J. MILLARD TAWES, Governor                        787

Uniform Stock Transfer Act, Article 37A, Sections 2 through 13,
Uniform Fiduciaries Act, Article 53, Section 26, Agricultural Liens,
Article 21, Section 102, Chattel Mortgages on Railroad Equipment,
Article 21, Sections 41 through 65, Bills of Sale and Chattel
Mortgages, Article 23, Section 378, Corporate Mortgages, Article
21, Sections 66 through 67, Conditional Sales Contracts, Article 2,
Sections 21 through 29, Factors Lien Act, Article 8, Section 1,
Assignment of Accounts Receivable Statute, Article 95½, Sec-
tions 1 through 20, Uniform Trust Receipts Act and repealing
also all other laws inconsistent herewith. , AND TO REPEAL AND
RE-ENACT WITH AMENDMENTS ARTICLE 81, SECTION
277(A) OF THE ANNOTATED CODE OF MARYLAND, (1957
EDITION AND 1962 SUPPL.), TITLE, "REVENUE AND
TAXES," SUBTITLE "RECORDATION TAX," TO ACCOMMO-
DATE THE PROVISIONS THEREOF CONCERNING THE RE-
CORDATION TAX TO THE UNIFORM COMMERCIAL CODE
BUT WITHOUT CHANGING THE INCIDENCE OF THE TAX
THEREBY IMPOSED.

Section 1. Be it enacted by the General Assembly of Maryland,
That a new Article 95B be and it is hereby added to the Annotated
Code of Maryland (1957 Edition), to follow immediately after Article
95A thereof, to be entitled "Uniform Commercial Code," and to read
as follows:

Article 95B
Uniform Commercial Code

Sub-title 1
General Provisions

Part 1

Short Title, Construction, Application and Subject Matter

of the Article
1—101. Short Title.

This Article shall be known and may be cited as Uniform Commer-
cial Code.

1—102. Purposes; Rules of Construction; Variation by Agreement.

(1)  This Article shall be liberally construed and applied to promote
its underlying purposes and policies.

(2)   Underlying purposes and policies of this Article are

(a)  to simplify, clarify and modernize the law governing commer-
cial transactions;

(b)  to permit the continued expansion of commercial practices
through custom, usage and agreement of the parties;

(c)  to make uniform the law among the various jurisdictions.

(3)   The effect of provisions of this Article may be varied by agree-
ment, except as otherwise provided in this Article and except that
the obligations of good faith, diligence, reasonableness and care pre-
scribed by this Article may not be disclaimed by agreement but the
parties may by agreement determine the standards by which the
performance of such obligations is to be measured if such standards
are not manifestly unreasonable.