MARVIN MANDEL, Governor

2047

of the various courts of Baltimore City. Any balance
remaining after all deficiencies have been paid shall be
treated as general fund revenue. The security interest
shall be perfected as of the time of its creation if
delivery and payment to the State Motor Vehicle
Administration are completed within 10 days of the date
of its creation, otherwise perfection shall be as of the
time of its delivery and payment. Provided, however,
that if the security interest is one for which a
recordation tax would be due under § 277 of Article 81 if
recorded with the clerks of the circuit courts of the
respective counties, or the clerk of the Superior Court
of Baltimore City, then the security interest shall not
be perfected until said recordation tax is paid to the
clerk of the court in and for the jurisdiction in the
place of residence of the owner of the vehicle. A
receipted bill or other evidence of the payment of said
recordation tax shall be delivered to the State Motor
Vehicle Administration by the secured party within thirty
(30) days after delivery to the State Motor Vehicle
Administration of the existing certificate of title if
any and application for certificate of title.]

[3-203.

(b) At the time of the delivery of the documents
described in paragraph 1 of this section to the State
Motor Vehicle Administration, the secured party shall pay
to the State Motor Vehicle Administration such filing fee
as may be required for perfection of the security
interest under § 3-202 (b) of this article. The State
Motor Vehicle Administration shall credit the required
portion of said fee to the Comptroller of the Treasury as
hereinbefore provided in § 3—202 (b). The security
interest shall be perfected as of the time of its
creation if delivery and payment to the State Motor
Vehicle Administration are completed within 10 days of
the date of its creation, otherwise perfection shall be
as of the time of its delivery and payment. Provided,
however, that if the security interest is one for which a
recordation tax would be due under § 277 of article 81 if
recorded with the clerks of the circuit courts of the
respective counties, or the clerk of the Superior Court
of Baltimore City, then the security interest shall not
be perfected until the recordation tax is paid to the
clerk of the court in and for the jurisdiction in the
place of residence of the owner of the vehicle. A
receipted bill or other evidence of the payment of said
recordation tax shall be delivered to the State Motor
Vehicle Administration by the secured party within thirty
(30) days after delivery to the State Motor Vehicle
Administration of the documents described in paragraph 1
of this section.]