Maine Revised Statutes Title 11 Sec. 2-1308 – Special rights of creditors
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(1). A creditor of a lessor in possession of goods subject to a lease contract may treat the lease contract as void if as against the creditor retention of possession by the lessor is fraudulent under any statute or rule of law, but retention of possession in good faith and current course of trade by the lessor for a commercially reasonable time after the lease contract becomes enforceable is not fraudulent.
[PL 1991, c. 805, §4 (NEW).]
Terms Used In Maine Revised Statutes Title 11 Sec. 2-1308
- Contract: A legal written agreement that becomes binding when signed.
- Goods: means all things that are movable at the time of identification to the lease contract including mobile homes, or are fixtures (section 2?1309), but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles or minerals or the like, including oil and gas, before extraction. See Maine Revised Statutes Title 11 Sec. 2-1103
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See Maine Revised Statutes Title 11 Sec. 2-1103
- Lease contract: means the total legal obligation that results from the lease agreement as affected by this Article and any other applicable rules of law. See Maine Revised Statutes Title 11 Sec. 2-1103
- Lessee: means a person who acquires the right to possession and use of goods under a lease. See Maine Revised Statutes Title 11 Sec. 2-1103
- Lessor: means a person who transfers the right to possession and use of goods under a lease. See Maine Revised Statutes Title 11 Sec. 2-1103
- Statute: A law passed by a legislature.
(2). Nothing in this Article impairs the rights of creditors of a lessor if the lease contract becomes enforceable, not in current course of trade but in satisfaction of or as security for a preexisting claim for money, security or the like, and if the lease contract is made under circumstances that under any statute or rule of law apart from this Article would constitute the transaction a fraudulent transfer or voidable preference.
[PL 1991, c. 805, §4 (NEW).]
(3). A creditor of a seller may treat a sale or an identification of goods to a contract for sale as void if as against the creditor retention of possession by the seller is fraudulent under any statute or rule of law, but retention of possession of the goods pursuant to a lease contract entered into by the seller as lessee and the buyer as lessor in connection with the sale or identification of the goods is not fraudulent if the buyer bought for value and in good faith.
[PL 1991, c. 805, §4 (NEW).]
SECTION HISTORY
PL 1991, c. 805, §4 (NEW).