|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
625
|
|
|
|
|
MARVIN MANDEL, Governor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) IS EITHER:
(I) A TYPE I SCHOOL VEHICLE, AS DEFINED IN
THIS SUBTITLE; OR
(II) A TYPE II SCHOOL VEHICLE, AS DEFINED IN
THIS SUBTITLE.
(B) "SCHOOL VEHICLE" DOES NOT INCLUDE A
PRIVATELY-OWNED VEHICLE WHILE IT IS CARRYING MEMBERS OF
ITS OWNER'S HOUSEHOLD AND NOT OPERATED FOR COMPENSATION.
REVISOR'S NOTE: Subsection (a) of this section is
new language added without substantive change
to provide a simple reference to "school
vehicles", generally, and permit the separate,
alphabetical placement of the definitions of a
"Type I" and "Type II" school vehicle. Item
(1) of the subsection is derived from the
almost identical language used in present
§1-181(a) and (b) to describe the use of both
a Type I and a Type II vehicle.
Subsection (b) of this section is new language
derived without substantive change from Art.
66 1/2, §1-181(c).
11-155. SECURED PARTY.
"SECURED PARTY" MEANS A PERSON WHO HAS IN HIS FAVOR
A SECURITY INTEREST IN A VEHICLE.
REVISOR'S NOTE: This section presently appears as
Art. 66 1/2, §1-141.
The term "secured party" is substituted for
the somewhat obsolete "lienholder" as the
defined term. "Secured party" is the term
used throughout most of present Art. 66 1/2,
Subtitle 3, Part II - now Title 13, Subtitle 2
of this article — as well as the term adopted
by the Uniform Commercial Code.
The phrase "who has in his favor" is
substituted for the present "holding" for
clarity. This conforms to the similar
language used in the definition of "secured
party" in §9—105 of the Maryland Uniform
Commercial Code (Commercial Law Article,
§9—105(1)(i): "Secured party means a ...
person in whose favor there is a security
interest...").
The only other changes are in style.
11-156. SECURITY AGREEMENT.
|
|
|
|
|
|
|
|
|
|
"SECURITY AGREEMENT" MEANS A WRITTEN AGREEMENT THAT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
