Maine Lawsuit Loans
Uplift Legal Funding provides non-recourse lawsuit loans in Maine. With a population of 1,329,328, Maine is the 11th largest state in the United States, and ranks 5th for per capita fatal injuries (D.C. included).
Because funding regulation is complex, Uplift developed a funding-ease scale. This scale helps plaintiffs understand what part their state plays in lawsuit loan decisions. On a scale of 0 to 10, Maine scores a 7.5. This means that we consider it relatively tough for plaintiffs to get lawsuit loans in Maine. Read more information below about the legal funding environment in Maine.
Accident Injury in Maine
Maine’s yearly injury death rate of 65.0 per 100,000 places it 8.3% higher than the national average of 60.1.
Maine residents drive an estimated total of 15 billion miles yearly. That means the average Maine resident drives about of 11,005 miles per year. That figure is 14.3% higher than the U.S. national average of 9,630 miles per year.
Aside from miles driven, local seatbelt and drinking and driving habits play a large part in the auto accident death rate. Maine residents are about average when it comes to buckling up, reporting a 84.0% use rate.
The drinking rate in Maine, or the percent of people who report drinking too much before driving at least once in the prior month is 1.2%, which is 35.1% lower than the national average of 1.8%.
In part due to these factors, the car accident fatality rate in Maine is 11.7. This compares unfavorably to the US national average of 10.9, and costs the state $180 million yearly.
Maine Lawsuit Funding Cheat Sheet
According to Title 14,Part 2, Ch. 205, Sub. 1, Sec. 752; the statute of limitations for personal injury cases in Maine is 6 years. This means that you may lose the right to sue if you do not file your legal claim within that time-frame. Different states follow slightly differing comparative negligence statutes.
The guideline in Maine is modified comparative fault with a 50% threshold. Basically, this means that plaintiff’s share of fault offsets defendant’s liability – K.R.S. § 411.182. Often, for legal funding requests early-on in a case, companies providing lawsuit loans in Maine must assume state minimum policy limits of:
- $30,000 bodily injury liability per person
- $60,000 bodily injury liability per accident
- $15,000 property damage liability per accident
- $30,000 uninsured/underinsured motorist coverage per person
- $60,000 uninsured/underinsured motorist coverage per accident
- $15,000 uninsured/underinsured property damage coverage per accident
Regulation of Lawsuit Loans in Maine
9-A MRSA §12-101 states that lawsuit funding companies in Maine need to be registered as a business in the state and issue a surety bond. It also establishes required disclosures in lawsuit funding contracts.