Maine Revised Statutes Title 13 Sec. 1746 – Perfection of security interests in cooperative interests
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1. Creation of security interest. Security interests in shares of cooperative affordable housing corporations may be created, perfected and enforced in the same manner as security interests in certificated securities under Title 11, Articles 8?A and 9?A. A lender may perfect such a security interest by possession of shares or by any other method under which security interests in certificated securities may be perfected pursuant to Title 11, Article 8?A.
[PL 1999, c. 699, Pt. D, §9 (AMD); PL 1999, c. 699, Pt. D, §30 (AFF).]
Terms Used In Maine Revised Statutes Title 13 Sec. 1746
- Cooperative interest: means the ownership interest in a cooperative affordable housing corporation that is evidenced by a membership share. See Maine Revised Statutes Title 13 Sec. 1742
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lender: includes , but is not limited to, the following institutional lenders whose policies and procedures are subject to governmental supervision:
2. Notation of secured party. Upon the request of a secured party, a cooperative affordable housing corporation shall note on its books and records the interest of the secured party in a cooperative interest. Such a request or notation is not required to perfect a security interest in a cooperative interest.
[PL 1993, c. 300, §1 (NEW).]
SECTION HISTORY
PL 1993, c. 300, §1 (NEW). PL 1999, c. 699, §D9 (AMD). PL 1999, c. 699, §D30 (AFF).