Me. Rev. Stat. » Title 11
Maine Revised Statutes

Me. Rev. Stat. tit. 11, § 9-306 (2026)

"Proceeds"; secured party's rights on disposition of collateral

✓ current as of May 2026
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(REPEALED)
SECTION HISTORY
PL 1965, c. 306, §25 (AMD). PL 1977, c. 526, §§45-50 (AMD). PL 1977, c. 696, §§133,134 (AMD). PL 1987, c. 625, §§14,15 (AMD). PL 1997, c. 429, §§C27-29 (AMD). PL 1999, c. 699, §A1 (RP). PL 1999, c. 699, §A4 (AFF).
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Notes of Decisions
Cited in 10 cases, 1968–2002 · leading case: Maine Farmers Exch., Inc. v. Farm Credit of Maine, A.C.A., 2002 ME 18 (Me. 2002).
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Maine Farmers Exch., Inc. v. Farm Credit of Maine, A.C.A., 2002 ME 18 (Me. 2002). · cites it 8× “See 11 M.R.S.A. § 9-306, U.C.C. cmt. 3 ("If the disposition .”
New England Mortg. Servs. Co. v. Petit, 590 A.2d 1054 (Me. 1991). · cites it 4× “In reality, subsection 9 refers specifically only to 11 M.R.S.A. § 9-306 (1964 & Supp. 1990). I read subsection 9's reference to section 9-306 to be nothing more than an effort to apply in a short-hand fashion the priority rules for proceeds set forth in that section of the…”
Leighton v. Fleet Bank of Maine, 634 A.2d 453 (Me. 1993). “See 11 M.R.S.A. § 9-306(2) (Supp.1992) (a secured party who authorizes disposition of collateral loses the security interest).”
Bahre v. Pearl, 595 A.2d 1027 (Me. 1991). “Similarly, the proceeds of the sale of corporate shares would also be subject to a turnover order.”
Casco N. Bank, N.A. v. Green Corp. (In Re Green Corp.), 154 B.R. 819 (Bankr. D. Me. 1993). “” 11 M.R.S.A. § 9-306(1) (emphasis added). Section 552(b)’s legislative history indicates that the concept of “proceeds” is not necessarily limited to the “technical definition of that term under the U.”
Quigley v. Caron, 247 A.2d 94 (Me. 1968). “[1] In the words of the presiding Justice, "We come then to whether the bald assertion of a perfected security interest in the collateral personal property extends to `identifiable proceeds * * * received by the debtor' * * * (11 M.R.S.A. § 9-306(2) when the `identifiable…”
In Re Kingsbury, 124 B.R. 146 (Bankr. D. Me. 1991). “§ 9-109(3), rather than "proceeds” of livestock, 11 M.R.S.A. § 9-306(1). Thus, the funds held by Agri-Mark are fairly characterized as the proceeds of sales of farm products.”
In Re Dorsey, 155 B.R. 263 (Bankr. D. Me. 1993). “[40] See 11 M.R.S.A. § 9-306(1) (defining "proceeds").”
Bombardier Capital, Inc. v. Key Bank of Maine, 639 A.2d 1065 (Me. 1994). “' 11 M.R.S.A. § 9-306(2) (Supp.1993). Any proceeds from the sale of collateral deposited in Sherlock’s account rightfully secure the debt owed to the secured party.”
First Nat'l Bank of Bar Harbor v. United States, Dep't of Agric., Farmers Home Admin. (In re Dorsey), 155 B.R. 263 (Bankr. D. Me. 1993). “See 11 M.R.S.A. § 9-306(1) (defining “proceeds").”
— Me. Rev. Stat. tit. 11, § 9-306(1) — 5 cases
Maine Farmers Exch., Inc. v. Farm Credit of Maine, A.C.A., 2002 ME 18 (Me. 2002). “See 11 M.R.S.A. § 9-306, U.C.C. cmt. 3 ("If the disposition .”
Casco N. Bank, N.A. v. Green Corp. (In Re Green Corp.), 154 B.R. 819 (Bankr. D. Me. 1993). “” 11 M.R.S.A. § 9-306(1) (emphasis added). Section 552(b)’s legislative history indicates that the concept of “proceeds” is not necessarily limited to the “technical definition of that term under the U.”
In Re Kingsbury, 124 B.R. 146 (Bankr. D. Me. 1991). “§ 9-109(3), rather than "proceeds” of livestock, 11 M.R.S.A. § 9-306(1). Thus, the funds held by Agri-Mark are fairly characterized as the proceeds of sales of farm products.”
In Re Dorsey, 155 B.R. 263 (Bankr. D. Me. 1993). “[40] See 11 M.R.S.A. § 9-306(1) (defining "proceeds").”
First Nat'l Bank of Bar Harbor v. United States, Dep't of Agric., Farmers Home Admin. (In re Dorsey), 155 B.R. 263 (Bankr. D. Me. 1993). “See 11 M.R.S.A. § 9-306(1) (defining “proceeds").”
— Me. Rev. Stat. tit. 11, § 9-306(2) — 4 cases
Maine Farmers Exch., Inc. v. Farm Credit of Maine, A.C.A., 2002 ME 18 (Me. 2002). “See 11 M.R.S.A. § 9-306, U.C.C. cmt. 3 ("If the disposition .”
Leighton v. Fleet Bank of Maine, 634 A.2d 453 (Me. 1993). “See 11 M.R.S.A. § 9-306(2) (Supp.1992) (a secured party who authorizes disposition of collateral loses the security interest).”
Quigley v. Caron, 247 A.2d 94 (Me. 1968). “[1] In the words of the presiding Justice, "We come then to whether the bald assertion of a perfected security interest in the collateral personal property extends to `identifiable proceeds * * * received by the debtor' * * * (11 M.R.S.A. § 9-306(2) when the `identifiable…”
Bombardier Capital, Inc. v. Key Bank of Maine, 639 A.2d 1065 (Me. 1994). “' 11 M.R.S.A. § 9-306(2) (Supp.1993). Any proceeds from the sale of collateral deposited in Sherlock’s account rightfully secure the debt owed to the secured party.”
— Me. Rev. Stat. tit. 11, § 9-306(3) — 1 case
New England Mortg. Servs. Co. v. Petit, 590 A.2d 1054 (Me. 1991). “In reality, subsection 9 refers specifically only to 11 M.R.S.A. § 9-306 (1964 & Supp. 1990). I read subsection 9's reference to section 9-306 to be nothing more than an effort to apply in a short-hand fashion the priority rules for proceeds set forth in that section of the…”
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