Sec. C-1. 9-B MRSA §443, sub-§8, as enacted by PL 1987, c. 405, §1, is amended to read:
8. Clearing corporation. Notwithstanding any other provision of law, any fiduciary, as defined in Title 13, section 642, holding securities in its fiduciary capacity, any financial institution or private banker holding securities as a custodian or managing agent, and any financial institution or private banker holding securities as custodian for a fiduciary, are authorized to deposit or arrange for the deposit of such securities in a clearing corporation as defined in Title 11, article 8 8-A, upon the following terms and conditions.
A. When those securities are so deposited, certificates representing securities of the same class of the same issuer may be merged and held in bulk in the name of the nominee of the clearing corporation with any other such securities deposited in the clearing corporation by any person, regardless of ownership of the securities, and certificates of small denomination may be merged into one or more certificates of larger denomination. The records of the fiduciary and the records of the financial institution or private banker acting as custodian, as managing agent or as custodian for a fiduciary shall must at all times show the name of the party for whose account the securities are so deposited.
B. Title to the securities may be transferred by bookkeeping entry on the books of the clearing corporation without physical delivery of certificates representing those securities.
C. A financial institution or private banker so depositing securities pursuant to this section shall be is subject to such rules and regulations as, in the case of state-chartered institutions, the superintendent and, in the case of federally chartered institutions, the Federal Home Loan Bank Board or the United States Comptroller of the Currency may from time to time issue.
D. A financial institution acting as custodian for a fiduciary, on demand by the fiduciary, shall certify in writing to the fiduciary the securities so deposited by the financial institution or private banker in the clearing corporation for the account of the fiduciary.
E. A fiduciary, on demand by any party to a judicial proceeding for the settlement of the fiduciary's account or on demand by the attorney for the party, shall certify in writing to the party the securities deposited by the fiduciary in the clearing corporation for its account as the fiduciary.
This subsection shall apply applies to any fiduciary holding securities in its fiduciary capacity and to any financial institution or private banker holding securities as a custodian, managing agent or custodian for a fiduciary, acting on October 3, 1973, or who thereafter may act regardless of the date of the agreement, instrument or court order by which it is appointed and regardless of whether or not the fiduciary, custodian, managing agent or custodian for a fiduciary owns capital stock of the clearing corporation.
Sec. C-2. 11 MRSA §1-105, sub-§(2), as repealed and replaced by PL 1993, c. 349, §26, is amended to read:
(2) When one of the following provisions of this Title specifies the applicable law, that provision governs a contrary agreement only to the extent permitted by the law (including the conflict of laws rules) so specified:
Rights of creditors against sold goods. Section 2-402.
Applicability of the Article on Leases. Sections 2-1105 and 2-1106.
Applicability of the Article on Bank Deposits and Collections. Section 4-102.
Governing law in the Article on Funds Transfers. Section 4-1507.
Letters of Credit. Section 5-1116.
Applicability of the Article on Investment Securities. Section 8-106 8-1110.
Perfection provisions of the Article on Secured Transactions. Section 9-103.
Sec. C-3. 11 MRSA §1-206, sub-§(2) is amended to read:
(2) Subsection (1) does not apply to contracts for the sale of goods (section 2-201) nor of securities (section 8-319 8-1113) nor to security agreements (section 9-203).
Sec. C-4. 11 MRSA §2-512, sub-§(1), ¶(b) is amended to read:
(b) Despite tender of the required documents the circumstances would justify injunction against honor under the provisions of section 5-114 5-1109, subsection (2).
Sec. C-5. 11 MRSA §4-104, sub-§(1), ¶(f), as amended by PL 1993, c. 293, Pt. B, §9, is further amended to read:
(f) Documentary draft. "Documentary draft" means a draft to be presented for acceptance or payment if specified documents, certificated securities as defined in section 8-102 8-1102, instructions for uncertificated securities as defined in section 8-308 8-1102, or other certificates, statements or the like are to be received by the drawee or other payor before acceptance or payment of the draft.
Sec. C-6. 11 MRSA §9-103, sub-§(1), as reenacted by PL 1977, c. 696, §119, is amended to read:
(1) Documents, instruments, letters of credit and ordinary goods.
(a) This subsection applies to documents and, instruments, rights to proceeds of written letters of credit and to goods other than those covered by a certificate of title described in subsection (2), mobile goods described in subsection (3) and minerals described in subsection (5).
(b) Except as otherwise provided in this subsection, perfection and the effect of perfection or nonperfection of a security interest in collateral are governed by the law of the jurisdiction where the collateral is when the last event occurs on which is based the assertion that the security interest is perfected or unperfected.
(c) If the parties to a transaction creating a purchase money security interest in goods in one jurisdiction understand at the time that the security interest attaches that the goods will be kept in another jurisdiction, then the law of the other jurisdiction governs the perfection and the effect of perfection or nonperfection of the security interest from the time it attaches until 30 days after the debtor receives possession of the goods and thereafter if the goods are taken to the other jurisdiction before the end of the 30-day period.
(d) When collateral is brought into and kept in this State while subject to a security interest perfected under the law of the jurisdiction from which the collateral was removed, the security interest remains perfected, but if action is required by Part 3 of this Article to perfect the security interest,;
(i) If the action is not taken before the expiration of the period of perfection in the other jurisdiction or the end of 4 months after the collateral is brought into this State, whichever period first expires, the security interest becomes unperfected at the end of that period and is thereafter deemed to have been unperfected as against a person who became a purchaser after removal;
(ii) If the action is taken before the expiration of the period specified in subparagraph (i), the security interest continues perfected thereafter;
(iii) For the purpose of priority over a buyer of consumer goods, section 9-307, subsection (3), the period of the effectiveness of a filing in the jurisdiction from which the collateral is removed is governed by the rules with respect to perfection in subparagraphs (i) and (ii).
Sec. C-7. 11 MRSA §9-103, sub-§(6), as enacted by PL 1987, c. 625, §5, is repealed.
Sec. C-8. 11 MRSA §9-103, sub-§(7) is enacted to read:
(7) Investment property.
(a) This subsection applies to investment property.
(b) Except as provided in paragraph (f), during the time that a security certificate is located in a jurisdiction, perfection of a security interest, the effect of perfection or nonperfection and the priority of a security interest in the certificated security represented are governed by the local law of that jurisdiction.
(c) Except as otherwise provided in paragraph (f), perfection of a security interest, the effect of perfection or nonperfection and the priority of a security interest in an uncertificated security are governed by the local law of the issuer's jurisdiction as specified in section 8-1110, subsection (4).
(d) Except as otherwise provided in paragraph (f), perfection of a security interest, the effect of perfection or nonperfection and the priority of a security interest in a security entitlement or securities account are governed by the local law of the securities intermediary's jurisdiction as specified in section 8-1110, subsection (5).
(e) Except as otherwise provided in paragraph (f), perfection of a security interest, the effect of perfection or nonperfection and the priority of a security interest in a commodity contract or commodity account are governed by the local law of the commodity intermediary's jurisdiction. The following rules determine a "commodity intermediary's jurisdiction" for purposes of this paragraph.
(i) If an agreement between the commodity intermediary and commodity customer specifies that it is governed by the law of a particular jurisdiction, that jurisdiction is the commodity intermediary's jurisdiction.
(ii) If an agreement between the commodity intermediary and commodity customer does not specify the governing law as provided in subparagraph (i), but expressly specifies that the commodity account is maintained at an office in a particular jurisdiction, that jurisdiction is the commodity intermediary's jurisdiction.
(iii) If an agreement between the commodity intermediary and commodity customer does not specify a jurisdiction as provided in subparagraphs (i) and (ii), the commodity intermediary's jurisdiction is the jurisdiction in which is located the office identified in an account statement as the office serving the commodity customer's account.
(iv) If an agreement between the commodity intermediary and commodity customer does not specify a jurisdiction as provided in subparagraphs (i) and (ii) and the account statement does not identify an office serving the commodity customer's account as provided in subparagraph (iii), the commodity intermediary's jurisdiction is the jurisdiction in which is located the chief executive office of the commodity intermediary.
(f) Perfection of a security interest by filing, automatic perfection of a security interest in investment property granted by a broker or securities intermediary and automatic perfection of a security interest in a commodity contract or commodity account granted by a commodity intermediary are governed by the local law of the jurisdiction in which the debtor is located.
Sec. C-9. 11 MRSA §9-104, sub-§(12), as enacted by PL 1977, c. 526, §12, is amended to read:
(12) To a transfer of an interest in any deposit account of section 9-105, subsection (1), except as provided with respect to proceeds, section 9-306, and priorities in proceeds, section 9-312.; or
Sec. C-10. 11 MRSA §9-104, sub-§(14) is enacted to read:
(14) To a transfer of an interest in a letter of credit other than the rights to proceeds of a written letter of credit.
Sec. C-11. 11 MRSA §9-105, sub-§(1), ¶(h), as enacted by PL 1977, c. 696, §124, is amended to read:
(h) Goods. "Goods" includes all things which that are movable at the time the security interests attaches or which are fixtures, section 9-313, but does not include money, documents, instruments, investment property accounts, chattel paper, general intangibles or minerals or the like, including oil and gas, before extraction. "Goods" also includes standing timber which that is to be cut and removed under a conveyance or contract for sale, the unborn young of animals and growing crops.
Sec. C-12. 11 MRSA §9-105, sub-§(1), ¶(i), as amended by PL 1987, c. 625, §7, is further amended to read:
(i) Instrument. "Instrument" means a negotiable instrument, defined in section 3-104, or a certificated security, defined in section 8-102, or any other writing which that evidences a right to the payment of money and is not itself a security agreement or lease and is of a type which that is in ordinary course of business transferred by delivery with any necessary indorsement or assignment. The term does not include investment property;
Sec. C-13. 11 MRSA §9-105, sub-§(2), as amended by PL 1977, c. 696, §125, is further amended to read:
(2) Other definitions applying to this Article and the sections in which they appear are:
Sec. C-14. 11 MRSA §9-105, sub-§(3) is amended to read:
(3) The following definitions in other Articles apply to this Article:
Sec. C-15. 11 MRSA §9-106, as amended by PL 1977, c. 696, §126, is further amended to read:
§9-106. Definitions: "Account;" "general intangibles"
"Account" means any right to payment for goods sold or leased or for services rendered which that is not evidenced by an instrument or chattel paper, whether or not it has been earned by performance. "General intangibles" means any personal property, including things in action, other than goods, accounts, chattel paper, documents, instruments, investment property, rights to proceeds of written letters of credit and money. All rights to payment earned or unearned under a charter or other contract involving the use or hire of a vessel and all rights incident to the charter or contract are accounts.
Sec. C-16. 11 MRSA §§9-115 and 9-116 are enacted to read:
(1) As used in this Article, unless the context otherwise indicates, the following terms have the following meanings.
(a) "Commodity account" means an account maintained by a commodity intermediary in which a commodity contract is carried for a commodity customer.
(b) "Commodity contract" means a commodity futures contract, an option on a commodity futures contract, a commodity option or other contract that, in each case, is:
(i) Traded on or subject to the rules of a board of trade that has been designated as a contract market for such a contract pursuant to the federal commodities laws; or
(ii) Traded on a foreign commodity board of trade, exchange or market, and is carried on the books of a commodity intermediary for a commodity customer.
(c) "Commodity customer" means a person for whom a commodity intermediary carries a commodity contract on its books.
(d) "Commodity intermediary" means:
(i) A person who is registered as a futures commission merchant under the federal commodities laws; or
(ii) A person who in the ordinary course of its business provides clearance or settlement services for a board of trade that has been designated as a contract market pursuant to the federal commodities laws.
(e) "Control" with respect to a certificated security, uncertificated security or security entitlement has the meaning specified in Section 8-1106. A secured party has control over a commodity contract if by agreement among the commodity customer, the commodity intermediary and the secured party, the commodity intermediary has agreed that it will apply any value distributed on account of the commodity contract as directed by the secured party without further consent by the commodity customer. If a commodity customer grants a security interest in a commodity contract to its own commodity intermediary, the commodity intermediary as secured party has control. A secured party has control over a securities account or commodity account if the secured party has control over all security entitlements or commodity contracts carried in the securities account or commodity account.
(f) "Investment property" means:
(i) A security, whether certificated or uncertificated;
(ii) A security entitlement;
(iii) A securities account;
(iv) A commodity contract; or
(v) A commodity account.
(2) Attachment or perfection of a security interest in a securities account is also attachment or perfection of a security interest in all security entitlements carried in the securities account. Attachment or perfection of a security interest in a commodity account is also attachment or perfection of a security interest in all commodity contracts carried in the commodity account.
(3) A description of collateral in a security agreement or financing statement is sufficient to create or perfect a security interest in a certificated security, uncertificated security, security entitlement, securities account, commodity contract or commodity account whether it describes the collateral by those terms or as investment property, or by description of the underlying security, financial asset or commodity contract. A description of investment property collateral in a security agreement or financing statement is sufficient if it identifies the collateral by specific listing, by category, by quantity, by a computational or allocational formula or procedure or by any other method, if the identity of the collateral is objectively determinable.
(4) Perfection of a security interest in investment property is governed by the following rules.
(a) A security interest in investment property may be perfected by control.
(b) Except as otherwise provided in paragraphs (c) and (d), a security interest in investment property may be perfected by filing.
(c) If the debtor is a broker or securities intermediary, a security interest in investment property is perfected when it attaches. The filing of a financing statement with respect to a security interest in investment property granted by a broker or securities intermediary has no effect for purposes of perfection or priority with respect to that security interest.
(d) If a debtor is a commodity intermediary, a security interest in a commodity contract or a commodity account is perfected when it attaches. The filing of a financing statement with respect to a security interest in a commodity contract or a commodity account granted by a commodity intermediary has no effect for purposes of perfection or priority with respect to that security interest.
(5) Priority between conflicting security interests in the same investment property is governed by the following rules.
(a) A security interest of a secured party who has control over investment property has priority over a security interest of a secured party who does not have control over the investment property.
(b) Except as otherwise provided in paragraphs (c) and (d), conflicting security interests of secured parties each of whom has control rank equally.
(c) Except as otherwise agreed by the securities intermediary, a security interest in a security entitlement or a securities account granted to the debtor's own securities intermediary has priority over any security interest granted by the debtor to another secured party.
(d) Except as otherwise agreed by the commodity intermediary, a security interest in a commodity contract or a commodity account granted to the debtor's own commodity intermediary has priority over any security interest granted by the debtor to another secured party.
(e) Conflicting security interests granted by a broker, a securities intermediary or a commodity intermediary that are perfected without control rank equally.
(f) In all other cases, priority between conflicting security interests in investment property is governed by section 9-312, subsections (5), (6) and (7). Section 9-312, subsection (4) does not apply to investment property.
(6) If a security certificate in registered form is delivered to a secured party pursuant to agreement, a written security agreement is not required for attachment or enforceability of the security interest, delivery suffices for perfection of the security interest and the security interest has priority over a conflicting security interest perfected by means other than control, even if a necessary indorsement is lacking.
§9-116. Security interest arising in purchase or delivery of financial asset
(1) If a person buys a financial asset through a securities intermediary in a transaction in which the buyer is obligated to pay the purchase price to the securities intermediary at the time of the purchase, and the securities intermediary credits the financial asset to the buyer's securities account before the buyer pays the securities intermediary, the securities intermediary has a security interest in the buyer's security entitlement securing the buyer's obligation to pay. A security agreement is not required for attachment or enforceability of the security interest and the security interest is automatically perfected.
(2) If a certificated security, or other financial asset represented by a writing that in the ordinary course of business is transferred by delivery with any necessary indorsement or assignment is delivered pursuant to an agreement between persons in the business of dealing with such securities or financial assets and the agreement calls for delivery versus payment, the person delivering the certificate or other financial asset has a security interest in the certificated security or other financial asset securing the seller's right to receive payment. A security agreement is not required for attachment or enforceability of the security interest, and the security interest is automatically perfected.
Sec. C-17. 11 MRSA §9-203, sub-§(1), as amended by PL 1987, c. 625, §8, is further amended to read:
(1) Subject to the provisions of section 4-208 on the security interest of a collecting bank, section 8-321 on security interests in securities and section 9-113 on a security interest arising under the Article on sales and sections 9-115 and 9-116 on security interests in investment property, a security interest is not enforceable against the debtor or third parties with respect to the collateral and does not attach unless:
(a) The collateral is in the possession of the secured party pursuant to agreement, the collateral is investment property and the secured party has control pursuant to agreement or the debtor has signed a security agreement which that contains a description of the collateral and in addition, when the security interest covers crops growing or to be grown or timber to be cut, a description of the land concerned; and
(b) Value has been given; and
(c) The debtor has rights in the collateral.
Sec. C-18. 11 MRSA §9-301, sub-§(1), ¶(d), as amended by PL 1977, c. 526, §34, is further amended to read:
(d) In the case of accounts and, general intangibles and investment property, a person who is not a secured party and who is a transferee to the extent that he the person gives value without knowledge of the security interest and before it is perfected.
Sec. C-19. 11 MRSA §9-302, sub-§(1), ¶(b) is amended to read:
(b) A security interest temporarily perfected in instruments, certificated securities or documents without delivery under section 9-304 or in proceeds for a 10-day period under section 9-306;
Sec. C-20. 11 MRSA §9-302, sub-§(1), ¶(d), as amended by PL 1993, c. 41, §1, is further amended to read:
(d) A purchase money security interest in consumer goods where the amount financed, as defined in Title 9-A, section 1-301, subsection 5, is less than $2,000, but fixture filing is required for priority over conflicting interests in fixtures to the extent provided in section 9-313.;
Sec. C-21. 11 MRSA §9-302, sub-§(1), ¶(f), as amended by PL 1987, c. 625, §9, is further amended to read:
(f) A security interest of a collecting bank, section 4-208, or in securities (section 8-321) or arising under the Article on sales, see section 9-113, or covered in subsection (3).;
Sec. C-22. 11 MRSA §9-302, sub-§(1), ¶(g), as repealed and replaced by PL 1977, c. 696, §130, is amended to read:
(g) An assignment for the benefit of all the creditors of the transferor, and subsequent transfers by the assignee thereunder.; or
Sec. C-23. 11 MRSA §9-302, sub-§(1), ¶(h) is enacted to read:
(h) A security interest in investment property that is perfected without filing under section 9-115 or 9-116.
Sec. C-24. 11 MRSA §9-303, sub-§(1), is amended to read:
(1) A security interest is perfected when it has attached and when all of the applicable steps required for perfection have been taken. Such steps are specified in sections 9-115, 9-302, 9-304, 9-305 and 9-306. If such steps are taken before the security interest attaches, it is perfected at the time when it attaches.
Sec. C-25. 11 MRSA §9-304, as amended by PL 1987, c. 625, §§10 to 12, is further amended to read:
§9-304. Perfection of security interest in instruments, documents, proceeds of a written letter of credit and goods covered by documents; perfection by permissive filing; temporary perfection without filing or transfer of possession
(1) A security interest in chattel paper or negotiable documents may be perfected by filing. A security interest in the rights to proceeds of a written letter of credit can be perfected only by the secured party's taking possession of the letter of credit. A security interest in money or instruments (other than certificated securities or instruments which that constitute part of chattel paper) can be perfected only by the secured party's taking possession, except as provided in subsections (4) and (5) and section 9-306, subsections (2) and (3) on proceeds.
(2) During the period that goods are in the possession of the issuer of a negotiable document therefor, a security interest in goods is perfected by perfecting a security interest in the document, and any security interest in the goods otherwise perfected during such period is subject thereto.
(3) A security interest in goods in the possession of a bailee other than one who has issued a negotiable document therefor is perfected by issuance of a document in the name of the secured party or by the bailee's receipt of notification of the secured party's interest or by filing as to the goods.
(4) A security interest in instruments, other than certificated securities, or negotiable documents is perfected without filing or the taking of possession for a period of 21 days from the time it attaches to the extent that it arises for new value given under a written security agreement.
(5) A security interest remains perfected for a period of 21 days without filing where a secured party having a perfected security interest in an instrument, other than a certificated security, a negotiable document or goods in possession of a bailee other than one who has issued a negotiable document therefor:
(a) Makes available to the debtor the goods or documents representing the goods for the purpose of ultimate sale or exchange or for the purpose of loading, unloading, storing, shipping, transshipping, manufacturing, processing or otherwise dealing with them in a manner preliminary to their sale or exchange but priority between conflicting security interests in the goods is subject to section 9-312, subsection (3); or
(b) Delivers the instrument to the debtor for the purpose of ultimate sale or exchange or of presentation, collection, renewal or registration of transfer.
(6) After the 21-day period in subsections (4) and (5), perfection depends upon compliance with applicable provisions of this Article.
Sec. C-26. 11 MRSA §9-305, as amended by PL 1987, c. 625, §13, is further amended to read:
§9-305. When possession by secured party perfects security interest without filing
A security interest in letters of credit and advices of credit (section 5-116, subsection (2), paragraph (a)), goods, instruments, other than certificated securities, money, negotiable documents or chattel paper may be perfected by the secured party's taking possession of the collateral. A security interest in the right to proceeds of a written letter of credit may be perfected by the secured party's taking possession of the letter of credit. If such collateral other than goods covered by a negotiable document is held by a bailee, the secured party is deemed to have possession from the time the bailee receives notification of the secured party's interest. A security interest is perfected by possession from the time possession is taken without relation back and continues only so long as possession is retained, unless otherwise specified in this Article. The security interest may be otherwise perfected as provided in this Article before or after the period of possession by the secured party.
Sec. C-27. 11 MRSA §9-306, sub-§(1) is amended to read:
(1) "Proceeds" includes whatever is received upon the sale, exchange, collection or other disposition of collateral or proceeds. Insurance payable by reason of loss or damage to the collateral is proceeds, except to the extent that it is payable to a person other than a party to the security agreement. Any payments or distributions made with respect to investment property collateral are proceeds. Money, checks, deposit accounts and the like are "cash proceeds." All other proceeds are "noncash proceeds."
Sec. C-28. 11 MRSA §9-306, sub-§(3), ¶(c), as repealed and replaced by PL 1977, c. 696, §134, is amended to read:
(c) The security interest in the proceeds is perfected before the expiration of the 10-day period.; or
Sec. C-29. 11 MRSA §9-306, sub-§(3), ¶(d) is enacted to read:
(d) The original collateral was investment property and the proceeds are identifiable cash proceeds.
Sec. C-30. 11 MRSA §9-309, as amended by PL 1987, c. 625, §16, is further amended to read:
§9-309. Protection of purchasers of instruments, documents and securities
Nothing in this Article limits the rights of a holder in due course of a negotiable instrument (section 3-302) or a holder to whom a negotiable document of title has been duly negotiated (section 7-501) or a bona fide protected purchaser of a security (section 8-302 8-1303) and such holders or purchasers take priority over an earlier security interest even though perfected. Filing under this Article does not constitute notice of the security interest to such holders or purchasers.
Sec. C-31. 11 MRSA §9-312, sub-§(1), as amended by PL 1977, c. 696, §135, is further amended to read:
(1) The rules of priority stated in other sections of this Part and in the following sections shall govern when applicable: Section 4-208 4-210 with respect to the security interests of collecting banks in items being collected, accompanying documents and proceeds; section 9-103 on security interests related to other jurisdictions; and section 9-114 on consignments; and section 9-115 on security interests in investment property.
Sec. C-32. 11 MRSA §9-312, sub-§(7), as amended by PL 1987, c. 625, §17, is further amended to read:
(7) If future advances are made while a security interest is perfected by filing, by the taking of possession, or under section 8-321 on securities 9-115 or 9-116 on investment property, the security interest has the same priority for the purposes of subsection (5) or section 9-115, subsection (5) with respect to the future advances as it does with respect to the first advance. If a commitment is made before or while the security interest is so perfected, the security interest has the same priority with respect to advances made pursuant thereto. In other cases, a perfected security interest has priority from the date the advance is made.
Sec. C-33. 13 MRSA c. 21, as amended, is repealed.
Sec. C-34. 13-A MRSA §616, sub-§3, as enacted by PL 1971, c. 439, §1, is amended to read:
3. Unless noted on the face or back of the share certificates representing such shares, a restriction on transfer imposed either by agreement under subsection 1 or by the articles or bylaws under subsection 2 shall be is ineffective, except against a person who had actual knowledge of it at the time he the person acquired the shares. This subsection shall be is construed in the light of Title 11, section 8-204 8-1204 and the statutory definitions applicable thereto.
Sec. C-35. 30-A MRSA §5706, sub-§2, as amended by PL 1995, c. 664, §2, is further amended to read:
2. Repurchase agreements. In repurchase agreements secured by with respect to obligations of the United States Government, as defined in section 5712, subsection 1, as long as the market value of the underlying obligation is equal to or greater than the amount of the municipality's investment and either the municipality's security entitlement with respect to the underlying obligation is created pursuant to the provisions of Title 11, article 8-A and other applicable law or the municipality's security interest is perfected pursuant to the provisions of Title 11, sections 8-313 and 8-321 article 9 and other applicable law, except that, if the term of the repurchase agreement is not in excess of 96 hours, the municipality's security interest in with respect to the underlying security obligation need not be perfected as long as an executed Public Securities Association form of master repurchase agreement is on file with the counterparty prior to the date of the transaction;
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