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LAWS OF MARYLAND

Ch. 92

(House Bill 908)

AN ACT concerning

Corrective Bill — Commercial Law

FOR the purpose of correcting certain technical errors in
certain portions of the new Commercial Law Article.

BY repealing and reenacting, with amendments,

Article — Commercial Law

Section 12-626(e), 12-703(c), and 12-707(b)

Annotated Code of Maryland

(1975 Volume and 1975 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Sections 12-626(e), 12-703(c), and
12—707(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and they are hereby repealed and reenacted, with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

12-626.

(e) (1) The provisions of this subsection (e)
apply to:

(i) A public sale held under the provisions
of this section; and

(ii) Any other bona fide public or private
sale of good which had a cash price in excess of $2,000
at the time of their purchase by the buyer, if the buyer
has not paid at least 50 percent of the cash price of the
goods or if he has paid that amount but has not requested
a public sale under subsection (a) of this section.

(2) The proceeds of a      sale to which this

subsection applies, including      the deposit required by

subsection (b) of this section,    shall be applied, in the
following order, to:

(i) The actual and reasonable cost of the
sale;

(ii) The actual and reasonable cost of
retaking and storing the goods; and

(iii) The unpaid balance owing under the
agreement at the time the goods are repossessed.

[(2)](3) After application of the proceeds and
deposit in accordance with paragraph [(1)] (2) of this