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LAWS OF MARYLAND

[Ch. 49

ANY OTHER LEGAL OR COMMERCIAL ENTITY.

REVISOR'S NOTE: This subsection is new language
setting forth a broad, standardized definition
of the word "person" as used in this article.
It is a synthesis of the U.C.C. definitions of
"person" and "organization" contained in
§1-201 (28) and (30) of this article, except
that the reference to "government or
governmental subdivision or agency" is not
included. This definition is in no way
intended to change the existing law, merely to
clarify it.

(J) SECONDARY MORTGAGE LOAN.

(1)    "SECONDARY MORTGAGE LOAN" MEANS A LOAN
SECURED IN WHOLE OR IN PART BY A MORTGAGE, DEED OF TRUST,
SECURITY AGREEMENT, OR OTHER LIEN ON REAL PROPERTY
LOCATED IN THE STATE, WHICH PROPERTY:

(i) IS SUBJECT TO THE LIEN OF ONE OR MORE
PRIOR ENCUMBRANCES, EXCEPT A GROUND RENT OR OTHER
LEASEHOLD INTEREST; AID

(ii) HAS A DWELLING OR IT DESIGNED
PRINCIPALLY AS A RESIDENCE WITH ACCOMMODATIONS FOR NOT
MORE THAN FOUR FAMILIES.

(2)     "SECONDARY MORTGAGE LOAN" DOES NOT
INCLUDE A LOAN TO ANY CORPORATION UNLESS THE LENDER
REQUIRED THE BORROWER TO INCORPORATE AS A CONDITION FOR
OBTAINING THE LOAN.

REVISOR'S NOTE: This subsection presently appears as
Art. 66, §40(a), except for the second
sentence of that subsection which is now
contained in subsection (e) of this section.

The only changes are in style.

(K) WAGES.

"WAGES" [[HAS THE MEANING STATED IN §3121 OF THE
FEDERAL INTERNAL REVENUE CODE]] MEANS ALL REMUNERATION
PAID TO ANY EMPLOYEE FOR HIS EMPLOYMENT, INCLUDING THE
CASH VALUE OF ALL REMUNERATION PAID IN ANY MEDIUM OTHER
THAN CASH..

REVISOR'S NOTE: This subsection is new language
designed to standardize the use of the term
"wages" in this article. It is derived from
Internal Revenue Code §3121, 26 U.S.C. §3121.