Maine Revised Statutes Title 11. Uniform Commercial Code § 9-1507. Effect of certain events on effectiveness of financing statement
Current as of January 01, 2022 | Updated by FindLaw Staff
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(1) A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, licensed or otherwise disposed of and in which a security interest or agricultural lien continues, even if the secured party knows of or consents to the disposition.
(2) Except as otherwise provided in subsection (3) and section 9-1508, a financing statement is not rendered ineffective if, after the financing statement is filed, the information provided in the financing statement becomes seriously misleading under section 9-1506.
(3). If the name that a filed financing statement provides for a debtor becomes insufficient as the name of the debtor under section 9-1503, subsection (1) so that the financing statement becomes seriously misleading under section 9-1506:
(a). The financing statement is effective to perfect a security interest in collateral acquired by the debtor before, or within 4 months after, the filed financing statement becomes seriously misleading; and
(b). The financing statement is not effective to perfect a security interest in collateral acquired by the debtor more than 4 months after the filed financing statement becomes seriously misleading, unless an amendment to the financing statement that renders the financing statement not seriously misleading is filed within 4 months after the financing statement became seriously misleading.
Cite this article: FindLaw.com - Maine Revised Statutes Title 11. Uniform Commercial Code § 9-1507. Effect of certain events on effectiveness of financing statement - last updated January 01, 2022 | https://codes.findlaw.com/me/title-11-uniform-commercial-code/me-rev-st-tit-11-sect-9-1507/
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