|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
699
|
|
|
|
|
MARVIN MANDEL, Governor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
defines "proceeds", is included in subsection
(b)(5) of this section, making a separate
definition unnecessary. The referenced U.C.C.
- definition of "proceeds" is contained in
§9—306 of the Commercial Law Article.
In subsection (b) (3) of this section, the
present statement that a "buyer in the
ordinary course of trade...takes {the vehicle}
free of the security interest" is deleted as
unnecessary since it merely repeats the rule
of U.C.C. §9-307(1)—CL §9-307(1)—which rule
already applies to the vehicles exempt from
this subtitle by this section.
The only other changes are in style.
As to subsection (b)(6) of this section and
vehicles "for which a certificate of title is
not required", see §§ 13-101.1 and 13-102 of
this title. For special provisions relating
to optional certificates of title for farm
equipment and special mobile equipment, see
§13-103 of this title.
Note that subsection (b)(3) of this section
exempts security interests in inventory
vehicles held "for sale"; security interests
of this nature must be perfected in the manner
provided for in the U.C.C. On the other hand,
inventory vehicles held for lease — even
though they are within the definition of
"inventory" in CL §9-109 - would not appear to
be exempt and would require perfection under
this subtitle; thus, these vehicles fall
within the exclusivity provisions of §13—207
of this subtitle and, under CL §9-302(3)(b),
are excluded from the filing requirements of
the U.C.C.
13-202. PERFECTION OF SECURITY INTEREST—IN GENERAL.
(A) SECURITY INTEREST NOT VALID UNLESS PERFECTED.
UNLESS EXCEPTED BY §13-201 OF THIS SUBTITLE, A
SECURITY INTEREST IN A VEHICLE IS NOT VALID AGAINST ANY
CREDITOR OF THE OWNER OR ANY SUBSEQUENT TRANSFEREE OR
SECURED PARTY UNLESS THE SECURITY INTEREST IS PERFECTED
AS PROVIDED IN THIS SUBTITLE.
(B) MANNER AND TIME OF PERFECTION; FEE.
(1) A SECURITY INTEREST IS PERFECTED BY:
(I) DELIVERY TO THE ADMINISTRATION OF EVERY
EXISTING CERTIFICATE OF TITLE OF THE VEHICLE AND AN
APPLICATION FOR CERTIFICATE OF TITLE ON THE FORM AND
CONTAINING THE INFORMATION ABOUT THE SECURITY INTEREST
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
