CHAPTER 286
H.P. 826 - L.D. 1080
Emergency preamble. Whereas, Acts of the Legislature do not become effective until 90 days after adjournment unless enacted as emergencies; and
Whereas, the Maine Revised Statutes, Title 11, Article 9-A, which governs secured transactions in the Uniform Commercial Code, will become effective on July 1, 2001 and changes to that law must be in place prior to July 1, 2001 in order for the Secretary of State to properly administer that law; and
Whereas, in the judgment of the Legislature, these facts create an emergency within the meaning of the Constitution of Maine and require the following legislation as immediately necessary for the preservation of the public peace, health and safety; now, therefore,
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 11 MRSA §9-1104, sub-§(2), as enacted by PL 1999, c. 699, Pt. A, §2 and affected by §4, is amended to read:
(2) A secured party that has satisfied subsection (a) (1) has control, even if the debtor retains the right to direct the disposition of funds from the deposit account.
Sec. 2. 11 MRSA §9-1325, sub-§(2), ¶(b), as enacted by PL 1999, c. 699, Pt. A, §2 and affected by §4, is amended to read:
(b) Arose solely under section 2-711, subsection (3) or section 2-1508, subsection (5).
Sec. 3. 11 MRSA §9-1502, sub-§(2), ¶(c), as enacted by PL 1999, c. 699, Pt. A, §2 and affected by §4, is amended to read:
(c) Provide a description of the real property to which the collateral is related sufficient to give constructive notice of a mortgage under the law of this State if the description were contained in a record of the mortgage of the real property; and
Sec. 4. 11 MRSA §9-1508, sub-§(2), as enacted by PL 1999, c. 699, Pt. A, §2 and affected by §4, is amended to read:
(2) If the new debtor is a registered organization and becomes subject to a security interest pursuant to section 9-1203, subsection (4) by reason of a merger, consolidation or a change in the form of entity of the original debtor that is reflected in the public records relating to the new debtor's organization maintained by the governmental unit referenced in section 9-1102, subsection (73), then a financing statement filed under the original debtor's former name before the effective date of the merger, consolidation or change in the form of entity remains effective to perfect a security interest in collateral acquired by the new debtor to the same extent as if that financing statement was amended to provide the new debtor's name even if the difference between the new debtor's name and that of the original debtor causes a filed financing statement that is effective under subsection (1) to become seriously misleading only if the place to file a financing statement against the new debt or debtor for such collateral is, pursuant to Part 3 of this Article, the same jurisdiction in which the financing statement against the original debtor is filed. In all other instances, if the difference between the name of the original debtor and that of the new debtor causes a filed financing statement that is effective under subsection (1) to be seriously misleading under section 9-1506:
(a) The financing statement is effective to perfect a security interest in collateral acquired by the new debtor before, and within 4 months after, the new debtor becomes bound under section 9-1203, subsection (4); and
(b) The financing statement is not effective to perfect a security interest in collateral acquired by the new debtor more than 4 months after the new debtor becomes bound under section 9-1203, subsection (4) unless an initial financing statement providing the name of the new debtor is filed before the expiration of that time.
Sec. 5. 11 MRSA §9-1512, sub-§(1), ¶(b), as enacted by PL 1999, c. 699, Pt. A, §2 and affected by §4, is amended to read:
(b) If the amendment relates to an initial financing statement recorded in the county registry of deeds, provides the book and page at which the initial financing statement was recorded and the name of the debtor and secured party.
Sec. 6. 11 MRSA §9-1516, sub-§(2), ¶¶(b) and (c), as enacted by PL 1999, c. 699, Pt. A, §2 and affected by §4, are amended to read:
(b) An amount equal to or greater than the applicable filing fee is not tendered. For a record recorded in the county registry of deeds, the filing office may refuse to accept the record if the amount tendered is greater than the applicable filing fee;
(c) The filing office is unable to index the record because:
(i) In the case of an initial financing statement, the record does not provide a name for the debtor or, for a record recorded in the county registry of deeds, the record does not provide a name for the debtor and the secured party;
(ii) In the case of an amendment or correction statement, the record:
(A) Does not identify the initial financing statement as required by section 9-1512 or 9-1518, as applicable; or
(B) Identifies an initial financing statement whose effectiveness has lapsed under section 9-1515;
(iii) In the case of an initial financing statement that provides the name of a debtor identified as an individual or an amendment that provides a name of a debtor identified as an individual that was not previously provided in the financing statement to which the record relates, the record does not identify the debtor's last name; or
(iv) In the case of a record recorded in the county registry of deeds, the record does not provide a sufficient description of the real property to which it relates;
Sec. 7. 11 MRSA §9-1518, sub-§(2), ¶(a), as enacted by PL 1999, c. 699, Pt. A, §2 and affected by §4, is amended to read:
(a) Identify the record to which it relates by:
(i) The file number assigned to the initial financing statement to which the record relates; and
(ii) If the correction statement relates to a record recorded in the county registry of deeds, the date and time that book and page in which the initial financing statement was recorded, the name of the debtor and the secured party and the information specified in section 9-1502, subsection (2);
Sec. 8. 11 MRSA §9-1519, sub-§(6), ¶(a), as enacted by PL 1999, c. 699, Pt. A, §2 and affected by §4, is amended to read:
(a) To retrieve a record by the name of the debtor and:
(i) If the filing office is the county registry of deeds, by the file number assigned to book and page at which the initial financing statement to which the record relates and the date and time that the record was recorded; or
(ii) If the filing office is the office of the Secretary of State, by the file number assigned to the initial financing statement to which the record relates; and
Sec. 9. 11 MRSA §9-1522, sub-§(1), ¶(a), as enacted by PL 1999, c. 699, Pt. A, §2 and affected by §4, is amended to read:
(a) If the record was recorded in the county registry of deeds, by using the file number assigned to book and page at which the initial financing statement to which the record relates and the date and time that the record was recorded; or
Sec. 10. 11 MRSA §9-1523, sub-§(7), as enacted by PL 1999, c. 699, Pt. A, §2 and affected by §4, is amended to read:
(7) The requirements of this section do not apply to information obtained from the registry to of deeds.
Sec. 11. 11 MRSA §9-1525, sub-§(1), ¶¶(a) and (b), as enacted by PL 1999, c. 699, Pt. A, §2 and affected by §4, are amended to read:
(a) Twenty Fifteen dollars if the record is communicated in writing and consists of one or 2 pages;
(b) Forty Thirty dollars if the record is communicated in writing and consists of more than 2 pages; and
Sec. 12. 11 MRSA §9-1525, sub-§(2), ¶(b), as enacted by PL 1999, c. 699, Pt. A, §2 and affected by §4, is amended to read:
(b) Sixty Forty dollars if the financing statement indicates that it is filed in connection with a manufactured-home transaction.
Sec. 13. 11 MRSA §9-1525, sub-§(4), ¶(b), as enacted by PL 1999, c. 699, Pt. A, §2 and affected by §4, is amended to read:
(b) Ten Twelve dollars if the request is communicated by another medium authorized by filing-office rule.
Sec. 14. 11 MRSA §9-1702, sub-§(2), as enacted by PL 1999, c. 699, Pt. A, §2 and affected by §4, is amended to read:
(2) Except as otherwise provided in subsection (c) (3) and sections 9-1703 to 9-1709:
(a) Transactions and liens that were not governed by former Article 9, were validly entered into or created before this Article takes effect and would be subject to this Article if they had been entered into or created after this Article takes effect and the rights, duties and interests flowing from those transactions and liens remain valid after this Article takes effect; and
(b) The transactions and liens may be terminated, completed, consummated and enforced as required or permitted by this Article or by the law that otherwise would apply if this Article had not taken effect.
Emergency clause. In view of the emergency cited in the preamble, this Act takes effect when approved.
Effective May 25, 2001.
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