2366

LAWS OF MARYLAND

[Ch. 432

THE FORM THE DEPARTMENT MAY PRESCRIBE ACCOMPANIED BY A
FILING FEE AS REQUIRED FOR PERFECTION OF THE SECURITY
INTEREST UNDER § 8-729(B). THE ASSIGNEES 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.

8-732.

(A)    UPON THE SATISFACTION OF A SECURITY INTEREST
IN A VESSEL THE SECURED PARTY SHALL [[EXECUTE A RELEASE
OF HIS SECURITY INTEREST ON FORMS PRESCRIBED BY THE
DEPARTMENT AND IMMEDIATELY MAIL OR DELIVER COPIES OF THE
RELEASE TO THE OWNER AND TO THE DEPARTMENT. AFTER IT
RECEIVES A RELEASE AND THE CERTIFICATE OF TITLE, THE
DEPARTMENT SHALL RELEASE THE SECURED PARTY'S RIGHT ON THE
CERTIFICATE OF TITLE OR ISSUE A NEW CERTIFICATE]]
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 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.

(B)    IF THE DEPARTMENT DETERMINES AFTER A HEARING
AND FOLLOWING DUE NOTICE TO ALL PARTIES INTERESTED THAT
AN INDEBTEDNESS DOES NOT CONSTITUTE A SECURITY INTEREST,
IT SHALL RELEASE THE INDEBTEDNESS UPON THE CERTIFICATE OF
TITLE OR ISSUE A NEW CERTIFICATE OF TITLE OR ISSUE A NEW
CERTIFICATE, AND MAIL OR DELIVER THE CERTIFICATE OF TITLE
TO THE OWNER. ANY PERSON AGGRIEVED BY THE DECISION OF
THE DEPARTMENT MAY APPEAL IN ACCORDANCE WITH THE
PROVISIONS OF THE ADMINISTRATIVE PROCEDURE ACT.

8-733.

THE DEPARTMENT SHALL ADOPT THE NECESSARY RULES AND
REGULATIONS TO IMPLEMENT THE PROVISIONS OF §§ 8-729
THROUGH 8-732.

8-734.

A SECURED PARTY NAMED IN A CERTIFICATE OF TITLE, ON
WRITTEN REQUEST OF THE OWNER, SHALL DISCLOSE ANY
PERTINENT INFORMATION AS TO THE SECURITY AGREEMENT AND
THE INDEBTEDNESS SECURED BY IT IN ACCORDANCE WITH §
9-208, OF THE COMMERCIAL LAW ARTICLE.

8-7 35.