394 LAWS OF MARYLAND. CH. 268

the proceeds of any disposition of the goods, documents or
instruments, the entruster shall be entitled, to the extent
to which and as against all classes of persons as to whom
his security interest was valid at the time of disposition
by the trustee, as follows:

(a) to the debts described in Section 9 (3); and also

(b) to any proceeds or the value of any proceeds
(whether such proceeds are identifiable or not) of the
goods, documents or instruments, if said proceeds were
received by the trustee within ten days prior to either ap-
plication for appointment of a receiver of the trustee, or
the filing of a petition in bankruptcy or judicial insolvency
proceedings by or against the trustee, or demand made
by the entruster for prompt accounting; and to a priority
to the amount of such proceeds or value; and also

(c) to any other proceeds of the goods, documents or
instruments which are identifiable, unless the provision for
accounting has been waived by the entruster by words or
conduct; and knowledge by the entruster of the existence
of proceeds, without demand for accounting made within
ten days from such knowledge, shall be deemed such a
waiver.

11. (Liens in Course of Business Good Against Entrus-
ter. ) Specific liens arising out of contractual acts of the
trustee with reference to the processing, warehousing, ship-
ping or otherwise dealing with specific goods in the usual
course of the trustee's business preparatory to their sale
shall attach against the interest of the entruster in said
goods as well as against the interest of the trustee, whether
or not filing has occurred under this Article; but this sec-
tion shall not obligate the entruster personally for any
debt secured by such lien; nor shall it be construed to
include the lien of a landlord.

12. (Entruster not Responsible on Sale by Trustee. )
An entruster holding a security interest shall not, merely
by virtue of such interest or of his having given the trus-
tee liberty of sale or other disposition, be responsible as
principal or as vendor under any sale or contract to sell
made by the trustee.

13. (Filing and Refiling Concerning Trust Receipt
Transactions Covering Documents or Goods. )

(1) Any entruster undertaking or contemplating trust
receipt transactions with reference to documents or goods
is entitled to file with the State Tax Commission a state-
ment, signed by the entruster and the trustee, containing: