616

LAWS OF MARYLAND

[Ch. 49

TITLE TO PROPERTY MAY NOT PASS TO AN ASSIGNEE FOR
THE BENEFIT OF CREDITORS UNTIL THE ASSIGNEE FILES A BOND
AS REQUIRED BY THE MARYLAND RULES. IF THE ASSIGNEE MAKES
A SALE BEFORE FILING A BOND, THE SALE IS NOT VALID AND
DOES NOT PASS TITLE TO THE PROPERTY SOLD.

REVISOR'S NOTE: This subsection is new language
derived from Art. 16, §175.

The provision dealing with sales upon a
contingency is deleted, because such sales
were discontinued by Ch. 36, §1, Acts of 1962.

The provision dealing with property conveyed
to trustees in the nature of a mortgage as
security for a debt is deleted as obsolete.
This section applies only to Judicial Sales.
See, Ch. 562, Acts of 1972.

The provision excepting the sale of land for
the benefit of the grantor of a trust
instrument or a person who paid valuable
consideration for the deed of trust is
deleted. The Commission feels that this
provision is unnecessary because this section
is intended to deal only with assignments for
the benefit of creditors; in this regard, see
present Art. 16, §183A and general revisor's
note to this subtitle.

Finally, the Commission notes that all these
changes would prevent unintended application
of this section to mortgages which are
interchangeably called deeds of trust in
Montgomery County and elsewhere in the State.

(B) PRIOR CONVEYANCE MADE UNDER BOND WITH ONLY ONE
SURETY VALID.

IF ALL OTHER LEGAL REQUIREMENTS WERE MET, A
CONVEYANCE MADE BY AN ASSIGNEE FOR THE BENEFIT OF
CREDITORS WHEN TWO SURETIES ON THE BOND WERE REQUIRED IS
VALID EVEN THOUGH A BOND WAS GIVEN WITH ONLY ONE SURETY.

REVISOR'S NOTE: This subsection is new language
derived from Art. 16, §177.

This validates certain conveyances where bonds
were given with but one surety, although the
law then required two. It should be noted
that until 1962 all property sold by trustees,
except on a contingency, required a bond with
more than one surety. The same requirement
was imposed if property was sold on a