MARVIN MANDEL, Governor

419

titled in this State, and is not a Class A vehicle, Class
D motorcycle or Class G travel or camping trailer, the
transferring dealer, within 10 days from the date of
delivery of the vehicle, shall either (i) deliver the
certificate of title to the transferee, or (ii) upon
request of the transferee, forward to the Administration
the transferee's written application for a certificate of
title, the prescribed fees therefor, and all other
documents required by § 3—104[:];

(3) If the vehicle is not to be titled in this
State and is to be registered in another state, the
transferring dealer, within 10 days from the date of
delivery of the vehicle, shall deliver the certificate of
title to the transferee.

3-202.

(b) A security interest is perfected by the
delivery to the State Motor Vehicle Administration of the
existing certificate of title, if any, and an application
for certificate of title on a form provided or approved
by the State Motor Vehicle Administration containing
information regarding the security interest as may be
required in the form, and upon payment of a filing fee of
$12, which is in addition to any other fees which may be
applicable under this article. The State Motor Vehicle
Administration shall deposit $3 of this filing fee, which
is in lieu of a recordation tax levied pursuant to § 277
of Article 81, in a special fund which is created. These
moneys shall be used for the benefit of the counties of
the State, and Baltimore City, and distribution of this
fund shall be made to the several counties and Baltimore
City annually on a motor vehicle registration basis. The
sums to be distributed shall be determined by applying
the ratio of the total number of actor vehicle
registrations within each county or Baltimore City as
they bear to the total number of motor vehicle
registrations in all the counties and Baltimore City.
The time of annual distribution shall be determined by
the Motor Vehicle Administrator. The State Motor Vehicle
Administration shall deposit $6 of this filing fee to the
credit of the comptroller of the Treasury—Clerk of the
Court's Deficiency Fund which is created. This fund
shall be used to offset any operating deficiencies
incurred by the offices of the clerks of the circuit
courts of the respective counties or the clerks of the
various courts of Baltimore City. Any balance remaining
after all deficiencies have been paid shall be treated as
general fund revenue. The security interest is perfected
at the time of its creation if delivery and payment to
the State Motor Vehicle Administration are completed
within ten days of the date of its [creation otherwise,]
CREATION, OTHERWISE perfection is at the time of its
delivery and payment.

3-204.