MARVIN MANDEL, Governor

615

present law, merely to clarify it.

Subsection (a) (3) of this section 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.

Subsections (b) and (c) of this section are
new language derived from Art. 47, §§ 15, 16,
and 17. However, it should be noted that this
section is revised to adequately reflect
present practice.

Subsection (b) (1), (3), (4) and (5) of this
section have been modified to indicate that
the period referred to in this subsection is
counted from the institution of the insolvency
proceeding and not from the court's decree.
The purpose of the change is to correct an
apparent mistake in the present law; various
delays in obtaining the court's decree might
frustrate the purpose of priorities in
insolvency and thereby cause inequitable
results. Also, in subsection (b)(1), to avoid
inconsistency with §15—101(c)(3) of this
subtitle, the referenced period is changed
from three months to four.

In subsection (b) (7) of this section, the term
"unsecured creditors" is substituted for
"general creditors" to conform to modern
usage; in this regard, see e.g., §1—201 of
this article.

It should be noted that under the federal
bankruptcy act the order of priorities is
different. The placement of taxes in the
order of priorities depends on whether or not
there is a discharge.

With respect to distress for rent, see Title 8
of the Seal Property Article.

With respect to debts having priorities in
bankruptcy, see 11 U.S.C. §104.

See, also, general reviser's note to this
subtitle.

15-103. ASSIGNMENTS FOR THE BENEFIT OF CREDITORS.

(A) BOND OF ASSIGNEE.