MARVIN MANDEL, Governor                              2365

OF SECTION 8-730 SHALL BE DEPOSITED TO THE CREDIT OF THE
COMPTROLLER OF THE TREASURY - CLERK OF COURTS DEFICIENCY
FUND. THIS FUND SHALL BE USED TO OFFSET ANY OPERATING
DEFICIENCY INCURRED BY THE CLERKS OF THE CIRCUIT COURTS.
ANY BALANCE REMAINING AFTER ALL DEFICIENCIES HAVE BEEN
PAID SHALL BE TREATED AS GENERAL FUND REVENUE.

8-730.

IF AN OWNER CREATES A SECURITY INTEREST IN A VESSEL:

(1)    THE OWNER IMMEDIATELY SHALL EXECUTE THE
APPLICATION IN THE SPACE PROVIDED ON THE CERTIFICATE OF
TITLE OR A SEPARATE FORM THE DEPARTMENT PRESCRIBES,
NAMING THE SECURED PARTY ON THE CERTIFICATE OF TITLE,
SHOWING THE NAME AND ADDRESS OF THE SECURED PARTY, THE
AMOUNT OF THE SECURITY INTEREST, AND THE DATE OF HIS
SECURITY AGREEMENT, AND CAUSE THE CERTIFICATE OF TITLE
AND APPLICATION TO BE DELIVERED TO THE DEPARTMENT.

(2)    AT THE TIME OF DELIVERY OF THE DOCUMENTS
DESCRIBED IN PARAGRAPH (1) OF THIS SECTION TO THE
DEPARTMENT, THE SECURED PARTY SHALL PAY TO THE DEPARTMENT
A FILING FEE AS REQUIRED FOR PERFECTION OF THE SECURITY
INTEREST UNDER § 8-729(B). 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 SHALL
BE AS OF THE TIME OF ITS DELIVERY AND PAYMENT.

(3)    UPON RECEIPT OF THE CERTIFICATE OF TITLE,
APPLICATION, AND THE REQUIRED FILING FEE, THE DEPARTMENT
SHALL ENDORSE ON THE EXISTING CERTIFICATE OF TITLE OR ON
A NEW CERTIFICATE WHICH IT THEN ISSUES, THE NAME AND
ADDRESS OF ALL SECURED PARTIES, AND MAIL OR DELIVER THE
CERTIFICATE OF TITLE TO THE [[NAMED OWNER]] SECURED
PARTY.

8-731.

(A)    A SECURED PARTY MAY ASSIGN, ABSOLUTELY OR
OTHERWISE, ALL OR PART OF HIS SECURITY INTEREST IN THE
VESSEL TO A PERSON OTHER THAN THE OWNER WITHOUT AFFECTING
THE INTEREST OF THE OWNER OR THE VALIDITY OF THE SECURITY
INTEREST, BUT ANY PERSON WITHOUT NOTICE OF THE ASSIGNMENT
IS PROTECTED IN DEALING WITH THE SECURED PARTY AS THE
HOLDER OF THE SECURITY INTEREST AND THE SECURED PARTY
REMAINS LIABLE FOR ANY OBLIGATIONS AS SECURED PARTY UNTIL
THE ASSIGNEE IS NAMED AS SECURED PARTY ON THE CERTIFICATE
OF TITLE.

(B)    THE ASSIGNEE SHALL DELIVER TO THE DEPARTMENT
THE CERTIFICATE OF TITLE IF AVAILABLE AND AN ASSIGNMENT
BY THE SECURED PARTY NAMED IN THE CERTIFICATE OF TITLE IN