PART A

Sec. A-1. 11 MRSA art. 9, as amended, is repealed.

Sec. A-2. 11 MRSA art. 9-A is enacted to read:

Article 9-A

TRANSACTIONS

PART 1

GENERAL PROVISIONS

SUBPART 1

SHORT TITLE, DEFINITIONS AND GENERAL CONCEPTS

§9-1101.__Short title

This Article may be cited as "Uniform Commercial Code-Secured Transactions."

Official Comment

1. Source. This Article supersedes former Uniform Commercial Code (UCC) Article 9. As did its predecessor, it provides a comprehensive scheme for the regulation of security interests in personal property and fixtures. For the most part this Article follows the general approach and retains much of the terminology of former Article 9. In addition to describing many aspects of the operation and interpretation of this Article, these Comments explain the material changes that this Article makes to former Article 9. Former Article 9 superseded the wide variety of pre- UCC security devices. Unlike the Comments to former Article 9, however, these Comments dwell very little on the pre-UCC state of the law. For that reason, the Comments to former Article 9 will remain of substantial historical value and interest. They also will remain useful in understanding the background and general conceptual approach of this Article.

Citations to "Bankruptcy Code Section ____" in these Comments are to Title 11 of the United States Code as in effect on December 31, 1998.

2. Background and History. In 1990, the Permanent Editorial Board for the UCC with the support of its sponsors, The