Public-domain · open source
OpenJurist

Me. Rev. Stat. tit. 11, § 9-1704

Security interest unperfected before effective date

Known as the Uniform Commercial Code

The act spans §§ 2-101 to 9-1709 (548 sections).

PL 1999, c. 699, §A2 (NEW)

A security interest that is enforceable immediately before this Article takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time:

(1). Remains an enforceable security interest for one year after this Article takes effect;

(2). Remains enforceable thereafter if the security interest becomes enforceable under section 9‑1203 when this Article takes effect or within one year thereafter; and

(3). Becomes perfected:

(a). Without further action, when this Article takes effect if the applicable requirements for perfection under this Article are satisfied before or at that time; or

(b). When the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.

Official source: Maine Legislature. Reproduced from public-domain Maine statutes; confirm against the official source for the current text. Not legal advice.