504                                        LAWS OF MARYLAND                         [Ch. 49

DEPOSIT.

REVISOR'S NOTE: This section presently appears as
Art. 83, §143.

In this section, the term "holder," which is
defined in §12-601, is substituted for
"seller." This is necessary to conform this
section to the other, interrelated provisions
regarding repossession which presently appear
in Art. 83, §§ 141, 142, and 144 - now,
respectively, §§ 12-624, 12-625, and 12-627 of
this subtitle.

References to "certified mail" are added for
the purpose of clarity. This is in accord
with Art. 1, §20 which provides that certified
and registered mail may each serve as an
alternative to the other.

The only other changes are in style.

12-627. REPOSSESSION - DISCHARGE OF AGREEMENT IN ABSENCE
OF RESALE.

IF THERE IS NO RESALE OF REPOSSESSED GOODS UNDER
§12-6 26, ALL OBLIGATIONS OF THE BUYER UNDER THE AGREEMENT
SHALL BE DISCHARGED, AND THE HOLDER MAY RETAIN THE GOODS
AS HIS OWN PROPERTY WITHOUT OBLIGATION TO ACCOUNT TO THE
BUYER.

REVISOR'S NOTE: This section presently appears as
Art. 83, §144.

The only changes are in style.

12-628. PROMISSORY NOTE.

(A) NOTE TO REFER TO AGREEMENT.

IF, AS PART OF AN INSTALLMENT SALE, A PROMISSORY
NOTE IS TAKEN BY A SELLER OR SALES FINANCE COMPANY, THE
NOTE SHALL REFER TO THE AGREEMENT OUT OF WHICH IT ARISES.

(B) ASSIGNMENT OF NOTE.

IF THE NOTE IS ASSIGNED, IT IS SUBJECT TO ALL
DEFENSES WHICH THE BUYER MIGHT HAVE ASSERTED AGAINST THE
SELLER OR SALES FINANCE COMPANY, EXCEPT THAT AN
ACKNOWLEDGMENT BY THE BUYER OF DELIVERY OF A COPY OF THE
AGREEMENT PURSUANT TO §12-605 OF THIS SUBTITLE IS
CONCLUSIVE PROOF OF THE DELIVERY IN FAVOR OF AN ASSIGNEE
OF THE NOTE WITHOUT ACTUAL KNOWLEDGE TO THE CONTRARY.