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Ch. 14
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702
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LAWS OF MARYLAND
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(1) AT THE TIME OF DELIVERY OF THE DOCUMENTS
REQUIRED BY THIS SECTION TO THE ADMINISTRATION, THE
SECURED PARTY SHALL PAY TO THE ADMINISTRATION THE SAME
FILING FEE AS IS REQUIRED FOR PERFECTION OF THE SECURITY
INTEREST UNDER §13-202 OF THIS SUBTITLE.
(2) THE SECURITY INTEREST IS PERFECTED AT THE
TIME OF ITS CREATION, IF THE DELIVERY AND PAYMENT TO THE
ADMINISTRATION ARE COMPLETED WITHIN 10 DAYS OF THE DATE
OF ITS CREATION. OTHERWISE, THE SECURITY INTEREST IS
PERFECTED AT THE TIME OF THE DELIVERY AND PAYMENT.
(D) ENDORSEMENT BY ADMINISTRATION.
ON RECEIPT OF THE CERTIFICATE OF TITLE, THE
APPLICATION, AND THE REQUIRED FILING FEE, THE
ADMINISTRATION SHALL:
(1) ENDORSE THE EXISTING CERTIFICATE OF TITLE
OR A NEW CERTIFICATE ISSUED BY IT WITH THE NAME AND
ADDRESS OF EACH SECURED PARTY; AND
(2) DELIVER THE ENDORSED CERTIFICATE OF TITLE
TO THE OWNER NAMED ON IT.
REVISOR'S NOTE: This section presently appears as
Art. 66 1/2, §3-203 — except for that part of
present §3—203(b) that relates to the
disposition of filing fees, which now appears
in §13-208 of this subtitle.
The only changes are in style.
13-204. ASSIGNMENT.
(A) PROTECTION OF PERSON WITHOUT NOTICE; CONTINUING
LIABILITY OF SECURED PARTY.
A SECURED PARTY MAY ASSIGN, ABSOLUTELY OR OTHERWISE,
ANY PART OF HIS SECURITY INTEREST IN A VEHICLE TO A
PERSON OTHER THAN ITS OWNER, WITHOUT AFFECTING THE
INTEREST OF THE OWNER OR THE VALIDITY OF THE SECURITY
INTEREST. HOWEVER, ANY PERSON WITHOUT NOTICE OF THE
ASSIGNMENT IS PROTECTED IN DEALING WITH THE SECURED PARTY
AS THE HOLDER OF THE SECURITY INTEREST, AND THE SECURED
PARTY REMAINS LIABLE FOR ANY OBLIGATIONS AS SECURED PARTY
UNTIL THE ASSIGNEE IS NAMED AS SECURED PARTY ON THE
CERTIFICATE OF TITLE.
(B) DUTY OF ASSIGNEE; FEE; WHEN ASSIGNEE'S SECURITY
INTEREST PERFECTED.
(1) THE ASSIGNEE SHALL DELIVER TO THE
ADMINISTRATION THE CERTIFICATE OF TITLE, IF AVAILABLE,
AND AN ASSIGNMENT BY THE SECURED PARTY NAMED IN THE
CERTIFICATE OF TITLE IN THE FORM THAT THE
ADMINISTRATION REQUIRES, ACCOMPANIED BY THE SAME FILING
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