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Session Laws, 1975
Volume 716, Page 154   View pdf image
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154                                             LAWS OF MARYLAND                            [Ch. 49

mortgage, reservation of title or otherwise; or

(f) Indicates a particular account to be
debited or any other fund or source from which
reimbursement is expected; or

(g) Is limited to payment out of a particular
fund or the proceeds of a particular source, if the
instrument is issued by a government or governmental
agency or unit; or

(h) Is limited to payment out of the entire
assets of a partnership, unincorporated association,
trust or estate by or on behalf of which the instrument
is issued.

(2) A promise or order is not unconditional if the
instrument

(a)    States that it is subject to or governed
by any other agreement; or

(b)   States that it is to be paid only out of
a particular fund or source except as provided in this
section.

3—106. Sum certain.

(1) The sum payable is a sum certain even though it
is to be paid

(a)    With stated interest or by stated
installments; or

(b)    With stated different rates of interest
before and after default or a specified date; or

(c)   With a stated discount or addition IF
paid before or after the date fixed for payment; or

(d)    With exchange or less exchange, whether
at a fixed rate or at the current rate; or

(e)   With costs of collection or an attorney's
fee or both upon default.

(2) Nothing in this section shall validate any term
which is otherwise illegal.

3-107. Money.

(1) An instrument is payable in money if the medium
of exchange in which it is payable is money at the time
the instrument is made. An instrument payable in

 

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Session Laws, 1975
Volume 716, Page 154   View pdf image
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