682 ARTICLE 3.

son, firm, association or corporation, other than a brewer, brewing com-
pany, distiller, rectifier or compounder or bottler of or wholesale dealer
in malted, brewed, fermented, spirituous or intoxicating liquors of any
kind, directly or indirectly, as security for the repayment of any debt
or the performance of any obligation, and the instrument so assigning,
hypothecating or pledging said license shall, upon the application of the
person, firm, bank, association or corporation to whom the same shall be
made, be recorded by the Clerk of the Circuit Court for Baltimore County
in a suitable book kept for that purpose, and shall return the instrument
to the person presenting the same, after having endorsed thereon the facts,
of such recording and the day and date thereof, the costs of such record-
ing to be assessed by said clerk in the same manner as the costs of record-
ing deeds, and such book and records of said clerk shall at all suitable
times ba open to the inspection of the public, and shall be deemed and
taken as actual notice to all persons of the matters and facts recorded
therein; and whenever it shall be made to appear to the presiding judge
or judges of the Circuit Court for Baltimore County, upon petition duly-
verified by affidavit, that default has occurred in any of the conditions,
set forth in said instrument, hypothecation or pledge, and the licensee
refused to deliver the license to the person, firm, bank, association or cor-
poration thereby entitled to the same, the said judge or judges shall have
power, after such hearing as they may deem advisable, to revoke the;
original license and issue a duplicate license in lieu thereof, and upon
so receiving said duplicate license the said assignee or pledgee shall have-
the right to rehypothecate, cancel or redeem said license, but shall have
no further or other rights thereunder unless and until the provisions of
this Act relating to original grants or transfers of licenses have been
complied with; provided, however, that nothing in this section contained
shall prevent any licensee who shall have assigned, hypothecated or pledged
a license under the provisions of this section from prosecuting the business
for which said license was granted until the same shall have been revoked
by said judge or judges under the provisions of this section; and pro-
vided further, that nothing in this section contained shall prevent the-
issuing of duplicate licenses under the provisions of this section to any
person, firm, bank, association or corporation whatsoever, except a brewer,
brewing company, distiller, rectifier or compounder or bottler of or a
wholesale dealer in malted, brewed, fermented, spirituous or intoxicating
liquors of any kind; provided also, that no license thus assigned, hypo-
thecated or pledged, nor duplicate license thus issued, shall be used or
disposed of by any transferee or assignee, except for rehypothecation, can-
cellation or redemption, without complying with the provisions of Section
437 of this Article.

1916, ch. 31, sec. 21B. B. Co. C. (1916), sec. 360. 1928, sec. 439.
439. Any holder of a license to sell spirituous, fermented or intoxicat-
ing liquors at retail against whom no indictment or information is pend-
ing for the violation of any provisions of this Act, and who shall not have