(1). In this section, “notification date” means the earlier of the date on which:
(a). A secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). The debtor and any secondary obligor waive the right to notification. [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. 9-1611

  • 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
  • Goods: includes :
  • (a). See Maine Revised Statutes Title 11 Sec. 9-1102
  • Lien: 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. 9-1102
  • Secondary obligor: means an obligor to the extent that:
  • (a). See Maine Revised Statutes Title 11 Sec. 9-1102
  • Secured party: means :
  • (a). See Maine Revised Statutes Title 11 Sec. 9-1102
  • Statute: A law passed by a legislature.
  • (2). Except as otherwise provided in subsection (4), a secured party that disposes of collateral under section 9?1610 shall send to the persons specified in subsection (3) a reasonable authenticated notification of disposition.

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

    (3). To comply with subsection (2), the secured party shall send an authenticated notification of disposition to:
    (a). The debtor; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
    (b). Any secondary obligor; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
    (c). If the collateral is other than consumer goods:

    (i) Any other person from which the secured party has received, before the notification date, an authenticated notification of a claim of an interest in the collateral;
    (ii) Any other secured party or lienholder that, 10 days before the notification date, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:

    (A) Identified the collateral;
    (B) Was indexed under the debtor’s name as of that date; and
    (C) Was filed in the appropriate office in which to file a financing statement against the debtor covering the collateral as of that date; and

    (iii) Any other secured party that, 10 days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation or treaty described in section 9?1311, subsection (1). [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).]

    (4). Subsection (2) does not apply if the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market.

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

    (5). A secured party complies with the requirement for notification prescribed by subsection (3), paragraph (c), subparagraph (ii) if:
    (a). Not later than 20 days or earlier than 30 days before the notification date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor’s name in the office indicated in subsection (3), paragraph (c), subparagraph (ii); and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
    (b). Before the notification date, the secured party:

    (i) Did not receive a response to the request for information; or
    (ii) Received a response to the request for information and sent an authenticated notification of disposition to each secured party or other lienholder named in that response whose financing statement covered the collateral. [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).