Maine Revised Statutes Title 11 Sec. 9-1208 – Additional duties of secured party having control of collateral
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(1). This section applies to cases in which there is no outstanding secured obligation and the secured party is not committed to make advances, incur obligations or otherwise give value.
[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. 9-1208
- Account: includes health-care-insurance receivables. See Maine Revised Statutes Title 11 Sec. 9-1102
- Bank: includes savings banks, savings and loan associations, credit unions and trust companies. See Maine Revised Statutes Title 11 Sec. 9-1102
- Chattel paper: means a record or records that evidence both a monetary obligation and a security interest in specific goods, a security interest in specific goods and license of software used in the goods, a lease of specific goods or a lease of specific goods and license of software used in the goods. See Maine Revised Statutes Title 11 Sec. 9-1102
- Commodity intermediary: means a person that:
(a). See Maine Revised Statutes Title 11 Sec. 9-1102Communicate: means :
(a). See Maine Revised Statutes Title 11 Sec. 9-1102Contract: A legal written agreement that becomes binding when signed. Debtor: means :
(a). See Maine Revised Statutes Title 11 Sec. 9-1102Deposit account: means a demand, time, savings, passbook or similar account maintained with a bank. See Maine Revised Statutes Title 11 Sec. 9-1102 Document: means a document of title or a receipt of the type described in section 7?1201, subsection (2). See Maine Revised Statutes Title 11 Sec. 9-1102 Electronic chattel paper: means chattel paper evidenced by a record or records consisting of information stored in an electronic medium. See Maine Revised Statutes Title 11 Sec. 9-1102 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. Investment property: means a security, whether certificated or uncertificated, security entitlement, securities account, commodity contract or commodity account. See Maine Revised Statutes Title 11 Sec. 9-1102 Letter-of-credit right: means a right to payment or performance under a letter of credit, whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance. See Maine Revised Statutes Title 11 Sec. 9-1102 Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Proceeds: means the following property:
(a). See Maine Revised Statutes Title 11 Sec. 9-1102Secured party: means :
(2). Within 20 days after receiving an authenticated demand by the debtor:
(a). A secured party having control of a deposit account under section 9?1104, subsection (1), paragraph (b) shall send to the bank with which the deposit account is maintained an authenticated statement that releases the bank from any further obligation to comply with instructions originated by the secured party; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). A secured party having control of a deposit account under section 9?1104, subsection (1), paragraph (c) shall:
(i) Pay the debtor the balance on deposit in the deposit account; or
(ii) Transfer the balance on deposit into a deposit account in the debtor’s name; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(c). A secured party, other than a buyer, having control of electronic chattel paper under section 9?1105 shall:
(i) Communicate the authoritative copy of the electronic chattel paper to the debtor or its designated custodian;
(ii) If the debtor designates a custodian that is the designated custodian with which the authoritative copy of the electronic chattel paper is maintained for the secured party, communicate to the custodian an authenticated record releasing the designated custodian from any further obligation to comply with instructions originated by the secured party and instructing the custodian to comply with instructions originated by the debtor; and
(iii) Take appropriate action to enable the debtor or its designated custodian to make copies of or revisions to the authoritative copy that add or change an identified assignee of the authoritative copy without the consent of the secured party; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(d). A secured party having control of investment property under section 8?1106, subsection (4), paragraph (b) or 9?1106, subsection (2) shall send to the securities intermediary or commodity intermediary with which the security entitlement or commodity contract is maintained an authenticated record that releases the securities intermediary or commodity intermediary from any further obligation to comply with entitlement orders or directions originated by the secured party; [PL 2009, c. 324, Pt. B, §31 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).]
(e). A secured party having control of a letter-of-credit right under section 9?1107 shall send to each person having an unfulfilled obligation to pay or deliver proceeds of the letter of credit to the secured party an authenticated release from any further obligation to pay or deliver proceeds of the letter of credit to the secured party; and [PL 2009, c. 324, Pt. B, §32 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).]
(f). A secured party having control of an electronic document shall:
(1) Give control of the electronic document to the debtor or its designated custodian;
(2) If the debtor designates a custodian that is the designated custodian with which the authoritative copy of the electronic document is maintained for the secured party, communicate to the custodian an authenticated record releasing the designated custodian from any further obligation to comply with instructions originated by the secured party and instructing the custodian to comply with instructions originated by the debtor; and
(3) Take appropriate action to enable the debtor or its designated custodian to make copies of or revisions to the authoritative copy that add or change an identified assignee of the authoritative copy without the consent of the secured party. [PL 2009, c. 324, Pt. B, §33 (NEW); PL 2009, c. 324, Pt. B, §48 (AFF).]
[PL 2009, c. 324, Pt. B, §§31-33 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF). PL 2009, c. 324, Pt. B, §§31-33 (AMD). PL 2009, c. 324, Pt. B, §48 (AFF).