2013 Maine Revised Statutes
TITLE 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS
11 §9-1338. Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information

Part 3: PERFECTION AND PRIORITY
Subpart 3: PRIORITY HEADING: PL 1999, C. 699, PT. A, §2 (NEW)

9-1338. Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information

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: [1999, c. 699, Pt. A, 2 (NEW); 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

[ 1999, c. 699, Pt. A, 2 (NEW); 1999, c. 699, Pt. A, 4 (AFF) .]

(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.

[ 2009, c. 324, Pt. B, 43 (AMD); 2009, c. 324, Pt. B, 48 (AFF) .]

SECTION HISTORY

1999, c. 699, A2 (NEW). 1999, c. 699, A4 (AFF). 2009, c. 324, Pt. B, 43 (AMD). 2009, c. 324, Pt. B, 48 (AFF).