Maine Revised Statutes Title 11 Sec. 9-1601 – Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles or promissory notes
Current as of: 2023 | Check for updates
|
Other versions
(1). After default, a secured party has the rights provided in this part and, except as otherwise provided in section 9?1602, those provided by agreement of the parties. A secured party:
(a). May reduce a claim to judgment or foreclose or otherwise enforce the claim, security interest or agricultural lien by any available judicial procedure; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). If the collateral is documents, may proceed either as to the documents or as to the goods they cover. [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).]
Terms Used In Maine Revised Statutes Title 11 Sec. 9-1601
- Agricultural lien: means an interest, other than a security interest, in farm products:
(a). See Maine Revised Statutes Title 11 Sec. 9-1102Chattel 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 Collateral: includes :
(a). See Maine Revised Statutes Title 11 Sec. 9-1102Consignor: means a person that delivers goods to a consignee in a consignment. See Maine Revised Statutes Title 11 Sec. 9-1102 Debtor: means :
(a). See Maine Revised Statutes Title 11 Sec. 9-1102Financing 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 Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC Goods: includes :
(a). See Maine Revised Statutes Title 11 Sec. 9-1102Lien: A claim against real or personal property in satisfaction of a debt. Obligor: means a person that, with respect to an obligation secured by a security interest in or an agricultural lien on the collateral:
(a). See Maine Revised Statutes Title 11 Sec. 9-1102Secured party: means :
(a). See Maine Revised Statutes Title 11 Sec. 9-1102Statute: A law passed by a legislature.
(2). A secured party in possession of collateral or control of collateral under section 7?1106, 9?1104, 9?1105, 9?1106 or 9?1107 has the rights and duties provided in section 9?1207.
[PL 2009, c. 324, Pt. B, §44 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(4). Except as otherwise provided in subsection (7) and section 9?1605, after default, a debtor and an obligor have the rights provided in this part and by agreement of the parties.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(5). If a secured party has reduced its claim to judgment, the lien of any levy that may be made upon the collateral by virtue of an execution based upon the judgment relates back to the earliest of:
(a). The date of perfection of the security interest or agricultural lien in the collateral; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). The date of filing a financing statement covering the collateral; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(c). Any date specified in a statute under which the agricultural lien was created. [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).]
(6). A sale pursuant to an execution is a foreclosure of the security interest or agricultural lien by judicial procedure within the meaning of this section. A secured party may purchase at the sale and thereafter hold the collateral free of any other requirements of this Article.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(7). Except as otherwise provided in section 9?1607, subsection (3), this part imposes no duties upon a secured party that is a consignor or is a buyer of accounts, chattel paper, payment intangibles or promissory notes.
[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). PL 2009, c. 324, Pt. B, §44 (AMD). PL 2009, c. 324, Pt. B, §48 (AFF).