288

LAWS OF MARYLAND

[Ch. 49

TITLE unless the secured party elects to file a
modification statement as required or permitted by the
provisions of § 9-401 of this [subtitle] TITLE, as
amended by Chapter 457 of the Acts of 1971 of the General
Assembly of Maryland.

(3)   (a) If, prior to July 1, 1972, a secured party
filed a modification statement only in the office or
offices appropriate to perfect a security interest
pursuant to the provisions of § 9—401 as so amended, such
filing is effective although the documents listed in
subsection (4) (b) and (c) of this section were not also
filed, provided the modification statement stated the
record reference and place of filing of the original
financing statement and otherwise complied with the
provisions of this [subtitle] TITLE.

(b) On and after July 1, 1973, any
modification statement required or permitted to be filed
pursuant to this (subtitle] TITLE shall be filed in
accordance with the provisions of § 9—401 as so amended,
and compliance with the provisions of subsection (4) of
this section shall be mandatory.

(4)  The election to file a modification statement
pursuant to the provisions of § 9—401 as so amended shall
be made by filing the following documents in the office
or offices that would be appropriate to perfect the
security interest under § 9—401 as so amended: (a) the
modification statement, (b) the original or a clear
photographic or electrostatic copy of the original
financing statement used to perfect the security interest
concerned, and (c) all modification statements previously
filed with respect to such original financing statement,
It shall not be necessary to file the documents listed in
(b) and (c) in the preceding sentence in any office where
the original financing statement had been filed.

(5)  Once an election is properly made by the secured
party to proceed under the provisions of § 9—401 as so
amended, said provisions shall control the place of
filing of the modification statement effecting such
election, and the filing of any subsequent modification
statements relating to the original financing statement
concerned.

(6)  If an election is made after July 1, 1972 to
file in accordance with the provisions of subsection (4)
of this section, the place or places of filing and the

name and address of the debtor and secured party shall be
determined by the facts existing at the time of filing
the modification statement effecting such election.

(7) Any security interest originally perfected prior