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25,400 statutes · page 57 of 1270
United States — Maine legislation
20 statutes shown from 25,400 source-backed records
A clause allowing a party to accelerate payment or performance, or demand collateral, only works if the party acts in good faith and believes payment or performance is impaired.
An obligation may be subordinated to another obligation, and a creditor may agree to subordinate its right to performance.
(1). For the purposes of this Article, the phrase "old code" means the Uniform Commercial Code as enacted by public law, 1963, chapter 362 and as amended by the following: Public law, 1965, chapter 306; Public law, 1967, chapter
Chapter 362, section 41 of the public laws of 1963 continues to apply to the new code.
Transactions from the specified transition period stay valid, and related rights, duties, and interests may be ended, completed, carried out, or enforced under the new code.
A qualifying security interest is treated as perfected on the effective date if it was not perfected under the old code and the new code allows perfection without filing or allows filing where an earlier filing was ineffective.
This section preserves some pre-1978 financing statements and continuation statements, but limits when they apply to later-acquired collateral and requires a new filing in some cases.
Some pre-existing security interests keep their perfection and priority for a limited period, and a financing statement may be filed before lapse.
Except as otherwise provided in this Article, the old code shall apply to any questions of priority if the positions of the parties were fixed prior to the effective date of public law, 1977, chapter 526. In other cases, questions of
Unless a change in law has clearly been made, the new code shall be deemed declaratory of the meaning of the old code. [PL 1977, c. 586 (NEW).]
This section gives the Article's short title: "the Uniform Commercial Code - Controllable Electronic Records."
This section defines key terms used in the Article.
If this Article conflicts with Article 9-A, Article 9-A controls. A transaction under this Article is also subject to any other applicable consumer-law rule that sets a different rule.
This section says how rights are transferred in controllable electronic records, and gives qualifying purchasers special protection against claims.
A person has control of a controllable electronic record if the record setup gives that person the stated powers and identification ability.
An account debtor may pay the current controller of a controllable account or controllable payment intangible, but after proper notification it must pay as directed and cannot pay a former controller unless an exception applies.
This section says which law governs a controllable electronic record: usually the local law of the record’s jurisdiction, with stated exceptions and fallback rules.
This section allows the Article to be cited as the “Transitional Provisions for Uniform Commercial Code Amendments (2022).”
This section defines terms used in the Article, including “Adjustment date,” “Article 12,” and “Article 12 property,” and points to other Uniform Commercial Code definitions that also apply.
A transaction entered into before July 1, 2025 stays valid, along with the rights, duties, and interests arising from it, except as provided in part 3.
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