1364

LAWS OF MARYLAND

[Ch. 268

Uniform Commercial Code used to publicize any of such
types of a secured transaction which prior to enactment
hereof were subject to the tax hereby imposed but shall
not include mechanic's liens, crop liens, or security
agreements relating to farm products or equipment used in
farming operations, purchase—money mortgages, assignments
of mortgages, conditional sales contracts or other
purchase—money security agreements or a security
agreement relating to the assignment of contract rights,
accounts, general intangibles or inventory as these terms
are defined in the Uniform Commercial Code or a filed
financing statement under the Uniform Commercial Code
used to publicize any of the same, judgments, releases or
orders of satisfaction.

SECTION 3. AND BE IT FURTHER ENACTED, That new
Section 277 (t) be and it is hereby added to Article 81 —
Revenue and Taxes, of the Annotated Code of Maryland
(1969 Replacement Volume and 1974 Supplement) to read as
follows:

Article 81 — Revenue and Taxes

277.

(T) NOTWITHSTANDING THE OTHER PROVISIONS OF THIS
SECTION, [[WHERE AN INSTRUMENT OF WRITING IS FILED]] ON
THE FILING WITH THE STATE DEPARTMENT OF ASSESSMENTS AND
TAXATION [[PURSUANT TO A]] OF ARTICLES OF SALE, LEASE,
EXCHANGE OR OTHER TRANSFER OF ALL OR SUBSTANTIALLY ALL
THE PROPERTY AND ASSETS OF A CORPORATION UNDER [[ARTICLE
23, §66]] 63-112 OF THE CORPORATIONS AND ASSOCIATIONS
ARTICLE, THE DEPARTMENT SHALL COLLECT THE TAX AT THE RATE
OF $1.65 FOR EACH $500 OF THE ACTUAL CONSIDERATION PAID
OR TO BE PAID FOR ANY REAL PROPERTY OR IMPROVEMENTS
THERETO SO TRANSFERRED.

THE TAX SHALL NOT APPLY TO (1) THE TRANSFER OF TITLE
TO REAL PROPERTY [[BY]] BETWEEN A SUBSIDIARY CORPORATION
[[TO]] AND ITS PARENT CORPORATION FOR NO CONSIDERATION,
FOR NOMINAL CONSIDERATION, OR IN SOLE CONSIDERATION OF
THE ISSUE OR THE CANCELLATION OR SURRENDER OF A
SUBSIDIARY'S STOCK, OR (2) THE TRANSFER OF TITLE TO REAL
PROPERTY BETWEEN TWO OR MORE SUBSIDIARY CORPORATIONS
WHOLLY-OWNED BY THE SAME PARENT CORPORATION FOR NO
CONSIDERATION, FOR NOMINAL CONSIDERATION, OR IN SOLE
CONSIDERATION OF THE ISSUE OR THE CANCELLATION OR
SURRENDER OF A SUBSIDIARY'S STOCK, OR (3) DEEDS MADE
PURSUANT TO [[MERGERS OF CORPORATIONS TO EFFECT PLANS OF
REORGANIZATION PURSUANT TO SECTIONS 354 THROUGH]]
REORGANIZATIONS WITHIN THE MEANING OF SECTION 368(A) OR
IN ACCORDANCE WITH SECTIONS 371 TO 374 INCLUSIVE OF THE
INTERNAL REVENUE CODE.