Maine § 10 §1146 Writing required for commercial loans

Maine Statutes

§ 10 §1146 — Writing required for commercial loans

Maine·Title 10 COMMERCE AND TRADE·Part 3 REGULATION OF TRADE·Ch. 202-C COMMERCIAL LOAN AGREEMENTS

1.Writing and signature required. A borrower may not maintain an action upon any agreement to lend money, extend credit, forbear from collection of a debt or make any other accommodation for the repayment of a debt for more than $250,000 unless the promise, contract or agreement on which the action is brought, or some memorandum or note of the promise, contract or agreement, is:

2.Notice. Subsection 1 does not apply if the person to be charged with the promise, contract or agreement failed to notify the borrower that the promise, contract or agreement must be in writing for an action to be maintained.

3.Application. This section applies only to promises, contracts and agreements entered into after the effective date of this section.

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1.
Writing and signature required.
A borrower may not maintain an action upon any agreement to lend money, extend credit, forbear from collection of a debt or make any other accommodation for the repayment of a debt for more than $250,000 unless the promise, contract or agreement on which the action is brought, or some memorandum or note of the promise, contract or agreement, is:
2.
Notice.

Subsection 1 does not apply if the person to be charged with the promise, contract or agreement failed to notify the borrower that the promise, contract or agreement must be in writing for an action to be maintained.
3.
Application.
This section applies only to promises, contracts and agreements entered into after the effective date of this section.

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