812                               Laws of Maryland                      [Ch. 398

1.    If the parties to the transaction understood at the time the
security interest attached that the vehicle would be kept in this State,
and it was brought into this State within thirty (30) days after
the security interest attached for purposes other than transportation
through this State, the validity of the security interest in this State
is to be determined by the law of this State.

2.    If the security interest was already perfected under the laws
of the jurisdiction where the vehicle was when the security interest
attached and before being brought into this State:

(i) If the name of the secured party is shown on an existing
certificate of title issued by that jurisdiction, the security interest
continues perfected in this State.

(ii) If the name of the secured party is not shown on an existing
certificate of title issued by that jurisdiction and if the law of that
jurisdiction does not provide for certificates of title disclosing security
interests, the security interest continues perfected in this State for
four (4) months, and also, thereafter, if within the 4-month period
it is perfected in this State. This security interest may also be
perfected in this State after the expiration of the 4-month period;
in which case perfection dates from the time of perfection in this
State.

(iii) If the security interest was not perfected under the law of
the jurisdiction in which the vehicle was when the security interest
attached before being brought into this State, it may be perfected
in this State; in which case perfection dates from the time of perfec-
tion in this State.

3-203. Same; security interest.
If an owner creates a security interest in a vehicle:

1.    The owner immediately shall execute the application in the
space provided therefor on the certificate of title or on a separate
form the Department prescribes, naming the secured party on the
certificate of title, showing the name and address of the secured
party, the amount of the security interest, and the date of his security
agreement, and cause the certificate of title and application to be
delivered to the secured party DEPARTMENT OF MOTOR VE-
HICLES.

2.    The secured party shall immediately cause the certificate, appli-
cation, and the required fees to be mailed or delivered to the Depart-
ment THEREAFTER RECORD THE LIEN IN THE RECORD
OFFICE OF THE CLERKS OF THE COURTS IN AND FOR THE
JURISDICTION IN THE PLACE OF RESIDENCE OF THE
OWNER OF THE VEHICLE AS MAY BE PROVIDED FOR IN
OTHER APPLICABLE SECTIONS OF THIS CODE. THE SE-
CURITY INTEREST IS PERFECTED AS OF THE TIME OF ITS
CREATION IF DELIVERY AND PAYMENT TO THE DEPART-
MENT ARE COMPLETED WITHIN TEN (10) DAYS OF THE
DATE OF ITS CREATION AND SUBSEQUENT DELIVERY AND
PAYMENT WITHIN TWENTY-ONE (21) DAYS TO THE REC-
ORD OFFICE OF THE CLERKS OF THE COURTS AS HEREIN-
BEFORE PROVIDED, OTHERWISE AS OF THE TIME OF ITS
DELIVERY AND PAYMENT.