| | | Emergency preamble. Whereas, Acts of the Legislature do not become | | effective until 90 days after adjournment unless enacted as | | emergencies; and |
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| | | Whereas, the Maine Revised Statutes, Title 11, Article 9-A, | | which governs secured transactions in the Uniform Commercial | | Code, will become effective on July 1, 2001 and changes to that | | law must be in place prior to July 1, 2001 in order for the | | Secretary of State to properly administer that law; and |
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| | | Whereas, in the judgment of the Legislature, these facts create | | an emergency within the meaning of the Constitution of Maine and | | require the following legislation as immediately necessary for | | the preservation of the public peace, health and safety; now, | | therefore, |
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| | | Be it enacted by the People of the State of Maine as follows: |
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| | | Sec. 1. 11 MRSA §9-1325, sub-§(2), ¶(b), as enacted by PL 1999, c. 699, | | Pt. A, §2 and affected by §4, is amended to read: |
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| | | (b) Arose solely under section 2-711, subsection (3) or | section 2-1508, subsection (5) |
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| | | Sec. 2. 11 MRSA §9-1502, sub-§(2), ¶(c), as enacted by PL 1999, c. 699, | | Pt. A, §2 and affected by §4, is amended to read: |
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| | | (c) Provide a description of the real property to which the | | collateral is related sufficient to give constructive notice | | of a mortgage under the law of this State if the description | | were contained in a record of the mortgage of the real | | property; and |
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| | | Sec. 3. 11 MRSA §9-1508, sub-§(2), as enacted by PL 1999, c. 699, Pt. | | A, §2 and affected by §4, is amended to read: |
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| | | (2) If the new debtor is a registered organization and | | becomes subject to a security interest pursuant to section 9- | | 1203, subsection (4) by reason of a merger, consolidation or a | | change in the form of entity of the original debtor that is | | reflected in the public records relating to the new debtor's | | organization maintained by the governmental unit referenced in | | section 9-1102, subsection (73), then a financing statement filed | | under the original debtor's former name before the effective date | | of the merger, consolidation or change in the form of entity | | remains effective to perfect a security interest in collateral | | acquired by the new debtor to the same extent as if that | | financing statement was amended to provide the new debtor's name | | even if the difference between the new debtor's name and that of | | the original debtor causes a filed financing statement that is |
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