370

LAWS OF MARYLAND

[Ch. 12

While this section has been redrafted and
included in this article, it is the strong
recommendation of the Commission that the
General Assembly consider repealing this
section because it is unnecessary,
unreasonable, and improperly burdensome on
real property transactions. The section
allows the State an advantage as a creditor
superior to the status enjoyed by other
creditors. The lien is broad enough to
encumber property of the debtor wherever
located and it creates a heavy burden on
creditors and others charging them with notice
of an encumbrance that they can find only by
searching the records of every court in the
State. Title companies especially would be
exceptionally burdened in this correction.
The Commission decided not to repeal this
section only because this action would involve
a substantive change and thus be in violation
of the mandated scope of the Commission's
authority.

TITLE 10. SALES OF PROPERTY

SUBTITLE 1. LAND INSTALLMENT CONTRACTS

10-101. DEFINITIONS.

(A)   IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE
MEANINGS INDICATED UNLESS OTHERWISE APPARENT FROM
CONTEXT.

(B)  "LAND INSTALLMENT CONTRACT" MEANS A LEGALLY
BINDING EXECUTORY AGREEMENT UNDER WHICH (1) THE VENDOR
AGREES TO SELL AN INTEREST IN PROPERTY TO THE PURCHASER
AND THE PURCHASER AGREES TO PAY THE PURCHASE PRICE IN
FIVE OF MORE SUBSEQUENT PAYMENTS EXCLUSIVE OF THE DOWN
PAYMENT, IF ANY, AND (2) THE VENDOR RETAINS TITLE AS
SECURITY FOR THE PURCHASER'S OBLIGATION.

(C)   "DOWN PAYMENT" MEANS THE PAYMENT MADE BY THE
PURCHASER TO THE VENDOR ON ACCOUNT OF THE PURCHASE PRICE
AT OR BEFORE THE TIME OF THE EXECUTION OF A LAND
INSTALLMENT CONTRACT.

(D)    "PROPERTY" MEANS IMPROVED PROPERTY OR IMPROVED
CHATTELS[[,]] REAL, OCCUPIED OR TO BE OCCUPIED BY THE
PURCHASER" AS A DWELLING WHERE THE PURCHASE PRICE   DOES NOT
EXCEED $25,000.

(E)    "PURCHASER" MEANS A NATURAL PERSON[[, OTHER
THAN A CORPORATION,]] WHO PURCHASES PROPERTY SUBJECT TO A