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Ch. 14
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626
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LAWS OF MARYLAND
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RESERVES OR CREATES A SECURITY INTEREST.
REVISOR'S NOTE: This section presently appears as
Art. 66 1/2, §1-182.
The only changes are in style.
11-157. SECURITY INTEREST.
"SECURITY INTEREST":
(1) MEANS AN INTEREST IN A VEHICLE THAT IS RESERVED
OR CREATED BY AGREEMENT AND THAT SECURES PAYMENT OR
PERFORMANCE OF AN OBLIGATION; AND
(2) INCLUDES THE INTEREST OF A LESSOR UNDER A LEASE
INTENDED AS SECURITY.
REVISOR'S NOTE: This section is new language derived
without substantive change from the first two
sentences of Art. 66 1/2, §1—183.
The last sentence of present Art. 66 1/2,
§1—183, which defines a "perfected" security
interest, now appears in §13—201 of this
article.
11-15 8. SEMITRAILER.
(A) "SEMITRAILER" MEANS, EXCEPT AS PROVIDED IN
SUBSECTION (B) OF THIS SECTION, A VEHICLE THAT:
(1) HAS NO MOTIVE POWER;
(2) IS DESIGNED TO CARRY PEOPLE OR PROPERTY
AND TO BE TOWED BY A MOTOR VEHICLE; AND
(3) IS CONSTRUCTED SO THAT SOME OF ITS
WEIGHT AND LOAD RESTS ON OR IS CARRIED BY ANOTHER
VEHICLE.
(B) "SEMITRAILER" DOES NOT INCLUDE A POLE TRAILER.
REVISOR'S NOTE: This section presently appears as
Art. 66 1/2, §1-184.
The only changes are in style.
11-159. SPECIAL MOBILE EQUIPMENT.
(A) "SPECIAL MOBILE EQUIPMENT" MEANS, EXCEPT AS
PROVIDED IN SUBSECTION (C) OF THIS SECTION, A VEHICLE
THAT:
(1) IS NOT USED PRIMARILY FOR HIGHWAY
TRANSPORTATION OF PEOPLE OR PROPERTY; AND
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(2) IS OPERATED OR MOVED ON A HIGHWAY ONLY
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