(1). Except as otherwise provided in this Title, a security agreement is effective according to its terms between the parties, against purchasers of the collateral and against creditors.

[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. 9-1201

  • Collateral: includes :
(a). See Maine Revised Statutes Title 11 Sec. 9-1102
  • Security agreement: means an agreement that creates or provides for a security interest. See Maine Revised Statutes Title 11 Sec. 9-1102
  • Statute: A law passed by a legislature.
  • (2). A transaction subject to this Article is subject to any applicable rule of law that establishes a different rule for consumers, including Title 9?A, Title 30?A, sections 3960 to 3964?A and Title 32, sections 11001 to 11054.

    [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

    (3). In case of conflict between this Article and a rule of law, statute or rule described in subsection (2), the rule of law, statute or rule controls. Failure to comply with a statute or rule described in subsection (2) has only the effect the statute or rule specifies.

    [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]

    (4). This Article does not:
    (a). Validate any rate, charge, agreement or practice that violates a rule of law, statute or rule described in subsection (2); or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
    (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. [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).]

    SECTION HISTORY

    PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF).