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Can you summarize 11 MERS Article 9-A?
UNIFORM COMMERCIAL CODE > TRANSACTIONS
Short Summary
The provided legal document content consists of three sections under the Maine Revised Statutes, specifically under the Uniform Commercial Code. The first section governs the duties of a secured party when the account debtor has been notified of an assignment. The second section outlines additional duties of a secured party who has control of collateral, including various actions to be taken within specific timeframes. The third section defines and outlines the requirements for requests related to accounting, collateral lists, and statements of account. The document also specifies the actions to be taken if a secured party or recipient claims no interest in the collateral or obligations. Additionally, the document outlines the rights and duties of a secured party who has possession or control of collateral, including exercising reasonable care in custody and preservation, charging reasonable expenses to the debtor, and holding proceeds as additional security. The document also addresses the identification and use of collateral, as well as the creation of a security interest. The exemptions mentioned include certain types of assignments, buyers, consignors, and specific exemptions are not mentioned. No specific penalties are mentioned in these documents.
Whom does it apply to?
These documents apply to secured parties, issuers, nominated persons, debtors, banks, commodity intermediaries, and persons possessing certificated securities, uncertificated securities, security entitlements, or commodity contracts.
What does it govern?
The provided legal document content pertains to the Uniform Commercial Code (UCC) under the Maine Revised Statutes. It governs various aspects of transactions, including the control of letter-of-credit rights, sufficiency of description for personal or real property and collateral, control of electronic chattel paper, investment property, and a deposit account, production-money security interest in crops, and definitions related to purchase-money collateral and purchase-money obligations.
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Maine