Maine has enacted the 2010 Amendments to UCC Article 9. The governor signed LD 1384 on Friday, June 21, 2013. The new law was originally introduced with the Alternative B Safe Harbor for the sufficiency of individual debtor names in § 9-503(a)(4), but that was later amended and enacted with Alternative A. The act takes effect on of July 1, 2013. There is a non-uniform deviation from the official text of the 2010 Amendments with regard to the safe harbor forms in § 9-521. The new law requires a filing office to accept forms approved by IACA or adopted by rule. It does not incorporate the forms set forth in the official text.
CSC will continue to track all UCC Article 9 legislation and provide update of any significant developments. Additional resources on the 2010 Amendments to UCC Article 9, including legislative status charts, are available at http://csctransactionwatch.com/amendments/.
If you have questions or need more information on Article 9 legislation, please contact Paul Hodnefield, Associate General Counsel, at phodnefi@cscinfo.com or 800-927-9801, ext. 62375.