382                               LAWS OF MARYLAND                        [CH. 143

4-207.

(3) The warranties and the engagement to honor set forth in
the two preceding [subsection] subsections arise notwithstanding
the absence of indorsement or words of guaranty or warranty in the
transfer or presentment and a collecting bank remains liable for their
breach despite remittance to its transferor. Damages for breach of
such warranties or engagement to honor shall not exceed the con-
sideration received by the customer or collecting bank responsible plus
finance charges and expenses related to the item, if any.

4-208.

(2) When credit which has been given for several items received
at one time or pursuant to a single agreement is [withdraw] with-
drawn or applied in part the security interest remains upon all the
items, any accompanying documents or the proceeds of either. For
the purpose of this section, credits first given are first withdrawn.

6-103.

The following transfers are not subject to this subtitle:

(1)  Those made to give security for the performance of an obli-
gation ;

(2)   General assignments for the benefit of all the creditors of the
transferor, and subsequent transfers by the assignee thereunder;

(3)   Transfers in settlement or realization of a lien or other security
interest;

(4)   Sale by executors, administrators, receivers, trustees in bank-
ruptcy, or any public officer under judicial process;

(5)   Sales made in the course of judicial or administrative proceed-
ings for the dissolution or reorganization of a corporation and of
which notice is sent to the creditors of the corporation pursuant to
order of the court or administrative agency;

(6)   Transfers to a person maintaining a known place of business
in this State who becomes bound to pay the debts of the transferor
in full and gives public notice of that fact, and who is solvent after
becoming so bound;

(7)  A transfer to a new business enterprise organized to take over
and continue the business, if public notice of the transaction is given
and the new enterprise assumes the debts of the transferor and he
receives nothing from the transaction except an interest in the new
enterprise junior to the claims of creditors;

(8)  Transfers of property which is exempt from execution.

(9)   Public notice under subsection (6) or subsection (7) may be
given by publishing once a week for two consecutive weeks in a
newspaper of general circulation where the transferor had its [prin-
ciple] principal place of business in this State an advertisement in-
cluding the names and addresses of the transferor and transferee
and the effective date of the transfer.