592                                          LAWS OF MARYLAND                          [Ch. 84

FOR the purpose of modifying the procedures     relating to

the release of security interests in   vessels; and

changing certain terminology generally     relating to
security interests in vessels.

BY repealing and re—enacting, with amendments,

Article — Natural Resources
Section 8-7 21

Annotated Code of Maryland
(1973 Volume)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 8-721 of Article - Natural
Resources, of the Annotated Code of Maryland (1973
Volume) be and it is hereby repealed and re—enacted, with
amendments, to read as follows:

Article — Natural Resources

8-721. Discharge of [Lien] SECURITY INTEREST; [to be
indicated on] NEW certificate of Title.

When a [lien] SECURITY INTEREST is discharged, the
[lien holder] SECURED PARTY shall [note the discharge on
the face of] SECURELY ATTACH TO the certificate of title
[over his signature] A RELEASE OF SECURITY INTEREST, IN
WHATEVER FORM AS MAY BE PRESCRIBED BY OR ACCEPTABLE TO
THE DEPARTMENT, and within 15 days mail or deliver [it]
THE CERTIFICATE OF TITLE WITH ATTACHED RELEASE TO THE
OWNER AND A COPY OF THE RELEASE to the Department. The
Department shall correct its records [and forward the
certificate of title to the owner] AND, UPON THE REQUEST
OF THE OWNER AND THE RECEIPT BY THE DEPARTMENT OF THE
CERTIFICATE OF TITLE WITH ATTACHED RELEASE, THE
DEPARTMENT MAY ISSUE A NEW CERTIFICATE OF TITLE TO THE
OWNER.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1974.

Approved March 28, 1974.

CHAPTER 85
(House Bill 269)