HERBERT R. O'CONOR, GOVERNOR. 1789

after Section 20 of said Article, said new sub-title to be
known as "Factors' Liens", and said new sections to be
numbered, respectively, 21, 22, 23, 24, 25, 26, 27 and 28, defin-
ing the terms "factor", "merchandise" and "borrower", pro-
viding for a continuing general lien of factors on merchan-
dise and the proceeds of the sale thereof and the manner in
which such liens shall be created and recorded or notice
thereof placed on record, and providing further that this sub-
title shall be construed as providing an additional method
for financing the manufacture, processing or sale of mer-
chandise, and is not to be construed as affecting the validity
of liens heretofore or hereafter acquired as security for the
financing of th6 manufacturing or processing or sale of
merchandise under the provisions of other sub-titles of this
Article, the provisions of any other statute of this State or
under the provisions of the common Taw in effect in this
State.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That a new sub-title and eight (8) new sections be, and
the same are hereby added to Article 2 of the Annotated Code
of Maryland (1939 Edition), title "Agents and Factors", to
follow immediately after Section 20 of said Article, said new
sub-title to be known as "Factors7 Liens", and said new sec-
tions to be numbered, respectively, 21, 22, 23, 24, 25, 26, 27 and
28, and to read as follows:

FACTORS' LIENS.

21. The term "factor", wherever used in this sub-title of
this Article, shall mean persons, firms, banks, and other corpo-
rations, and their successors in interest, engaged, in whole or
in part, in the business of lending or advancing money on the
security of merchandise, or the proceeds of sale thereof,
whether or not they are employed to sell such merchandise.
The term "merchandise" wherever used in this sub-title of this
Article, shall mean any personal property intended for sale,
whether or not after further manufacturing or processing, and
does not include fixtures or other trade or manufacturing
equipment of any borrower. The term "borrower" whenever
used in this sub-title of this Article, shall mean the owner of
merchandise, or his agent, who creates a lien in favor of a
factor.

22. If so provided by any written agreement with the bor-
rower, a factor shall have a continuing general lien upon all
merchandise described in such agreement or memoranda
thereof, or if so provided in said agreement, all merchandise
from time to time designated in separate written statements.