2362

LAWS OF MARYLAND

[Ch. 432

the fee collected for filing a security interest
with the Department of Natural Resources; and
relating generally to security interests in vessels.

BY repealing

Article — Natural Resources

Section 8—721

Annotated Code of Maryland

(1974 Volume and 1974 Supplement)

BY adding to

Article — Natural Resources

Section 8-728 through 8-736, inclusive

Annotated Code of Maryland

(1974 Volume and 1974 Supplement)

BY repealing and re—enacting, with amendments,

Article 81 — Revenue and Taxes

Section 277 (a)

Annotated Code of Maryland

(1969 Replacement Volume and 1974 Supplement)

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 (1974 Volume
and 1974 Supplement) be and it is hereby repealed:

Article — Natural Resources

[8-721.

When a security interest is discharged, the secured
party shall securely attach to the certificate of title 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 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, 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 new
Sections 8—728 through 8—736, inclusive, be and they are
hereby added to Article — Natural Resources, of the
Annotated Code of Maryland (1974 Volume and 1974