390 LAWS OF MARYLAND. CH. 268

4. (Contract to Give Trust Receipt. )

(1) A contract to give a trust receipt, if in writing and
signed by the trustee, shall, with reference to goods, docu-
ments or instruments thereafter delivered by the entruster
to the trustee in reliance on such contract, be equivalent in
all respects to a trust receipt.

(2) Such a contract shall as to such goods, documents,
or instruments be specifically enforceable against the trus-
tee; but this sub-section shall not enlarge the scope of the
entruster's rights against creditors of the trustee as lim-
ited by this Article.

5. (Validity Between the Parties. ) Between the en-
truster and the trustee the terms of the trust receipt shall,
save as otherwise provided by this Article, be valid and
enforceable. But no provision for forfeiture of the trus-
lee's interest shall be valid except as provided in sub-
section (5) of Section 6.

6. (Repossession, and Entruster's Rights on Default. )

(1) The entruster shall be entitled as against the trus-
tee to possession of the goods, documents or instruments
on default, and as may be otherwise specified in the trust
receipt.

(2) An entruster entitled to possession under the
terms of the trust receipt or of sub-section (1) may take
such possession without legal process, whenever that is
possible without breach of the peace.

(3) (a) After possession taken, the entruster shall,
subject to sub-division (b) and sub-section (5), hold such
goods, documents or instruments with the rights and du-
ties of a pledgee.

(b) An entruster in possession may, on or after de-
fault, give notice to the trustee of intention to sell, and
may, not less than five days after the serving or sending of
such notice, sell the goods, documents or instruments for
the trustee's account, at public or private sale, and may at
a public sale himself become a purchaser. The proceeds
of any such sale, whether public or private, shall be ap-
plied (1) to the payment of the expenses thereof, (2) to
the payment of the expenses of re-taking, keeping and
storing the goods, documents, or instruments, (3) to the
satisfaction of the trustee's indebtedness. The trustee shall
receive any surplus and shall be liable to the entruster for
any deficiency. Notice of sale shall be deemed sufficiently
given if in writing, and either (1) personally served on the
trustee, or (2) sent by post-paid ordinary mail to the trus-
tee's last known business address.