396 LAWS OF MARYLAND. CH. 268

like period as an original filing, and shall also continue the
rank of the entruster's existing security interest as against
all junior interests. It shall be the duty of the filing officer
to mark, file and index the further statement or affidavit
in like manner as the original.

14. (Limitations on Extent of Obligation Secured. ) As
against purchasers and creditors, the entruster's security
interest may extend to any obligation for which the goods,
documents or instruments were security before the trust
receipt transaction, and to any new value given or agreed
to be given as a part of such transaction; but not, other-
wise, to secure past indebtedness of the trustee; nor shall
the obligation secured under any trust receipt transaction
extend to obligations of the trustee to be subsequently
created.

15. (Article Not Applicable to Certain Transactions. )
This Article shall not apply to single transactions of legal
or equitable pledge, not constituting a course of business,
whether such transactions be unaccompanied by delivery
of possession, or involve constructive delivery, or delivery
and redelivery, actual or constructive, so far as such trans-
actions involve only an entruster who is an individual
natural person, and a trustee entrusted as a fiduciary with
handling investments or finances of the entruster; nor
shall it apply to transactions of bailment or consignment
in which the title of the bailor or consignor is not retained
to secure an indebtedness to him of the bailee or consignee.

16. (Election Among Filing Statutes. ) As to any
transaction falling within the provisions both of this
Article and of any other act requiring filing or recording,
the entruster shall not be required to comply with both,
but by complying with the provisions of either at his
election may have the protection given by the act complied
with; except that buyers in the ordinary course of trade
as described in sub-section (2) of Section 9, and lienors
as described in Section 11, shall be protected as therein
provided, although the compliance of the entruster be with
the filing or recording requirements of another act.

17. (Cases Not Provided For. ) In any case not pro-
vided for in this Article, the rules of law and equity, in-
cluding the law merchant, shall continue to apply to trust
receipt transactions and purported pledge transactions not
accompanied by delivery of possession.