262

LAWS OF MARYLAND

[Ch. 49

surrendered securities

(a)   He is under a duty to the issuer to
exercise good faith and due diligence in performing his
functions; and

(b)   He has with regard to the particular
functions he performs the same obligation to the holder
or owner of the security and has the same rights and
privileges as the issuer has in regard to those
functions.

(2) Notice to an authenticating trustee, transfer
agent, registrar or other such agent is notice to the
issuer with respect to the functions performed by the
agent.

TITLE 9. SECURED TRANSACTIONS; SALES OF ACCOUNTS,
CONTRACT RIGHTS AND CHATTEL PAPER.

SUBTITLE 1. SHORT TITLE, APPLICABILITY AID DEFINITIONS.

9-101. Short title.

This [subtitle] TITLE shall be known and may be
cited as MARYLAND Uniform Commercial Code—Secured
Transactions.

9—102. Policy and scope of [subtitle] TITLE.

(1)    Except as otherwise provided in § 9—103 on
multiple state transactions and in § 9—104 on excluded
transactions, this [subtitle] TITLE applies so far as
concerns any personal property and fixtures within the
jurisdiction of this State

(a)    To any transaction (regardless of its
form) which is intended to create a security interest in
personal property or fixtures including goods, documents,
instruments, general intangibles, chattel paper, accounts
or contract rights; and also

(b)    To any sale of accounts, contract rights
or chattel paper.

(2)    This [subtitle] TITLE applies to security
interests created by contract including pledge,
assignment, chattel mortgage, chattel trust, trust deed,
factor's lien, equipment trust, conditional sale, trust
receipt, other lien or title retention contract and lease
or consignment intended as security. This [subtitle]
TITLE does not apply to statutory liens except as
provided in § 9—310.