392 LAWS OF MARYLAND. CH. 268

But where the trustee at the time of the trust receipt
transaction has and retains instruments or documents, the
thirty days shall be reckoned from the time such instru-
ments or documents are actually shown to the entruster, or
from the time that the entruster gives new value under
the transaction, whichever is prior.

(2) Save as provided in sub-section (1), the entrus-
ter's security interest shall be void as against lien creditors
who become such after such thirty day period and with-
out notice of such interest and before filing.

(a) Where a creditor secures the issuance of process
which within a reasonable time after such issuance re-
sults in attachment of or levy on the goods, he is deemed
to have become a lien creditor as of the date of the issuance
of the process.

(b) Unless prior to the acquisition of notice by all
creditors filing has occurred or possession has been taken
by the entruster, (1) an assignee for the benefit of cred-
itors, from the time of assignment, or (2) a receiver in
equity from the time of his appointment, or (3) a trustee
in bankruptcy or judicial insolvency proceedings from the
time of filing of the petition in bankruptcy or judicial in-
solvency by or against the trustee, shall, on behalf of all
creditors, stand in the position of a lien creditor without
notice, without reference to whether he personally has or
has not, in fact, notice of the entruster's interest.

9. (Limitations on Entruster's Protection Against
Purchasers. )

(1) (a) Nothing in this Article shall limit the rights
of purchasers in good faith and for value from the trustees
of negotiable instruments or negotiable documents, and
purchasers taking from the trustee for value, in good faith,
and by transfer in the customary manner instruments in
such form as are by common practice purchased and sold
as if negotiable, shall hold such instruments free of the
entruster's interest; and filing under this Article shall not
be deemed to constitute notice of the entruster's interest
to purchasers in good faith and for value of such docu-
ments or instruments, other than transferees in bulk.

(b) The entrusting (directly, by agent, or through the
intervention of a third person) of goods, documents or
instruments by an entruster to a trustee, under a trust re-
ceipt transaction or a transaction falling within Section 3
of this Article, shall be equivalent to the like entrusting
of any documents or instruments which the trustee may
procure in substitution, or which represent the same
goods or instruments or the proceeds thereof, and which