Maine Revised Statutes Title 11 Sec. 9-1204 – After-acquired property; future advances
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(1). Except as otherwise provided in subsection (2), a security agreement may create or provide for a security interest in after-acquired collateral.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
Terms Used In Maine Revised Statutes Title 11 Sec. 9-1204
- Accession: means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost. See Maine Revised Statutes Title 11 Sec. 9-1102
- Chattel paper: means a record or records that evidence both a monetary obligation and a security interest in specific goods, a security interest in specific goods and license of software used in the goods, a lease of specific goods or a lease of specific goods and license of software used in the goods. See Maine Revised Statutes Title 11 Sec. 9-1102
- Collateral: includes :
(a). See Maine Revised Statutes Title 11 Sec. 9-1102Debtor: means :
(a). See Maine Revised Statutes Title 11 Sec. 9-1102Goods: includes :
(a). See Maine Revised Statutes Title 11 Sec. 9-1102Secured party: means :
(a). See Maine Revised Statutes Title 11 Sec. 9-1102Security agreement: means an agreement that creates or provides for a security interest. See Maine Revised Statutes Title 11 Sec. 9-1102 Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
(2). A security interest does not attach under a term constituting an after-acquired property clause to:
(a). Consumer goods, other than an accession when given as additional security, unless the debtor acquires rights in them within 10 days after the secured party gives value; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). A commercial tort claim. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(3). A security agreement may provide that collateral secures, or that accounts, chattel paper, payment intangibles or promissory notes are sold in connection with future advances or other value whether or not the advances or value are given pursuant to commitment.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF).