MARVIN MANDEL, Governor                              2363

Supplement) to read as follows:

Article — Natural Resources

8-728.

SECTIONS 8-729 THROUGH 8-736 DO NOT APPLY TO OR
AFFECT:

(1)    A LIEN GIVEN BY STATUTE OR RULE OF LAW TO A
SUPPLIER OF SERVICES OR MATERIALS FOR THE VESSEL;

(2)    A LIEN GIVEN BY STATUTE TO THE UNITED STATES,
THIS STATE, OR ANY POLITICAL SUBDIVISION OF THIS STATE;

(3)    A   SECURITY INTEREST IN A VESSEL CREATED BY A
MANUFACTURER DEALER WHO HOLDS THE VESSEL FOR SALE, BUT
A BUYER IN THE ORDINARY COURSE OF TRADE FROM THE
MANUFACTURER OR DEALER TAKES FREE OF THE SECURITY
INTEREST;

(4)    ANY LIEN ARISING OUT OF AN ATTACHMENT OF A
VESSEL;

(5)    ANY SECURITY INTEREST CLAIMED ON PROCEEDS, AS
DEFINED IN § 9-306(1) OF THE COMMERCIAL LAW ARTICLE, IF
THE ORIGINAL SECURITY INTEREST DID NOT HAVE TO BE NOTED
ON THE CERTIFICATE OF TITLE IN ORDER TO BE PERFECTED; OR

(6)    ANY VESSEL FOR WHICH A CERTIFICATE OF TITLE IS
NOT REQUIRED UNDER THIS SUBTITLE.

8-729.

(A)    UNLESS EXCEPTED BY § 8-728, A SECURITY
INTEREST IN A VESSEL IS NOT VALID AGAINST CREDITORS OF
THE OWNER OR SUBSEQUENT TRANSFEREES OR SECURED PARTIES OF
THE VESSEL UNLESS PERFECTED AS PROVIDED UNDER §§ 8-729
THROUGH 8-732.

(B)    A SECURITY INTEREST IS PERFECTED BY THE
DELIVERY TO THE DEPARTMENT OF THE EXISTING CERTIFICATE OF
TITLE, IF ANY, AND AN APPLICATION FOR CERTIFICATE OF
TITLE ON A FORM PROVIDED OR APPROVED BY THE DEPARTMENT
CONTAINING INFORMATION REGARDING THE SECURITY INTEREST,
AND UPON PAYMENT OF A FILING FEE OF [[$9.00.]] [[$13.]]
$15. $4 OF THIS FILING FEE SHALL BE TREATED AS DESCRIBED
IN § 8-723. THE SECURITY INTEREST IS PERFECTED AS OF THE
TIME OF ITS CREATION IF DELIVERY AND PAYMENT TO THE
DEPARTMENT ARE COMPLETED WITHIN TEN DAYS OF THE DATE OF
ITS CREATION, OTHERWISE PERFECTION IS AS OF THE TIME OF
ITS DELIVERY AND PAYMENT.

(C) IF A VESSEL IS ALREADY SUBJECT TO A SECURITY