Maine Revised Statutes Title 11 Sec. 9-1338 – Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information
Current as of: 2023 | Check for updates
|
Other versions
If a security interest or agricultural lien is perfected by a filed financing statement providing information described in section 9-1516, subsection (2), paragraph (e) that is incorrect at the time the financing statement is filed: [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(1). The security interest or agricultural lien is subordinate to a conflicting perfected security interest in the collateral to the extent that the holder of the conflicting security interest gives value in reasonable reliance upon the incorrect information; and
[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. 9-1338
- Agricultural lien: means an interest, other than a security interest, in farm products:
(a). See Maine Revised Statutes Title 11 Sec. 9-1102Chattel 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. 9-1102Financing statement: means a record or records composed of an initial financing statement and any filed record relating to the initial financing statement. See Maine Revised Statutes Title 11 Sec. 9-1102 Goods: includes :
(a). See Maine Revised Statutes Title 11 Sec. 9-1102Lien: A claim against real or personal property in satisfaction of a debt. Secured party: means :
(2). A purchaser, other than a secured party, of the collateral takes free of the security interest or agricultural lien to the extent that, in reasonable reliance upon the incorrect information, the purchaser gives value and, in the case of tangible chattel paper, tangible documents, goods, instruments or a security certificate, receives delivery of the collateral.
[PL 2009, c. 324, Pt. B, §43 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF). PL 2009, c. 324, Pt. B, §43 (AMD). PL 2009, c. 324, Pt. B, §48 (AFF).