WILLIAM DONALD SCHAEFER, Governor Ch. 6

Occurred: As a result of Ch. 632, Acts of 1989, which repealed § 11-705 as
enacted by Ch. 3, Acts of 1989.

Article - Commercial Law

8-402.

(3) "Appropriate evidence of appointment or incumbency" in subsection (1)
[means] MEANS:

(a) In the case of a fiduciary appointed or qualified by a court, a certificate
issued by or under the direction or supervision of that court or an officer thereof and
dated within 60 days before the date of presentation for transfer, pledge or release; or

(b) In any other case, a copy of a document showing the appointment or a
certificate issued by or on behalf of a person reasonably believed by the issuer to be
responsible or, in the absence of that document or certificate, other evidence
reasonably deemed by the issuer to be appropriate. The issuer may adopt standards
with respect to the evidence if they are not manifestly unreasonable. The issuer is not
charged with notice of the contents of any document obtained pursuant to this
paragraph (b) except to the extent that the contents relate directly to the appointment
or incumbency.

DRAFTER'S NOTE:

Error: Omitted colon in § 8-402(3) of the Commercial Law Article.

Occurred: Ch. 49, § 2, Acts of 1975.

9-302.

(3) The filing of a financing statement otherwise required by this title is not
necessary or effective to perfect a security interest in property subject [to] TO:

(a) A statute or treaty of the United States which provides for a national
or international registration or a national or international certificate of title or which
specifies a place of filing different from that specified in this title for filing of the
security interest; or

(b) Another statute of this State which provides for central filing of, or
which requires indication on a certificate of title of, such security interests in such
property; but during any period in which collateral is inventory held for sale by a person
who is in the business of selling goods of that kind, the filing provisions of this title
(Subtitle 4) apply to a security interest in that collateral created by him as debtor; or

(c) A certificate of title statute of another jurisdiction under the law of
which indication of a security interest on the certificate is required as a condition of
perfection (subsection (2) of § 9-103).

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