An Act To Amend the Law Regarding Transactions at Financial Institutions
Sec. 1. 9-B MRSA §427, sub-§10, as amended by PL 2001, c. 211, §12, is further amended to read:
This subsection does not apply to the creation, perfection or enforcement of a security interest in a deposit or account other than an assignment of a deposit or account in a consumer transaction as defined in Title 11, section 9-1102, subsection 26.
Sec. 2. 14 MRSA §4751, as amended by PL 1985, c. 187, §5, is further amended to read:
§ 4751. Goods sold on execution
All chattels, real and personal liable at common law to attachment and not exempted therefrom by statute, may be taken and sold on execution as prescribed in this subchapter and subchapter IV 4. Credits of a sole proprietorship doing business under an assumed or trade name, partnership , limited liability company or corporation, other than payroll accounts expressly so designated to the credit holder by the account owner, may be taken on execution by an officer and turned over to the judgment creditor to be applied to the judgment, together with interest and costs.
summary
Current law requires, with exceptions, an adverse claimant to provide a financial institution with an indemnifying bond before the institution may recognize the notice of the adverse claim.
This bill adds another exception, for chattels as specified in the Maine Revised Statutes, Title 14, section 4751.
This bill also adds limited liability companies to the enumeration of entities that may have their credits taken on writ of execution.