§9-1312. Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights and money; perfection by permissive filing; temporary perfectio...

Link to law: http://legislature.maine.gov/legis/statutes/11/title11sec9-1312.html
Published: 2015

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now
§9-1312. Perfection of security interests in chattel paper, deposit accounts, documents, goods
covered by documents, instruments, investment property, letter-of-credit rights and
money; perfection by permissive filing; temporary perfection without filing or transfer
of possession








(1). 
 
A security interest in chattel paper, negotiable documents, instruments or investment
property may be perfected by filing.


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








(2). 
 
Except as otherwise provided in section 9-1315, subsections (3) and (4) for proceeds:





(a). A security interest in a deposit account may be perfected only by control under
section 9-1314; [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]











(b). Except as otherwise provided in section 9-1308, subsection (4), a security interest
in a letter-of-credit right may be perfected only by control under section 9-1314;
and [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]











(c). A security interest in money may be perfected only by the secured party's taking
possession under section 9-1313. [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]








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








(3). 
 
While goods are in the possession of a bailee that has issued a negotiable document
covering the goods:





(a). A security interest in the goods may be perfected by perfecting a security interest
in the document; and [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]











(b). A security interest perfected in the document has priority over any security interest
that becomes perfected in the goods by another method during that time. [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]








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








(4). 
 
While goods are in the possession of a bailee that has issued a nonnegotiable document
covering the goods, a security interest in the goods may be perfected by:





(a). Issuance of a document in the name of the secured party; [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]











(b). The bailee's receipt of notification of the secured party's interest; or [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]











(c). Filing as to the goods. [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]








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








(5). 
 
A security interest in certificated securities, negotiable documents or instruments
is perfected without filing or the taking of possession or control for a period of 20 days from the time it attaches to the extent that it arises for
new value given under an authenticated security agreement.


[
2009, c. 324, Pt. B, §37 (AMD);
2009, c. 324, Pt. B, §48 (AFF)
.]








(6). 
 
A perfected security interest in a negotiable document or goods in possession of
a bailee, other than one that has issued a negotiable document for the goods, remains
perfected for 20 days without filing if the secured party makes available to the debtor
the goods or documents representing the goods for the purpose of:





(a). Ultimate sale or exchange; or [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]











(b). Loading, unloading, storing, shipping, transshipping, manufacturing, processing
or otherwise dealing with them in a manner preliminary to their sale or exchange. [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]








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








(7). 
 
A perfected security interest in a certificated security or instrument remains perfected
for 20 days without filing if the secured party delivers the security certificate
or instrument to the debtor for the purpose of:





(a). Ultimate sale or exchange; or [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]











(b). Presentation, collection, enforcement, renewal or registration of transfer. [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]








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








(8). 
 
After the 20-day period specified in subsection (5), (6) or (7) expires, perfection
depends upon compliance with this Article.


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





SECTION HISTORY

1999, c. 699, §A2 (NEW).
1999, c. 699, §A4 (AFF).
2009, c. 324, Pt. B, §37 (AMD).
2009, c. 324, Pt. B, §48 (AFF).