Maine Revised Statutes Title 11 Sec. 9-1106 – Control of investment property
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(1). A person has control of a certificated security, uncertificated security or security entitlement as provided in section 8-1106.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
Terms Used In Maine Revised Statutes Title 11 Sec. 9-1106
- Account: includes health-care-insurance receivables. See Maine Revised Statutes Title 11 Sec. 9-1102
- Commodity account: means an account maintained by a commodity intermediary in which a commodity contract is carried for a commodity customer. See Maine Revised Statutes Title 11 Sec. 9-1102
- Commodity contract: means a commodity futures contract, an option on a commodity futures contract, a commodity option or another contract if the contract or option is:
(a). See Maine Revised Statutes Title 11 Sec. 9-1102Commodity customer: means a person for which a commodity intermediary carries a commodity contract on its books. See Maine Revised Statutes Title 11 Sec. 9-1102 Commodity intermediary: means a person that:
(a). See Maine Revised Statutes Title 11 Sec. 9-1102Contract: A legal written agreement that becomes binding when signed. Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs. Secured party: means :
(2). A secured party has control of a commodity contract if:
(a). The secured party is the commodity intermediary with which the commodity contract is carried; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). The commodity customer, secured party and commodity intermediary have agreed that the commodity intermediary will apply any value distributed on account of the commodity contract as directed by the secured party without further consent by the commodity customer. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(3). A secured party having control of all security entitlements or commodity contracts carried in a securities account or commodity account has control over the securities account or commodity account.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF).