2364

LAWS OF MARYLAND

[Ch. 432

INTEREST WHEN IT IS BROUGHT INTO THIS STATE, THE VALIDITY
OF THE SECURITY INTEREST IN THIS STATE IS TO BE
DETERMINED BY THE LAW (INCLUDING THE CONFLICT OF LAW
RULES) OF THE JURISDICTION WHERE THE VESSEL WAS WHEN THE
SECURITY INTEREST ATTACHED, SUBJECT TO THE FOLLOWING:

(1)    IF THE PARTIES TO THE TRANSACTION
UNDERSTOOD AT THE TIME THE SECURITY INTEREST ATTACHED
THAT THE VESSEL WOULD BE KEPT IN THIS STATE, AND IT WAS
BROUGHT INTO THIS STATE WITHIN 30 DAYS AFTER THE SECURITY
INTEREST ATTACHED FOR PURPOSES OTHER THAN TRANSPORTATION
THROUGH THIS STATE, THE VALIDITY OF THE SECURITY INTEREST
IN THIS STATE IS TO BE DETERMINED BY THE LAW OF THIS
STATE.

(2)    IF THE SECURITY INTEREST WAS PERFECTED
ALREADY UNDER THE LAWS OF THE JURISDICTION WHERE THE
VESSEL WAS WHEN THE SECURITY INTEREST ATTACHED AND BEFORE
BEING BROUGHT INTO THIS STATE:

(I)    IF THE NAME OF THE SECURED PARTY
IS SHOWN ON AN EXISTING CERTIFICATE OF TITLE ISSUED BY
THAT JURISDICTION, THE SECURITY INTEREST CONTINUES
PERFECTED IN THIS STATE.

(II)   IF THE NAME OF THE SECURED PARTY
IS NOT SHOWN ON AN EXISTING CERTIFICATE OF TITLE ISSUED
BY THAT JURISDICTION AND IF THE LAW OF THAT JURISDICTION
DOES NOT PROVIDE FOR CERTIFICATES OF TITLE DISCLOSING
SECURITY INTERESTS, THE SECURITY INTEREST CONTINUES
PERFECTED IN THIS STATE FOR FOUR MONTHS AND ALSO,
THEREAFTER, IF WITHIN THE FOUR MONTH PERIOD IT IS
PERFECTED IN THIS STATE. THIS SECURITY INTEREST MAY ALSO
BE PERFECTED IN THIS STATE AFTER THE EXPIRATION OF THE
FOUR MONTH PERIOD, IN WHICH CASE PERFECTION DATES FROM
THE TIME OF PERFECTION IN THIS STATE.

(III)  IF THE SECURITY INTEREST WAS NOT
PERFECTED UNDER THE LAW OF THE JURISDICTION IN WHICH THE
VESSEL WAS WHEN THE SECURITY INTEREST ATTACHED BEFORE
BEING BROUGHT INTO THIS STATE, IT MAY BE PERFECTED IN
THIS STATE; IN WHICH CASE PERFECTION DATES FROM THE TIME
OF PERFECTION IN THIS STATE.

(D) [[$3]] $5 OF THIS FILING FEE, WHICH IS IN LIEU

OF A RECORDATION TAX LEVIED PURSUANT TO SECTION 277 OF
ARTICLE 81 SHALL BE DEPOSITED IN A SPECIAL FUND WHICH IS
CREATED. THESE MONEYS SHALL BE USED FOR THE BENEFIT OF
THE COUNTIES OF THE STATE, AND BALTIMORE CITY, AND
DISTRIBUTION OF THIS FUND SHALL BE MADE TO THE SEVERAL
COUNTIES AND BALTIMORE CITY ANNUALLY ON THE BASIS OF THE
RESIDENCE OF THE PURCHASERS OF THE VESSELS.

(E) $6 OF EVERY FEE RECEIVED UNDER THE PROVISIONS