SPIRO T. AGNEW, Governor                      1253

151.

(d) Of the net motor vehicle fuel tax revenues available for dis-
tribution under this section, as determined by the Gasoline Tax
Division, two hundred thousand dollars ($200,000) FOUR HUN-
DRED THOUSAND DOLLARS ($400,000.00) shall be allocated to
the use of the Waterways Improvement Fund.

From and after July 1, 1968, no further refund of taxes on motor
vehicle fuel, as defined in this subtitle shall be allowed for watercraft
usage, except in the case of watercraft used and devoted to com-
mercial purposes, the refunds of which shall continue to be paid from
the gross revenues of the Gasoline Tax.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1968.

Approved May 7, 1968.

CHAPTER 621
(House Bill 23)

AN ACT to add new Section 44 to Article 10 of the Annotated Code
of Maryland (1957 Edition and 1967 Supplement), title "Attor-
neys at Law and Attorneys in Fact," to follow immediately after
Section 43 thereof and to be under the new subtitle "Escrow
Funds of Attorneys," to require attorneys at law in the State
engaged in transactions involving settlements in connection with
the sale of real property and the transfer of title to such property
to deposit and maintain settlement CERTAIN monies in escrow
accounts and to provide certain penalties for violations of this Act.

Section 1. Be it enacted by the General Assembly of Maryland,
That new Section 44 be and it is hereby added to Article 10 of the
Annotated Code of Maryland (1957 Edition and 1967 Supplement),
title "Attorneys at Law and Attorneys in Fact," to follow imme-
diately after Section 43 thereof, to be under the new subtitle "Escrow
Funds of Attorneys," and to read as follows:

Escrow Funds of Attorneys
44.

(a) (1) Every attorney engaging in the settlement or closing

of real estate titles, transactions, exchanges, sales, negotiable instru-

ments, contracts, mortgages, deeds of trust, leases, or loans in con-

nection with real estate situated in the State of Maryland, or engag-

ing in the handling or holding of escrow funds or property in

connection with real estate titles, settlements, closings, transactions,
sales, exchanges, contracts, mortgages, deeds of trust, negotiable in-
struments, or loans in connection with real estate situated in the
State of Maryland, shall comply with the requirements of this section.

(2) In any case in which he (A) IF ANY ATTORNEY is en-
trusted with, or receives and accepts, or otherwise holds, deposit