Maine Revised Statutes Title 29-A Sec. 701 – Creation of security interests
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1. Application. If an owner creates a security interest in a vehicle, the owner shall:
A. Complete an application that provides the name and address of the lienholder and the date of the lien; and [PL 1993, c. 683, Pt. A, §2 (NEW); PL 1993, c. 683, Pt. B, §5 (AFF).]
B. Immediately deliver the certificate of title, application and fee to the lienholder. [PL 1993, c. 683, Pt. A, §2 (NEW); PL 1993, c. 683, Pt. B, §5 (AFF).]
[PL 1993, c. 683, Pt. A, §2 (NEW); PL 1993, c. 683, Pt. B, §5 (AFF).]
Terms Used In Maine Revised Statutes Title 29-A Sec. 701
- Lien: A claim against real or personal property in satisfaction of a debt.
- Lienholder: means a person holding a security interest in a vehicle. See Maine Revised Statutes Title 29-A Sec. 602
- Owner: includes , but is not limited to, a person entitled to use and possess a vehicle subject to a security interest in another person, but excludes a lessee under a lease not intended as security. See Maine Revised Statutes Title 29-A Sec. 602
- Security agreement: means a written agreement that reserves or creates a security interest. See Maine Revised Statutes Title 29-A Sec. 602
- Security interest: means an interest in a vehicle reserved or created by agreement and that secures payment or performance of an obligation, including, but not limited to, the interest of a lessor under a lease intended as security. See Maine Revised Statutes Title 29-A Sec. 602
- State: means a state, territory or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico or a province of the Dominion of Canada. See Maine Revised Statutes Title 29-A Sec. 602
- Vehicle: means a vehicle, as defined in section 101, or the body or chassis of any vehicle that is to be dismantled, scrapped or rebuilt. See Maine Revised Statutes Title 29-A Sec. 602
2. Delivery by lienholder. The lienholder shall deliver the certificate, application and fee to the Secretary of State within 30 days of receipt.
[PL 2009, c. 598, §32 (AMD).]
3. Additional. Upon request of the owner or subordinate lienholder, and receipt of an owner’s application and fee, a lienholder in possession of the certificate of title shall deliver the certificate to the Secretary of State. The Secretary of State shall record the subordinate lien and reissue the title to the first lienholder. The delivery of the certificate does not affect the rights of the first lienholder under that lienholder’s security agreement.
[PL 2009, c. 435, §12 (AMD).]
4. New certificate. Upon receipt of the certificate, the application and fee, the Secretary of State shall issue a new certificate containing the name and address of the new lienholders. The Secretary of State shall mail a certificate of title or certificate of salvage to the first lienholder.
[PL 2007, c. 383, §19 (AMD).]
SECTION HISTORY
PL 1993, c. 683, §A2 (NEW). PL 1993, c. 683, §B5 (AFF). PL 1995, c. 645, §A13 (AMD). PL 2007, c. 383, §19 (AMD). PL 2009, c. 435, §12 (AMD). PL 2009, c. 598, §32 (AMD).