(1). Subject to subsection (2), a security interest that is created by a new debtor is collateral in which the new debtor has or acquires rights and would be ineffective to perfect the security interest but for the application of section 9-1316, subsection (9), paragraph (a) or section 9-1508 is perfected solely by a filed financing statement that is subordinate to a security interest in the same collateral that is perfected other than by such a filed financing statement.

[PL 2013, c. 317, Pt. A, §17 (AMD).]

Terms Used In Maine Revised Statutes Title 11 Sec. 9-1326

  • Collateral: includes :
(a). See Maine Revised Statutes Title 11 Sec. 9-1102
  • Financing statement: means a record or records composed of an initial financing statement and any filed record relating to the initial financing statement. See Maine Revised Statutes Title 11 Sec. 9-1102
  • New debtor: means a person that becomes bound as debtor under section 9?1203, subsection (4) by a security agreement previously entered into by another person. See Maine Revised Statutes Title 11 Sec. 9-1102
  • (2). The other provisions of this Part determine the priority among conflicting security interests in the same collateral perfected by filed financing statements described in subsection (1). However, if the security agreements to which a new debtor became bound as debtor were not entered into by the same original debtor, the conflicting security interests rank according to priority in time of the new debtor’s having become bound.

    [PL 2013, c. 317, Pt. A, §17 (AMD).]

    SECTION HISTORY

    PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF). PL 2013, c. 317, Pt. A, §17 (AMD).