Marvin Mandel, Governor                       1037

of the assignment prior to such payment. This provision will also
apply to a payment by a transferee of the mortgaged property except
where the assignment of the mortgage is of record at the effective
date of the transfer of the mortgaged property.

7-104. Priority of Purchase Money Mortgage or Deed of Trust.

Where property is sold and conveyed, and a mortgage or deed of
trust is given by the purchaser at the same time to secure the pay-
ment of the purchase money, in whole or in part, the mortgage or
deed of trust shall, if it recites that the sum so received is in whole
or in part the purchase money of the property purchased be pre-
ferred to any previous judgment or decree for the payment of money
which may have been obtained against such purchaser, whether
the mortgage or deed of trust is given to the vendor of the property
as purchased or to a third party who advances the purchase money
in whole or in part.

7-105. Sales.

(a)    Power of sale or assent to decree for sale.

In all mortgages or deeds of trust of any property, there may be
inserted a provision authorizing any natural person named therein,
including the secured party, to sell such property or declaring the
borrower's assent to the passing of a decree for the sale of the prop-
erty, upon default in a condition upon which the mortgage or deed
of trust provides that a sale may be made. All sales made pursuant
to either of such provisions or pursuant to the Maryland Rules of
Procedure, after final ratification by the court and conveyance of
the property to the vendee upon payment of the purchase money,
shall have the same effect as if such sale and conveyance were made
under decree between the proper parties in relation to the mort-
gage or deed of trust and in the usual course of said court, and shall
operate to pass all the title which the borrower had in the property
at the time of the recording of the mortgage or deed of trust.

(b)    Interest payable after sale in certain counties.

The interest provided in a mortgage or deed of trust shall be pay-
able for a period of sixty days following the date of sale or until
the audit of the sale be ratified, whichever shall first occur. This
subsection shall apply only in Calvert, Cecil, Frederick, Kent, Queen
Anne's, Talbot, Caroline, Worcester and Charles Counties.

(c)    Secured party may purchase at sale.

No title to property acquired at sale of property subject to a mort-
gage or deed of trust shall be invalid by reason of the fact that the
property was purchased by the secured party, his assignee, or repre-
sentative, or for his account.

(d)    Purchaser's rights and remedies against tenants of debtor.

All purchasers at a foreclosure sale of a mortgage or deed of
trust shall have the same rights and remedies against the tenants
of the mortgagor or grantor as the mortgagor or grantor had, and
the said tenants shall have the same rights and remedies against
the purchaser as they would have had against the mortgagor or
grantor on the date the mortgage or deed of trust was recorded.