§4-208. Security interest of collecting bank in items, accompanying documents and proceeds
(1). A collecting bank has a security interest in an item and any accompanying documents or the proceeds of either:
(a). In case of an item deposited in an account, to the extent to which credit given for the item has been withdrawn or applied;
(b). In case of an item for which it has given credit available for withdrawal as of right, to the extent of the credit given whether or not the credit is drawn upon or there is a right of charge-back; or [PL 1993, c. 293, Pt. B, §28 (AMD).]
(c). If it makes an advance on or against the item.
[PL 1993, c. 293, Pt. B, §28 (AMD).]
(2). If credit for several items received at one time or pursuant to a single agreement is withdrawn or applied in part, the security interest remains upon all the items, any accompanying documents or the proceeds of either. For the purpose of this section, credits first given are first withdrawn.
[PL 1993, c. 293, Pt. B, §28 (AMD).]
(3). Receipt by a collecting bank of a final settlement for an item is a realization on its security interest in the item, accompanying documents and proceeds. So long as the bank does not receive final settlement for the item or give up possession of the item or possession or control of the accompanying documents for purposes other than collection, the security interest continues to that extent and is subject to Article 9‑A, but:
(a). No security agreement is necessary to make the security interest enforceable (section 9‑1203, subsection (2), paragraph (c), subparagraph (i)); [PL 2009, c. 324, Pt. B, §24 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).]
(b). No filing is required to perfect the security interest; and
(c). The security interest has priority over conflicting perfected security interests in the item, accompanying documents or proceeds.
[PL 2009, c. 324, Pt. B, §24 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).]
SECTION HISTORY
PL 1993, c. 293, §B28 (AMD). PL 1999, c. 699, §B17 (AMD). PL 1999, c. 699, §B28 (AFF). PL 2009, c. 324, Pt. B, §24 (AMD). PL 2009, c. 324, Pt. B, §48 (AFF).
Structure Maine Revised Statutes
TITLE 11: UNIFORM COMMERCIAL CODE
Article 4: BANK DEPOSITS AND COLLECTIONS
Part 2: COLLECTION OF ITEMS; DEPOSITARY AND COLLECTING BANKS
11 §4-202. Responsibility for collection or return; when action timely
11 §4-203. Effect of instructions
11 §4-204. Methods of sending and presenting; sending directly to payor bank
11 §4-205. Depositary bank holder of unindorsed item
11 §4-206. Transfer between banks
11 §4-207-A. Transfer warranties
11 §4-207-B. Presentment warranties
11 §4-207-C. Encoding and retention warranties
11 §4-208. Security interest of collecting bank in items, accompanying documents and proceeds
11 §4-209. When bank gives value for purposes of holder in due course
11 §4-211. Media of remittance; provisional and final settlement in remittance cases (REPEALED)
11 §4-211-A. Medium and time of settlement by bank
11 §4-212. Right of charge-back or refund; liability of collecting bank; return of item