Me. Stat. tit. 11 § 9-1105

Current through 131st (2023-2024) Legislature Chapter 684

Section 9-1105 - [Repealed Effective 7/1/2025] Control of electronic chattel paper

A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned. A system satisfies this section if the record or records comprising the chattel paper are created, stored and assigned in such a manner that: [2013, c. 317, Pt. A, §9(AMD).]

(1). A single authoritative copy of the record or records exists that is unique, identifiable and, except as otherwise provided in subsections (4), (5) and (6), unalterable;

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

(2). The authoritative copy identifies the secured party as the assignee of the record or records;

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

(3). The authoritative copy is communicated to and maintained by the secured party or its designated custodian;

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

(4). Copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the secured party;

[2013, c. 317, Pt. A, §10(AMD).]

(5). Each copy of the authoritative copy and any copy of a copy is readily identifiable as a copy that is not the authoritative copy; and

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

(6). Any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.

[2013, c. 317, Pt. A, §11(AMD).]

11 M.R.S. § 9-1105

Repealed by 2024, c. 669,§ A-85, eff. 7/1/2025.

Amended by 2013, c. 317,§§ A-9 to A-11, eff. 7/1/2013.

1999, c. 699, §A2 (NEW) . 1999, c. 699, §A4 (AFF) .