A stock purchase agreement is a contract in which the owner of shares or stock in a company (a person, entity, or the company itself) sells some or all of the shares to another person or entity. Stock purchase agreements are often used when the majority ownership interest in a company is acquired by another person or entity. For more information on the transfer of ownership of companies, see the Common Legal Topic on mergers and acquisitions.

In Maine, a stock purchase agreement is a legal document that outlines the terms and conditions under which shares of a company are sold and purchased. The agreement typically includes details such as the number of shares being sold, the price per share, representations and warranties of the seller and buyer, and any conditions precedent to the closing of the transaction. Maine's Uniform Commercial Code (UCC) may govern aspects of the sale of securities, including stock. Additionally, federal securities laws, such as the Securities Act of 1933 and the Securities Exchange Act of 1934, impose disclosure requirements and anti-fraud provisions that must be adhered to in stock transactions. When a majority ownership interest in a company is being transferred, it is crucial to ensure compliance with both state and federal regulations, and it may be necessary to obtain approvals from regulatory bodies or existing shareholders, depending on the structure of the company and the specifics of the transaction. An attorney can provide guidance on the legal requirements for stock purchase agreements in Maine and help ensure that the transaction is conducted in accordance with the law.