Maine Revised Statutes Title 11 Sec. 9-1515 – Duration and effectiveness of financing statement; effect of lapsed financing statement
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(1). Except as otherwise provided in subsections (2), (5), (6) and (7), a filed financing statement is effective for a period of 5 years after the date of filing.
[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. 9-1515
- Agricultural lien: means an interest, other than a security interest, in farm products:
(a). See Maine Revised Statutes Title 11 Sec. 9-1102Collateral: includes :
(a). See Maine Revised Statutes Title 11 Sec. 9-1102Continuation statement: means an amendment of a financing statement that:
(a). See Maine Revised Statutes Title 11 Sec. 9-1102Debtor: means :
(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 Fixture filing: includes the filing of a financing statement covering goods of a transmitting utility that are or are to become fixtures. See Maine Revised Statutes Title 11 Sec. 9-1102 Lien: A claim against real or personal property in satisfaction of a debt. Manufactured-home transaction: means a secured transaction:
(a). See Maine Revised Statutes Title 11 Sec. 9-1102Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Mortgage: means a consensual interest in real property, including fixtures, that secures payment or performance of an obligation. See Maine Revised Statutes Title 11 Sec. 9-1102 Public-finance transaction: means a secured transaction in connection with which:
(a). See Maine Revised Statutes Title 11 Sec. 9-1102Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Termination statement: means an amendment of a financing statement that:
(a). See Maine Revised Statutes Title 11 Sec. 9-1102Transmitting utility: means a person primarily engaged in the business of:
(2). Except as otherwise provided in subsections (5), (6) and (7), an initial financing statement filed in connection with a public-finance transaction or manufactured-home transaction is effective for a period of 30 years after the date of filing if it indicates that it is filed in connection with a public-finance transaction or manufactured-home transaction.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(3). The effectiveness of a filed financing statement lapses on the expiration of the period of its effectiveness unless before the lapse a continuation statement is filed pursuant to subsection (4). Upon lapse, a financing statement ceases to be effective and any security interest or agricultural lien that was perfected by the financing statement becomes unperfected, unless the security interest is perfected otherwise. If the security interest or agricultural lien becomes unperfected upon lapse, it is deemed never to have been perfected as against a purchaser of the collateral for value.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(4). A continuation statement may be filed only within 6 months before the expiration of the 5-year period specified in subsection (1) or the 30-year period specified in subsection (2), whichever is applicable.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(5). Except as otherwise provided in section 9?1510, upon timely filing of a continuation statement the effectiveness of the initial financing statement continues for a period of 5 years commencing on the day on which the financing statement would have become ineffective in the absence of the filing. Upon the expiration of the 5-year period, the financing statement lapses in the same manner as provided in subsection (3), unless, before the lapse, another continuation statement is filed pursuant to subsection (4). Succeeding continuation statements may be filed in the same manner to continue the effectiveness of the initial financing statement.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(6). If a debtor is a transmitting utility and a filed initial financing statement so indicates, the financing statement is effective until a termination statement is filed.
[PL 2013, c. 317, Pt. A, §23 (AMD).]
(7). A record of a mortgage that is effective as a financing statement recorded as a fixture filing under section 9?1502, subsection (3) remains effective as a financing statement recorded as a fixture filing until the mortgage is released or satisfied of record or its effectiveness otherwise terminates as to the real property.
[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). PL 2013, c. 317, Pt. A, §23 (AMD).