508                              Laws of Maryland                      [Ch. 393

CHAPTER 393
(Senate Bill 364)

AN ACT to repeal and re-enact, with amendments, Sections 277 (m)
and 278 OF ARTICLE 81 of the Annotated Code of Maryland
(1957 Edition), title "Revenue and Taxes", sub-title "Recordation
Tax", providing the rate of tax applicable to instruments recorded
with the clerk of the Circuit Court for Harford County, and pro-
viding that the proceeds from the sale of State stamps shall be
deposited by the County Commissioners in order to retire certain
school bonds and then credited to the general funds of the County.

Section 1. Be it enacted by the General Assembly of Maryland,
That Sections 277 (m) and 278 OF ARTICLE 81 of the Annotated
Code of Maryland (1957 Edition), title "Revenue and Taxes", sub-
title "Recordation Tax", be and they are hereby repealed and re-
enacted, with amendments, to read as follows:

277.

(m) Montgomery County. AND HARFORD COUNTIES.—The
rate of tax applicable to instruments recorded with the clerk of the
Circuit Court for Montgomery County and Harford County shall be
as follows:

In the case of instruments conveying title to property, the tax shall
be at the rate of $1.10 for each $500 or fractional part thereof of the
actual consideration paid or to be paid; in the case of instruments
securing a debt, the tax shall be at the rate of $1.10 for each $500
of the principal amount of the debt secured.

278. No instrument subject to the tax imposed by this sub-title,
shall be received for record by any clerk of the court unless and until
a stamp is affixed to said instrument and canceled. The Comptroller
shall apply SUPPLY to the clerks of the circuit courts of the respec-
tive counties or the clerk of the Superior Court of Baltimore City,
stamps to evidence the payment of said tax, for sale to persons offer-
ing such instruments for record, under such rules and regulations as
the Comptroller may prescribe. The proceeds from the sale of said
stamps, together with the recordation charges herein provided, shall
be Accounted for and paid over to the county commissioners of the
county or the mayor and city council of Baltimore in which the tax
is collected; provided, however, that the revenue produced from the
recordation of instruments conveying title to or creating liens or
encumbrances upon real or personal property which is situated in
two or more counties or in the City of Baltimore and one or more
counties shall be accounted for and paid to the Comptroller for the
general funds of the State. In Harford County the proceeds from the
sale of State stamps shall be deposited by the County Commissioners
in a special capital improvement fund to be used to pay school bonds
issued upon the faith and credit of Harford County after January
1, 1959; and after all school bonds issued after said date have been

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.