236 LAWS OF MARYLAND [CH. 12

CHAPTER 12
(Senate Bill 14)

AN ACT to repeal Sections 6 to 16, inclusive, of Article 66 of
the Annotated Code of Maryland (1939 Edition), title
"Mortgages," and to enact in lieu thereof 10 new sections,
to be known as Sections 6 to 15, inclusive, of said Article
66 and to follow immediately after Section 5 thereof, com-
bining and standardizing the procedure for the foreclosure
of mortgages in Baltimore City and the counties of this
State; and to repeal Sections 508 to 523, inclusive, of
Article 4 of the Code of Public Local Laws of Maryland
and Baltimore City Charter (1949 Edition), title "Balti-
more City," sub-title "Mortgages," said sections relating
generally to the foreclosure of mortgages.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Sections 6 to 16, inclusive, of Article 66 of the
Annotated Code of Maryland (1939 Edition), title "Mort-
gages," be and the same are hereby repealed, and that 10 new
sections be and the same are hereby enacted in lieu thereof
to be known as Sections 6 to 15, inclusive, of said Article 66,
to follow immediately after Section 5 thereof, and to read as
follows:

6. (a) In all mortgages of lands or of chattels real, or of
goods and chattels personal, situated in the State of Mary-
land, there may be inserted a clause authorizing the mort-
gagee or any other person to be named therein to sell the
mortgaged property, upon such terms and on such contin-
gencies as may be expressed therein, and where the interest
in any mortgage is held by two or more, the power of sale
therein contained shall be held divisible, and he or they hold-
ing any such interest who shall first institute proceedings to
execute such power shall thereby acquire the exclusive right
to sell the mortgaged property.

(b) Before any person so authorized shall make any such
sale, he shall give bond to the State in such penalty and
with such security as shall be approved by the judge or clerk
of a court of equity of the county or city in which the mort-
gaged premises or some portion thereof lie, or in case of goods
and chattels, where the same or some portion thereof may be,

EXPLANATION: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike-out indicates, matter stricken out of bill.