984 LAWS OF MARYLAND. [CH. 522

438. In addition to the powers conferred by Section 437
of this Article, any holders of a retail license under
this sub-title may assign, hypothecate or pledge said
license to any person, firm, association or corporation, other
than a brewer, brewing company, distiller, rectifier or com-
pounder or bottler of or wholesale dealer in malted,
brewed, fermented, spirituous or intoxicating liquors of
any kind, directly or indirectly, as security for the repay-
ment 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 Balti-
more 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 re-
cording and the day and date thereof, the costs of such
recording to be assessed by said clerk in the same man-
ner as the costs of recording deeds, and such book and
records of said clerk shall at all suitable times be 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 corporation 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
sub-title 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 li-
cense 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same shall have been revoked by said judge or judges under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 provided 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 what-