Maine Uniform Commercial Code Bond Update

MaineIn Maine, new revisions have been made to the Uniform Commercial Code. The new law, which is titled SB 506, implements amendments to the Uniform Commercial Code to conform to the Restatement of the Law of Surety by the American Law Institute. The present law defines surety to comprise any “other secondary obligor” as well as the present description as a “guarantor.” SB 506 became active on February 15th, 2010.