1436                                      LAWS OF MARYLAND                                Ch. 688

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 Department of Motor Vehicles.

2.  The secured party shall 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 security interest is perfected as of the time of its creation if delivery and
payment to the Department are completed within ten (10) days of the date of its
creation and subsequent delivery and payment within twenty-one (21) days to the
record office of the clerks of the courts as hereinbefore provided, otherwise as of
the time of its delivery and payment.

3.  Upon receipt of the certificate of title, application, and the required fees, the
Department shall endorse on the existing certificate of title or on a new certificate
which it then issues, the name and address of all secured parties, and mail or
deliver the certificate of title to the owner named thereon.

3-204.

(b) The assignee shall deliver to the Department the certificate of title if
available and an assignment by the secured party named in the certificate of title in
the form the Department may prescribe accompanied by a fee of $2.00 in addition
to all other fees prescribed under this article. The assignee's security interest is
perfected as of the time of its creation if delivery and payment are completed
within ten (10) days of the date of its creation and subsequent delivery and
payment within twenty-one (21) days to the record office of the clerks of the
courts, as hereinbefore provided, otherwise as of the time of its delivery and
payment.

3-205.

(a) Upon the satisfaction of a security interest in a vehicle the secured party
shall execute a release of his security interest upon forms prescribed by the
Department and immediately mail or deliver the release to the owner and an exact
copy of the release shall be delivered by the secured party to 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 or to the record office of the clerks of the courts in which the
security interest was perfected if the owner has changed his place of residence after
perfection. After it receives a release and the certificate of title, the Department
shall release the secured party's right on the certificate of title or issue a new
certificate.]

3-202.

(B) A SECURITY INTEREST IS PERFECTED BY THE DELIVERY TO
THE STATE MOTOR VEHICLE ADMINISTRATION OF THE EXISTING
CERTIFICATE OF TITLE, IF ANY, AND AN APPLICATION FOR
CERTIFICATE OF TITLE ON A FORM PROVIDED OR APPROVED BY
THE STATE MOTOR VEHICLE ADMINISTRATION CONTAINING
INFORMATION REGARDING THE SECURITY INTEREST AS MAY BE
REQUIRED IN THE FORM, AND UPON PAYMENT OF A FILING FEE
OF $9.00, WHICH IS IN ADDITION TO ANY OTHER FEES WHICH MAY
BE APPLICABLE UNDER THIS ARTICLE. THE STATE MOTOR
VEHICLE ADMINISTRATION SHALL DEPOSIT $6.00 OF THIS FILING
FEE TO THE CREDIT OF THE COMPTROLLER OF THE
TREASURY-CLERK OF COURTS DEFICIENCY FUND WHICH IS
HEREBY CREATED. SUCH FUND SHALL BE USED TO OFFSET ANY
OPERATING DEFICIENCIES INCURRED BY THE OFFICES OF THE