WILLIAM DONALD SCHAEFER, Governor Ch. 266

that is transferred jointly and severally liable for property taxes on the property;
and authorizing a transferor of certain transferred personal property who has paid
the property tax to require the transferee to adjust the property tax with the
transferor.

BY adding to

Article - Tax - Property

Section 10-402(c)

Annotated Code of Maryland

(1986 Volume and 1989 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Tax - Property

10-402.

(C) (1) IF A TRANSFER OF ALL PERSONAL PROPERTY OR ALL THE
STOCK IN BUSINESS OF A BUSINESS OCCURS AFTER THE SEMIANNUAL
DATE OF FINALITY AND BEFORE THE SUBSEQUENT YEAR DATE OF
FINALITY:

(I) THE PROPERTY IS ASSESSED TO THE TRANSFEROR;
AND

(II) THE TRANSFEROR AND THE TRANSFEREE ARE
JOINTLY AND SEVERALLY LIABLE FOR ALL TAXES DUE ON THE
PROPERTY.

(2) IF THE TRANSFEROR OF PERSONAL PROPERTY THAT IS
TRANSFERRED UNDER THIS SECTION HAS PAID THE PROPERTY TAX,
THE TRANSFEROR MAY REQUIRE THE TRANSFEREE TO ADJUST THE
PROPERTY TAX WITH THE TRANSFEROR.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 1990.

Approved May 2, 1990.

CHAPTER 266
(Senate Bill 352)

AN ACT concerning

Creation of a State Debt - Washington College

FOR the purpose of authorizing the creation of a State Debt in the amount of

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