§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: [PL 1999, c. 699, Pt. A, §2 (NEW); PL 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
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 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.
[PL 2009, c. 324, Pt. B, §43 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF). PL 2009, c. 324, Pt. B, §43 (AMD). PL 2009, c. 324, Pt. B, §48 (AFF).
Structure Maine Revised Statutes
TITLE 11: UNIFORM COMMERCIAL CODE
Part 3: PERFECTION AND PRIORITY
11 §9-1317. Interests that take priority over or take free of security interest or agricultural lien
11 §9-1319. Rights and title of consignee with respect to creditors and purchasers
11 §9-1321. Licensee of general intangible and lessee of goods in ordinary course of business
11 §9-1324. Priority of purchase-money security interests
11 §9-1324-A. Priority of production-money security interests and agricultural liens
11 §9-1325. Priority of security interests in transferred collateral
11 §9-1326. Priority of security interests created by new debtor
11 §9-1327. Priority of security interests in deposit account
11 §9-1328. Priority of security interests in investment property
11 §9-1329. Priority of security interests in letter-of-credit right
11 §9-1330. Priority of purchaser of chattel paper or instrument
11 §9-1332. Transfer of money; transfer of funds from deposit account
11 §9-1333. Priority of certain liens arising by operation of law
11 §9-1334. Priority of security interests in fixtures and crops
11 §9-1337. Priority of security interests in goods covered by certificate of title