276

LAWS OF MARYLAND

[Ch. 49

filing of such security interests in such property.

(4) A security interest in property covered by a
statute described in subsection (3) can be perfected only
by registration or filing under that statute.

9—303. When security interest is perfected; continuity
of perfection.

(1)   A security interest is perfected when it has
attached and when all of the applicable steps required
for perfection have been taken. Such steps are
specified in §§ 9-302, 9-304, 9-305 and 9-306. If such
steps are taken before the security interest attaches, it
is perfected at the time when it attaches.

(2)   If a security interest is originally perfected
in any way permitted under this (subtitle] TITLE and is
subsequently perfected in some other way under this
[subtitle] TITLE, without an intermediate period when it
was unperfected, the security interest shall be deemed to
be perfected continuously for the purposes of this
[subtitle] TITLE.

9—304. Perfection of security interest in instruments,
documents and goods covered by documents; perfection by
permissive filing; temporary perfection without filing or
transfer of possession.

(1)     A security interest in chattel paper or
negotiable documents may be perfected by filing. A
security interest in instruments (other than instruments
which constitute part of chattel paper) can be perfected
only by the secured party's taking possession, except as
provided in subsections (4) and (5).

(2)    During the period that goods are in the
possession of the issuer of a negotiable document
therefor, a security interest in the goods is perfected
by perfecting a security interest in the document, and
any security interest in the goods otherwise perfected
during such period is subject thereto.

(3)    A security interest in goods in the possession
of a bailee other than one who has issued a negotiable
document therefor is perfected by issuance of a document
in the name of the secured party or by the bailee's
receipt of notification of the secured party's interest
or by filing as to the goods.

(4)    A security interest in instruments or
negotiable documents is perfected without filing or the
taking of possession for a period of twenty—one days from
the time it attaches to the extent that it arises for new