFECTIVE 7/01/25)

11 §9-1108. Sufficiency of description

Subpart 2: APPLICABILITY OF ARTICLE

11 §9-1109. Scope

11 §9-1110. Security interests arising under Article 2 or 2-A

Part 2: EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT

Subpart 1: EFFECTIVENESS AND ATTACHMENT

11 §9-1201. General effectiveness of security agreement

11 §9-1202. Title to collateral immaterial

11 §9-1203. Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites

11 §9-1204. After-acquired property; future advances

11 §9-1205. Use or disposition of collateral permissible

11 §9-1206. Security interest arising in purchase or delivery of financial asset

Subpart 2: RIGHTS AND DUTIES

11 §9-1207. Rights and duties of secured party having possession or control of collateral

11 §9-1208. Additional duties of secured party having control of collateral

11 §9-1209. Duties of secured party if account debtor has been notified of assignment

11 §9-1210. Request for accounting; request regarding list of collateral or statement of account (WHOLE SECTION TEXT EFFECTIVE UNTIL 7/01/25)

11 §9-1210. Request for accounting; request regarding list of collateral or statement of account (WHOLE SECTION TEXT EFFECTIVE 7/01/25)

Part 3: PERFECTION AND PRIORITY

Subpart 1: LAW GOVERNING PERFECTION AND PRIORITY

11 §9-1301. Law governing perfection and priority of security interests

11 §9-1302. Law governing perfection and priority of agricultural liens

11 §9-1303. Law governing perfection and priority of security interests in goods covered by certificate of title

11 §9-1304. Law governing perfection and priority of security interests in deposit accounts

11 §9-1305. Law governing perfection and priority of security interests in investment property

11 §9-1306. Law governing perfection and priority of security interests in letter-of-credit rights

11 §9-1306-A. Law governing perfection and priority of security interests in chattel paper (WHOLE SECTION TEXT EFFECTIVE 7/01/25)

11 §9-1306-B. Law governing perfection and priority of security interests in controllable accounts, controllable electronic records and controllable payment intangibles (WHOLE SECTION TEXT EFFECTIVE 7/01/25)

11 §9-1307. Location of debtor

Subpart 2: PERFECTION

11 §9-1308. When security interest or agricultural lien is perfected; continuity of perfection

11 §9-1309. Security interest perfected upon attachment

11 §9-1310. When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply

11 §9-1311. Perfection of security interests in property subject to certain statutes, regulations and treaties

11 §9-1312. Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights and money; perfection by permissive filing; temporary perfection without filing or transfer of possession (WHOLE SECTION TEXT EFFECTIVE UNTIL 7/01/25)

11 §9-1312. Perfection of security interests in chattel paper, controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, negotiable documents, goods covered by documents, instruments, investment property, letter-of-credit rights and money; perfection by permissive filing; temporary perfection without filing or transfer of possession (WHOLE SECTION TEXT EFFECTIVE 7/01/25)

11 §9-1313. When possession by or delivery to secured party perfects security interest without filing

11 §9-1314. Perfection by control (WHOLE SECTION TEXT EFFECTIVE UNTIL 7/01/25)

11 §9-1314. Perfection by control (WHOLE SECTION TEXT EFFECTIVE 7/01/25)

11 §9-1314-A. Perfection by possession and control of chattel paper (WHOLE SECTION TEXT EFFECTIVE 7/01/25)

11 §9-1315. Secured party's rights on disposition of collateral and in proceeds

11 §9-1316. Effect of change in governing law

Subpart 3: PRIORITY

11 §9-1317. Interests that take priority over or take free of security interest or agricultural lien

11 §9-1318. No interest retained in right to payment that is sold; rights and title of seller of account or chattel paper with respect to creditors and purchasers

11 §9-1319. Rights and title of consignee with respect to creditors and purchasers

11 §9-1320. Buyer of goods

11 §9-1321. Licensee of general intangible and lessee of goods in ordinary course of business

11 §9-1322. Priorities among conflicting security interests in and agricultural liens on same collateral

11 §9-1323. Future advances

11 §9-1324. Priority of purchase-money security interests

11 §9-1324-A. Priority of production-money security interests and agricultural liens

11 §9-1325. Priority of security interests in transferred collateral

11 §9-1326. Priority of security interests created by new debtor

11 §9-1326-A. Priority of security interest in controllable account, controllable electronic record and controllable payment intangible (WHOLE SECTION TEXT EFFECTIVE 7/01/25)

11 §9-1327. Priority of security interests in deposit account

11 §9-1328. Priority of security interests in investment property

11 §9-1329. Priority of security interests in letter-of-credit right

11 §9-1330. Priority of purchaser of chattel paper or instrument

11 §9-1331. Priority of rights of purchasers of instruments, documents and securities under other Articles; priority of interests in financial assets and security entitlements under Article 8 (WHOLE SECTION TEXT EFFECTIVE UNTIL 7/01/25)

11 §9-1331. Priority of rights of purchasers of controllable accounts, controllable electronic records, controllable payment intangibles, documents, instruments and securities under other Articles; priority of interests in financial assets and security entitlements and protection against assertion of claim under Articles 8-A and 12 (WHOLE SECTION TEXT EFFECTIVE 7/01/25)

11 §9-1332. Transfer of money; transfer of funds from deposit account (WHOLE SECTION TEXT EFFECTIVE UNTIL 7/01/25)

11 §9-1332. Transfer of money; transfer of funds from deposit account (WHOLE SECTION TEXT EFFECTIVE 7/01/25)

11 §9-1333. Priority of certain liens arising by operation of law

11 §9-1334. Priority of security interests in fixtures and crops

11 §9-1335. Accessions

11 §9-1336. Commingled goods

11 §9-1337. Priority of security interests in goods covered by certificate of title

11 §9-1338. Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information

11 §9-1339. Priority subject to subordination

Subpart 4: RIGHTS OF BANK

11 §9-1340. Effectiveness of right of recoupment or setoff against deposit account

11 §9-1341. Bank's rights and duties with respect to deposit account

11 §9-1342. Bank's right to refuse to enter into or disclose existence of control agreement

Part 4: RIGHTS OF 3RD PARTIES

11 §9-1401. Alienability of debtor's rights

11 §9-1402. Secured party not obligated on contract of debtor or in tort

11 §9-1403. Agreement not to assert defenses against assignee

11 §9-1404. Rights acquired by assignee; claims and defenses against assignee

11 §9-1405. Modification of assigned contract

11 §9-1406. Discharge of account debtor; notification of assignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles, and promissory notes ineffective (WHOLE SECTION TEXT EFFECTIVE UNTIL 7/01/25)

11 §9-1406. Discharge of account debtor; notification of assignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles, and promissory notes ineffective (WHOLE SECTION TEXT EFFECTIVE 7/01/25)

11 §9-1407. Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest

11 §9-1408. Restrictions on assignment of promissory notes, health-care-insurance receivables and certain general intangibles ineffective

11 §9-1409. Restrictions on assignment of letter-of-credit rights ineffective

Part 5: FILING

Subpart 1: FILING OFFICE; CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT

11 §9-1501. Filing office

11 §9-1502. Contents of financing statement; record of mortgage as financing statement; time of filing financing statement

11 §9-1503. Name of debtor and secured party

11 §9-1504. Indication of collateral

11 §9-1505. Filing and compliance with other statutes and treaties for consignments, leases, other bailments and other transactions

11 §9-1506. Effect of errors or omissions

11 §9-1507. Effect of certain events on effectiveness of financing statement

11 §9-1508. Effectiveness of financing statement if new debtor becomes bound by security agreement

11 §9-1509. Persons entitled to file a record

11 §9-1510. Effectiveness of filed record

11 §9-1511. Secured party of record

11 §9-1512. Amendment of financing statement

11 §9-1513. Termination statement

11 §9-1514. Assignment of powers of secured party of record

11 §9-1515. Duration and effectiveness of financing statement; effect of lapsed financing statement

11 §9-1516. What constitutes filing; effectiveness of filing

11 §9-1517. Effect of indexing errors

11 §9-1518. Claim concerning inaccurate or wrongfully filed record

Subpart 2: DUTIES AND OPERATION OF FILING OFFICE

11 §9-1519. Numbering, maintaining and indexing records; communicating information provided in records

11 §9-1520. Acceptance and refusal to accept record

11 §9-1521. Uniform form of written financing statement and amendment

11 §9-1522. Maintenance and destruction of records

11 §9-1523. Information from filing office; sale or license of records

11 §9-1524. Delay by filing office

11 §9-1525. Fees

11 §9-1526. Filing-office rules

Part 6: DEFAULT

Subpart 1: DEFAULT AND ENFORCEMENT OF SECURITY INTEREST

11 §9-1601. Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles or promissory notes

11 §9-1602. Waiver and variance of rights and duties

11 §9-1603. Agreement on standards concerning rights and duties

11 §9-1604. Procedure if security agreement covers real property or fixtures

11 §9-1605. Unknown debtor or secondary obligor (WHOLE SECTION TEXT EFFECTIVE UNTIL 7/01/25)

11 §9-1605. Unknown debtor or secondary obligor (WHOLE SECTION TEXT EFFECTIVE 7/01/25)

11 §9-1606. Time of default for agricultural lien

11 §9-1607. Collection and enforcement by secured party

11 §9-1608. Application of proceeds of collection or enforcement; liability for deficiency and right to surplus

11 §9-1609. Secured party's right to take possession after default

11 §9-1610. Disposition of collateral after default

11 §9-1611. Notification before disposition of collateral

11 §9-1612. Timeliness of notification before disposition of collateral

11 §9-1613. Contents and form of notification before disposition of collateral: general

11 §9-1614. Contents and form of notification before disposition of collateral: consumer-goods transaction

11 §9-1615. Application of proceeds of disposition; liability for deficiency and right to surplus

11 §9-1616. Explanation of calculation of surplus or deficiency

11 §9-1617. Rights of transferee of collateral

11 §9-1618. Rights and duties of certain secondary obligors

11 §9-1619. Transfer of record or legal title

11 §9-1620. Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral

11 §9-1621. Notification of proposal to accept collateral

11 §9-1622. Effect of acceptance of collateral

11 §9-1623. Right to redeem collateral

11 §9-1624. Waiver (WHOLE SECTION TEXT EFFECTIVE UNTIL 7/01/25)

11 §9-1624. Waiver (WHOLE SECTION TEXT EFFECTIVE 7/01/25)

Subpart 2: NONCOMPLIANCE WITH ARTICLE

11 §9-1625. Remedies for secured party's failure to comply with Article

11 §9-1626. Action in which deficiency or surplus is in issue

11 §9-1627. Determination of whether conduct was commercially reasonable

11 §9-1628. Nonliability and limitation on liability of secured party; liability of secondary obligor

Part 7: TRANSITION

11 §9-1701. Effective date

11 §9-1702. Savings clause

11 §9-1703. Security interest perfected before effective date

11 §9-1704. Security interest unperfected before effective date

11 §9-1705. Effectiveness of action taken before effective date

11 §9-1706. When initial financing statement suffices to continue effectiveness of financing statement

11 §9-1707. Amendment of preeffective-date financing statement

11 §9-1708. Persons entitled to file initial financing statement or continuation statement

11 §9-1709. Priority

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Office of the Revisor of Statutes · 7 State House Station · State House Room 108 · Augusta, Maine 04333-0007

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