266                                          LAWS OF MARYLAND                                  Ch. 129

MARYLAND, That new Section 277(u) be and it is hereby
added to Article 81 — Revenue and Taxes, of the Annotated
Code of Maryland (1975 Replacement Volume and 1975
Supplement) to read as follows:

Article 81 — Revenue and Taxes

277.

(U)         (1)         THE RATE OF TAX APPLICABLE TO

INSTRUMENTS RECORDED WITH THE CLERK OF THE SUPERIOR COURT
OF BALTIMORE CITY IS AS FOLLOWS:

IN THE CASE OF INSTRUMENTS CONVEYING TITLE TO
PROPERTY, THE TAX SHALL BE AT THE RATE OF $2.20 FOR EACH
$500 OR FRACTIONAL PART THEREOF OF THE ACTUAL

CONSIDERATION PAID OR TO BE PAID; IN THE CASE OF
INSTRUMENTS SECURING A DEBT, THE TAX SHALL BE AT THE RATE
OF $2.20 FOR EACH $500 OF THE PRINCIPAL AMOUNT OF THE
DEBT SECURED.

(2)          BALTIMORE CITY MAY, FROM TIME TO TIME,
FIX BY ORDINANCE THE RATE OF TAX AT MORE OR LESS THAN
THAT SPECIFIED IN THIS SUBSECTION, AND WHEN SO FIXED THE
ORDINANCE RATE SUPERSEDES AS OF ITS EFFECTIVE DATE THE
RATE SPECIFIED IN THIS SUBSECTION.

(3)          THE TAX SHALL BE PAID TO AND COLLECTED
BY THE DIRECTOR OF FINANCE.

SECTION 2. AND BE IT FURTHER ENACTED, That Sections
277(n) and 278(a) of Article 81 — Revenue and Taxes, of
the Annotated Code of Maryland (1975 Replacement Volume
and 1975 Supplement) be and they are hereby repealed and
reenacted, with amendments, to read as follows:

Article 81 - Revenue and Taxes

277.

(n) The rate of tax applicable to instruments
recorded with the clerk of the [Superior Court of
Baltimore City and with the clerk of the] circuit court
for Charles, Calvert, and Worcester counties shall be as
follows:

In the case of instruments conveying title to
property, the tax shall be at the rate of $1.65 for each
$500 or fractional part thereof of the actual
consideration paid or to be paid; in the case of
instruments securing a debt, the tax shall be at the rate
of $1.65 for each $500 of the principal amount of the
debt secured.

278.

(a) No instrument subject to the tax imposed by this
subtitle, shall be received for record by any clerk of