Ch. 688                           MARVIN MANDEL, Governor                              1437

CLERKS OF CIRCUIT COURTS OF THE RESPECTIVE COUNTIES OR
THE CLERKS OF THE VARIOUS COURTS OF BALTIMORE CITY. ANY
BALANCE REMAINING AFTER ALL DEFICIENCIES HAVE BEEN PAID
SHALL BE TREATED AS GENERAL FUND REVENUE. THE SECURITY
INTEREST SHALL BE PERFECTED AS OF THE TIME OF ITS
CREATION IF DELIVERY AND PAYMENT TO THE STATE MOTOR
VEHICLE ADMINISTRATION ARE COMPLETED WITHIN 10 DAYS OF
THE DATE OF ITS CREATION, OTHERWISE PERFECTION SHALL BE
AS OF THE TIME OF ITS DELIVERY AND PAYMENT. PROVIDED,
HOWEVER, THAT IF THE SECURITY INTEREST IS ONE FOR WHICH
A RECORDATION TAX WOULD BE DUE UNDER SECTION 277 OF
ARTICLE 81 IF RECORDED WITH THE CLERKS OF THE CIRCUIT
COURTS OF THE RESPECTIVE COUNTIES, OR THE CLERK OF THE
SUPERIOR COURT OF BALTIMORE CITY, THEN THE SECURITY
INTEREST SHALL NOT BE PERFECTED UNTIL SAID RECORDATION
TAX IS PAID TO THE CLERK OF THE COURT IN AND FOR THE
JURISDICTION IN THE PLACE OF RESIDENCE OF THE OWNER OF
THE VEHICLE. A RECEIPTED BILL OR OTHER EVIDENCE OF THE
PAYMENT OF SAID RECORDATION TAX SHALL BE DELIVERED TO
THE STATE MOTOR VEHICLE ADMINISTRATION BY THE SECURED
PARTY WITHIN THIRTY (30) DAYS AFTER DELIVERY TO THE STATE
MOTOR VEHICLE ADMINISTRATION OF THE EXISTING
CERTIFICATE OF TITLE IF ANY AND APPLICATION FOR
CERTIFICATE OF TITLE.

3-203.

IF AN OWNER CREATES A SECURITY INTEREST IN A VEHICLE:

(A)      THE OWNER IMMEDIATELY SHALL EXECUTE THE
APPLICATION IN THE SPACE PROVIDED THEREFOR ON THE
CERTIFICATE OF TITLE OR A SEPARATE FORM THE STATE MOTOR
VEHICLE ADMINISTRATION 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 STATE MOTOR VEHICLE
ADMINISTRATION.

(B)    AT THE TIME OF THE DELIVERY OF THE DOCUMENTS
DESCRIBED IN PARAGRAPH 1 OF THIS SECTION TO THE STATE
MOTOR VEHICLE ADMINISTRATION, THE SECURED PARTY SHALL
PAY TO THE STATE MOTOR VEHICLE ADMINISTRATION SUCH
FILING FEE AS MAY BE REQUIRED FOR PERFECTION OF THE
SECURITY INTEREST UNDER SECTION 3-202(B) OF THIS ARTICLE.
THE STATE MOTOR VEHICLE ADMINISTRATION SHALL CREDIT
THE REQUIRED PORTION OF SAID FEE TO THE COMPTROLLER OF
THE TREASURY AS HEREINBEFORE PROVIDED IN SECTION 3-202(B).
THE SECURITY INTEREST SHALL BE PERFECTED AS OF THE TIME
OF ITS CREATION IF DELIVERY AND PAYMENT TO THE STATE
MOTOR VEHICLE ADMINISTRATION ARE COMPLETED WITHIN 10
DAYS OF THE DATE OF ITS CREATION, OTHERWISE PERFECTION
SHALL BE AS OF THE TIME OF ITS DELIVERY AND PAYMENT.
PROVIDED, HOWEVER, THAT IF THE SECURITY INTEREST IS ONE
FOR WHICH A RECORDATION TAX WOULD BE DUE UNDER
SECTION 277 OF ARTICLE 81 IF RECORDED WITH THE CLERKS OF
THE CIRCUIT COURTS OF THE RESPECTIVE COUNTIES, OR THE