Maine Revised Statutes Title 29-A Sec. 702 – Perfecting security interest
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1. Valid against creditors, transferees and lienholders. A security interest in a vehicle for which a certificate of title is issued is not valid against creditors of the owner or subsequent transferees or lienholders unless perfected as provided in this subchapter.
[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. 702
- Certificate of origin: means the original written instrument or document required to be executed and delivered by the manufacturer or an importer to the manufacturer's or importer's agent or dealer or a person purchasing directly from the manufacturer or importer certifying the origin of the vehicle. See Maine Revised Statutes Title 29-A Sec. 602
- Identification number: means the vehicle identification number and any other identifying numbers or letters on a vehicle designated by a manufacturer, the Secretary of State or equivalent authority in another state. See Maine Revised Statutes Title 29-A Sec. 602
- 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.
- 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
- Registration: means the registration certificate, plates and renewal devices pertaining to the registration of a vehicle, including temporary registered gross weight increases. See Maine Revised Statutes Title 29-A Sec. 101
- 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. Method. A security interest is perfected by the delivery to the Secretary of State of:
A. The certificate of origin or existing certificate of title or certificate of salvage; [PL 1993, c. 683, Pt. A, §2 (NEW); PL 1993, c. 683, Pt. B, §5 (AFF).]
B. An application for a certificate of title containing the name and address of the lienholder and the date of the security agreement; and [PL 1993, c. 683, Pt. A, §2 (NEW); PL 1993, c. 683, Pt. B, §5 (AFF).]
C. The required fee. [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).]
2-A. Lienholder registration. A lienholder who participates in the electronic lien titling program is required to register with the Secretary of State for a lienholder identification number in accordance with rules adopted by the Secretary of State.
[PL 2023, c. 257, §11 (AMD).]
3. Date. A security interest is perfected as of the date of delivery under subsection 2.
[PL 1999, c. 699, Pt. B, §26 (RPR); PL 1999, c. 699, Pt. B, §28 (AFF).]
4. Vehicle brought into State. If a vehicle is subject to a security interest when brought into this State, the perfection, effect of perfection and priority of the security interest is determined in accordance with Title 11, Article 9?A, Part 3.
[PL 1999, c. 699, Pt. B, §26 (RPR); PL 1999, c. 699, Pt. B, §28 (AFF).]
5. Vehicles located outside State and registered in State. If a vehicle is located outside this State and is not the subject of a valid certificate of title issued by another jurisdiction, upon registration of the vehicle in this State, the provisions of this chapter on perfection of a security interest apply. Notwithstanding Title 11, Article 9?A, Part 3, perfection under this subchapter remains valid until the certificate issued by this State is surrendered for retitling in another jurisdiction.
A. [PL 1999, c. 699, Pt. B, §27 (RP); PL 1999, c. 699, Pt. B, §28 (AFF).]
B. [PL 1999, c. 699, Pt. B, §27 (RP); PL 1999, c. 699, Pt. B, §28 (AFF).]
[PL 1999, c. 699, Pt. B, §27 (RPR); PL 1999, c. 699, Pt. B, §28 (AFF).]
SECTION HISTORY
RR 1993, c. 2, §18 (COR). PL 1993, c. 683, §A2 (NEW). PL 1993, c. 683, §B5 (AFF). PL 1999, c. 699, §§B26,27 (AMD). PL 1999, c. 699, §B28 (AFF). PL 2021, c. 216, §20 (AMD). PL 2023, c. 257, §11 (AMD).