Sections
Subchapter 1 Domestication 921 – 926
Subchapter 2 Nonprofit Conversion 931 – 936
Subchapter 3 Foreign Nonprofit Domestication and Conversion 941 – 944
Subchapter 4 Entity Conversion 951 – 958

Terms Used In Maine Revised Statutes > Title 13-C > Chapter 9 - Domestication and Conversion

(a). See Maine Revised Statutes Title 11 Sec. 9-1102
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Appraisal: A determination of property value.
  • Arrest: Taking physical custody of a person by lawful authority.
  • Associated radiological concerns: means radioactive elements other than radon, including, but not limited to, radium, thorium, uranium and their respective decay products. See Maine Revised Statutes Title 22 Sec. 772
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Authorized radon testing device: means a device that:  
  • A. See Maine Revised Statutes Title 22 Sec. 772
  • Bank: includes savings banks, savings and loan associations, credit unions and trust companies. See Maine Revised Statutes Title 11 Sec. 9-1102
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Cash proceeds: means proceeds that are money, checks, deposit accounts or the like. See Maine Revised Statutes Title 11 Sec. 9-1102
  • Caucus: From the Algonquian Indian language, a caucus meant "to meet together." An informal organization of members of the legislature that exists to discuss issues of mutual concern and possibly to perform legislative research and policy planning for its members. There are regional, political or ideological, ethnic, and economic-based caucuses.
  • Certificate of title: includes another record maintained as an alternative to a certificate of title by the governmental unit that issues certificate of title if a statute permits the security interest in question to be indicated on the record as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the collateral. 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
  • Clearing corporation: means :  
    (i) A person that is registered as a "clearing agency" under the federal securities laws;  
    (ii) A federal reserve bank; or  
    (iii) Any other person that provides clearance or settlement services with respect to financial assets that would require it to register as a clearing agency under the federal securities laws but for an exclusion or exemption from the registration requirement, if its activities as a clearing corporation, including adoption of rules, are subject to regulation by a federal or state governmental authority. See Maine Revised Statutes Title 11 Sec. 8-1102
  • Collateral: includes :  
  • (a). See Maine Revised Statutes Title 11 Sec. 9-1102
  • Commercial tort claim: means a claim arising in tort with respect to which:  
  • (a). See Maine Revised Statutes Title 11 Sec. 9-1102
  • Commodity account: means an account maintained by a commodity intermediary in which a commodity contract is carried for a commodity customer. See Maine Revised Statutes Title 11 Sec. 9-1102
  • Commodity contract: means a commodity futures contract, an option on a commodity futures contract, a commodity option or another contract if the contract or option is:  
  • (a). See Maine Revised Statutes Title 11 Sec. 9-1102
  • Commodity customer: means a person for which a commodity intermediary carries a commodity contract on its books. See Maine Revised Statutes Title 11 Sec. 9-1102
  • Commodity intermediary: means a person that:  
  • (a). See Maine Revised Statutes Title 11 Sec. 9-1102
  • Consignee: means a merchant to which goods are delivered in a consignment. See Maine Revised Statutes Title 11 Sec. 9-1102
  • Consignment: means a transaction, regardless of its form, in which a person delivers goods to a merchant for the purpose of sale and:  
  • (a). See Maine Revised Statutes Title 11 Sec. 9-1102
  • Consignor: means a person that delivers goods to a consignee in a consignment. See Maine Revised Statutes Title 11 Sec. 9-1102
  • Consumer goods: means goods that are used or bought for use primarily for personal, family or household purposes. See Maine Revised Statutes Title 11 Sec. 9-1102
  • Consumer transaction: includes consumer-goods transactions. See Maine Revised Statutes Title 11 Sec. 9-1102
  • Consumer-goods transaction: means a consumer transaction in which:  
  • (a). See Maine Revised Statutes Title 11 Sec. 9-1102
  • Continuation statement: means an amendment of a financing statement that:  
  • (a). See Maine Revised Statutes Title 11 Sec. 9-1102
  • Converting entity: means the domestic business corporation or domestic unincorporated entity that adopts a plan of entity conversion or the foreign unincorporated entity converting to a domestic business corporation. See Maine Revised Statutes Title 13-C Sec. 951
  • County legislative delegation: means all state legislators whose legislative districts, in whole or in part, lie within the boundaries of a county. See Maine Revised Statutes Title 30-A Sec. 1
  • Debtor: means :  
  • (a). See Maine Revised Statutes Title 11 Sec. 9-1102
  • Deposit account: means a demand, time, savings, passbook or similar account maintained with a bank. See Maine Revised Statutes Title 11 Sec. 9-1102
  • Division: means the division of environmental health within the Department of Health and Human Services. See Maine Revised Statutes Title 22 Sec. 772
  • 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
  • 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.
  • Entitlement holder: means a person identified in the records of a securities intermediary as the person having a security entitlement against the securities intermediary. See Maine Revised Statutes Title 11 Sec. 8-1102
  • Entitlement order: means a notification communicated to a securities intermediary directing transfer or redemption of a financial asset to which the entitlement holder has a security entitlement. See Maine Revised Statutes Title 11 Sec. 8-1102
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Ex officio: Literally, by virtue of one's office.
  • Farm products: means goods, other than standing timber, with respect to which the debtor is engaged in a farming operation and that are:  
  • (a). See Maine Revised Statutes Title 11 Sec. 9-1102
  • Farming operation: means raising, cultivating, propagating, fattening, grazing or any other farming, livestock or aquacultural operation. See Maine Revised Statutes Title 11 Sec. 9-1102
  • File number: means the number assigned to an initial financing statement pursuant to section 9-1519, subsection (1). See Maine Revised Statutes Title 11 Sec. 9-1102
  • Filing office: means an office designated in section 9-1501 as the place to file a financing statement. See Maine Revised Statutes Title 11 Sec. 9-1102
  • Filing-office rule: means a rule adopted pursuant to section 9-1526. See Maine Revised Statutes Title 11 Sec. 9-1102
  • Financial asset: except as otherwise provided in section 8-1103, means:  
    (i) A security;  
    (ii) An obligation of a person or a share, participation or other interest in a person or in property or an enterprise of a person that is, or is of a type, dealt in or traded on financial markets or that is recognized in any area in which it is issued or dealt in as a medium for investment; or  
    (iii) Any property that is held by a securities intermediary for another person in a securities account if the securities intermediary has expressly agreed with the other person that the property is to be treated as a financial asset under this Article. See Maine Revised Statutes Title 11 Sec. 8-1102
  • 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
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Fixtures: means goods that have become so related to particular real property that an interest in them arises under real property law. See Maine Revised Statutes Title 11 Sec. 9-1102
  • General intangible: includes payment intangibles and software. See Maine Revised Statutes Title 11 Sec. 9-1102
  • Goods: includes :  
  • (a). See Maine Revised Statutes Title 11 Sec. 9-1102
  • Governmental unit: includes an organization having a separate corporate existence if the organization is eligible to issue debt on which interest is exempt from income taxation under the laws of the United States. See Maine Revised Statutes Title 11 Sec. 9-1102
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Health-care-insurance receivable: means an interest in or claim under a policy of insurance that is a right to payment of a monetary obligation for health-care goods or services provided or to be provided. See Maine Revised Statutes Title 11 Sec. 9-1102
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Instrument: means a negotiable instrument or any other writing that evidences a right to the payment of a monetary obligation, is not itself a security agreement or lease and is of a type that in the ordinary course of business is transferred by delivery with any necessary indorsement or assignment. See Maine Revised Statutes Title 11 Sec. 9-1102
  • Inventory: means goods, other than farm products, that:  
  • (a). See Maine Revised Statutes Title 11 Sec. 9-1102
  • 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
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • 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
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Lien creditor: means :  
  • (a). See Maine Revised Statutes Title 11 Sec. 9-1102
  • Lineal descendant: Direct descendant of the same ancestors.
  • Listed facility: means a radon testing facility that is designated as providing radon analysis services and that has proven its proficiency to the department. See Maine Revised Statutes Title 22 Sec. 772
  • Majority: when used in reference to age shall mean the age of 18 and over. See Maine Revised Statutes Title 1 Sec. 72
  • Manufactured home: includes the plumbing, heating, air-conditioning and electrical systems contained in the structure. See Maine Revised Statutes Title 11 Sec. 9-1102
  • Manufactured-home transaction: means a secured transaction:  
  • (a). See Maine Revised Statutes Title 11 Sec. 9-1102
  • monetary obligation: means a monetary obligation secured by the goods or owed under a lease of the goods and includes a monetary obligation with respect to software used in the goods. See Maine Revised Statutes Title 11 Sec. 9-1102
  • Municipal officers: means the mayor and aldermen or councillors of a city, the selectmen or councillors of a town and the assessors of a plantation. See Maine Revised Statutes Title 1 Sec. 72
  • Municipality: includes cities, towns and plantations, except that "municipality" does not include plantations in Title 10, chapter 110, subchapter IV; or Maine Revised Statutes Title 1 Sec. 72
  • 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
  • New value: means :  
  • (a). See Maine Revised Statutes Title 11 Sec. 9-1102
  • Noncash proceeds: means proceeds other than cash proceeds. See Maine Revised Statutes Title 11 Sec. 9-1102
  • Oath: includes an affirmation, when affirmation is allowed. See Maine Revised Statutes Title 1 Sec. 72
  • Oath: A promise to tell the truth.
  • 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
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Payment intangible: means a general intangible under which the account debtor's principal obligation is a monetary obligation. See Maine Revised Statutes Title 11 Sec. 9-1102
  • Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
  • Probable cause: A reasonable ground for belief that the offender violated a specific law.
  • Proceeds: means the following property:  
  • (a). See Maine Revised Statutes Title 11 Sec. 9-1102
  • Production money crops: means crops that secure a production-money obligation incurred with respect to the production of those crops. See Maine Revised Statutes Title 11 Sec. 9-1102
  • Production-money obligation: means an obligation of an obligor incurred for new value given to enable the debtor to produce crops if the value is in fact used for the production of the crops. See Maine Revised Statutes Title 11 Sec. 9-1102
  • Promissory note: means an instrument that evidences a promise to pay a monetary obligation, does not evidence an order to pay and does not contain an acknowledgment by a bank that the bank has received for deposit a sum of money or funds. See Maine Revised Statutes Title 11 Sec. 9-1102
  • Proposal: means a record authenticated by a secured party that includes the terms on which the secured party is willing to accept collateral in full or partial satisfaction of the obligation it secures pursuant to sections 9-1620, 9-1621 and 9-1622. See Maine Revised Statutes Title 11 Sec. 9-1102
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Public organic record: means a record that is available to the public for inspection and is:  
  • (a). See Maine Revised Statutes Title 11 Sec. 9-1102
  • Public-finance transaction: means a secured transaction in connection with which:  
  • (a). See Maine Revised Statutes Title 11 Sec. 9-1102
  • Quorum: The number of legislators that must be present to do business.
  • Radon: means the radioactive gaseous element and its decay products produced by the disintegration of the element radium in air, water, soil or other media. See Maine Revised Statutes Title 22 Sec. 772
  • Radon testing services: means providing, for remuneration, determination of radon levels or analysis of an authorized radon testing device. See Maine Revised Statutes Title 22 Sec. 772
  • record owner: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Maine Revised Statutes Title 11 Sec. 9-1102
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
  • Registered organization: means an organization formed or organized solely under the law of a single state or of the United States by the filing of a public organic record with, the issuance of a public organic record by or the enactment of legislation by the state or the United States. See Maine Revised Statutes Title 11 Sec. 9-1102
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • 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
  • Securities intermediary: means :  
    (i) A clearing corporation; or  
    (ii) A person, including a bank or broker, that in the ordinary course of its business maintains securities accounts for others and is acting in that capacity. See Maine Revised Statutes Title 11 Sec. 8-1102
  • Security: except as otherwise provided in section 8-1103, means an obligation of an issuer or a share, participation or other interest in an issuer or in property or an enterprise of an issuer:  
    (i) That is represented by a security certificate in bearer or registered form or the transfer of which may be registered upon books maintained for that purpose by or on behalf of the issuer;  
    (ii) That is one of a class or series or by its terms is divisible into a class or series of shares, participations, interests or obligations; and  
    (iii) That:  
    (A) Is, or is of a type, dealt in or traded on securities exchanges or securities markets; or  
    (B) Is a medium for investment and by its terms expressly provides that it is a security governed by this Article. See Maine Revised Statutes Title 11 Sec. 8-1102
  • Security agreement: means an agreement that creates or provides for a security interest. See Maine Revised Statutes Title 11 Sec. 9-1102
  • Security entitlement: means the rights and property interest of an entitlement holder with respect to a financial asset specified in Maine Revised Statutes Title 11 Sec. 8-1102
  • Service of process: The service of writs or summonses to the appropriate party.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Software: means a computer program and any supporting information provided in connection with a transaction relating to the program. See Maine Revised Statutes Title 11 Sec. 9-1102
  • State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands or any territory or insular possession subject to the jurisdiction of the United States. See Maine Revised Statutes Title 11 Sec. 9-1102
  • Statute: A law passed by a legislature.
  • Supporting obligation: means a letter-of-credit right or secondary obligation that supports the payment or performance of an account, chattel paper, a document, a general intangible, an instrument or investment property. See Maine Revised Statutes Title 11 Sec. 9-1102
  • Surviving entity: means the corporation or unincorporated entity as it continues in existence immediately after consummation of an entity conversion pursuant to this subchapter. See Maine Revised Statutes Title 13-C Sec. 951
  • Tangible chattel paper: means chattel paper evidenced by a record or records consisting of information that is inscribed on a tangible medium. See Maine Revised Statutes Title 11 Sec. 9-1102
  • Termination statement: means an amendment of a financing statement that:  
  • (a). See Maine Revised Statutes Title 11 Sec. 9-1102
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Transmitting utility: means a person primarily engaged in the business of:  
  • (a). See Maine Revised Statutes Title 11 Sec. 9-1102
  • Trustee: A person or institution holding and administering property in trust.