1618

LAWS OF MARYLAND

[Ch. 311

(E) EFFECT OF DEFECT.

A TRANSFER, VESTING, OR DEVOLUTION OF TITLE TO THE
PROPERTY IS NOT INVALIDATED OR OTHERWISE AFFECTED BY ANY
ERROR OR DEFECT IN THE PROPERTY CERTIFICATE, FAILURE TO
FILE IT, OR FAILURE OF THE DEPARTMENT TO ACT ON IT.

REVISOR'S NOTE: This section presently appears as
Art. 23, §66(g)(2).

The terms "interest in land" and "successor"

are used in place of their present

counterparts; in this regard, see revisor's
note to § 3-111.

The term "property certificate" is introduced
to differentiate the certificate prepared by
the corporation under this section from the
one prepared by the Department under § 3—111.

The only other changes are in style.

3-113. TIME ARTICLES EFFECTIVE.

(A)   MARYLAND SUCCESSOR OR TRANSFEROR.

IF THE SUCCESSOR IN A CONSOLIDATION OR MERGER OR THE

TRANSFEROR IN A TRANSFER OF ASSETS IS A MARYLAND

CORPORATION, A CONSOLIDATION, MERGER, OR TRANSFER OF
ASSETS IS EFFECTIVE AS OF THE LATER OF:

(1)    THE TIME THE DEPARTMENT ACCEPTS THE
ARTICLES OF CONSOLIDATION, MERGER, OR TRANSFER FOR
RECORD; OR

(2)    THE TIME ESTABLISHED UNDER THE ARTICLES,
NOT TO EXCEED 30 DAYS AFTER THE ARTICLES ARE ACCEPTED FOR
RECORD.

(B)   FOREIGN SUCCESSOR.

(1) IF THE SUCCESSOR IN A CONSOLIDATION OR
MERGER IS A FOREIGN CORPORATION, THE CONSOLIDATION OR
MERGER IS EFFECTIVE AS OF THE LATER OF:

(1)   THE TIME SPECIFIED BY THE LAW OF THE
PLACE WHERE THE SUCCESSOR IS ORGANIZED; OR

(II) THE TIME THE DEPARTMENT ACCEPTS THE
ARTICLES OF CONSOLIDATION OR MERGER FOR RECORD.

(2)   A SUCCESSOR IN A CONSOLIDATION OR MERGER
SHALL FILE FOR RECORD WITH THE DEPARTMENT A CERTIFICATE
FROM THE PLACE WHERE IT IS ORGANIZED WHICH CERTIFIES THE