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Terms Used In Maine Revised Statutes Title 11 Sec. 9-1402

  • Collateral: includes :
(a). See Maine Revised Statutes Title 11 Sec. 9-1102
  • Contract: A legal written agreement that becomes binding when signed.
  • Debtor: means :
  • (a). See Maine Revised Statutes Title 11 Sec. 9-1102
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Secured party: means :
  • (a). 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.
  • The existence of a security interest, agricultural lien or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the debtor’s acts or omissions. [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).