MARVIN MANDEL, Governor

1023

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Sections 2-316(1), 3-303, 3-416(6),
9-208(2), 9-403(5), 9-404(1) and (3), 9-405(1) and (2),
9-406, 11-304(f), 11-501(k), 12-104, 12-105(b)(4),

14-401(k), 14-406(c), 14-803 (a), 15-102(b), and 17-126(b)
of Article — Commercial Law, of the Annotated Code of
Maryland (1975 Volume and 1975 Supplement) be and they
are hereby repealed and reenacted, with amendments, to
read as follows:

Article - Commercial Law

2-316.

(1)    Words or conduct relevant to the creation of
an express warranty and words or conduct tending to
negate or limit warranty shall be construed wherever
reasonable as consistent with each other; but subject to
the provisions of this title on [parole] PAROL or
extrinsic evidence (§ 2—202) negation or limitation is
inoperative to the extent that such construction is
unreasonable.

3-303.

A holder takes the instrument for value[. ]

(a)    To the extent that the agreed consideration
has been performed or that he acquires a security
interest in or a lien on the instrument otherwise than by
legal process; or

(b)    When he takes the instrument in payment of or
as security for an antecedent claim against any person
whether or not the claim is due; or

(c)    When he gives a negotiable instrument for it
or makes an irrevocable commitment to a third person.

3-416.

(6) Any guaranty written on the instrument is
[enforcible] ENFORCEABLE notwithstanding any statute of
frauds.

9-208.

(2)    The secured party must comply with such a
request within two weeks after receipt by sending a
written correction or approval. If the secured party
claims a security interest in all of a particular type of
collateral owned by the debtor he may indicate that fact
in his reply and need not approve or correct an itemized
list of such collateral. If the secured party without
reasonable excuse fails to comply he is liable for any
loss caused to the debtor thereby; and if the debtor has