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Ch. 14
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704
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LAWS OF MARYLAND
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PARTY NAMED IN A CERTIFICATE OF TITLE SHALL DISCLOSE ANY
PERTINENT INFORMATION AS TO THE SECURITY AGREEMENT AND
THE INDEBTEDNESS SECURED, AS PROVIDED IN § 9-208 OF THE
COMMERCIAL LAW ARTICLE.
REVISOR'S NOTE: This section presently appears as
Art. 66 1/2, §3-206.
The only changes are in style.
13-207. PROCEDURE EXCLUSIVE.
THE METHOD PROVIDED IN THIS SUBTITLE OF PERFECTING
AND GIVING NOTICE OF SECURITY INTERESTS IS EXCLUSIVE.
REVISOR'S NOTE: This section presently appears as
Art. 66 1/2, §3-207.
The only changes are in style.
See, also, §9-302(3) and (4) of the Commercial
Law Article, which exempts from the filing
provisions of U.C.C. Title 9 "a security
interest in property subject to a statute ...
of this State which provides for central
filing of such security interests in such
property".
As to other provisions relating to security
interests — e.g., procedures on default —
Title 9 of the U.C.C. apparently would apply.
See, also, §14-105.1 of this article, which
requires a secured party to notify the police
on repossession of a vehicle in which he has a
security interest.
The Commission notes that CL §9—302(1) (c) and
(d) appears to be inconsistent with this
subtitle. CL §9-302(1)(c) and (d) exempts
from the U.C.C. filing requirements a purchase
money security interest in farm equipment or
consumer goods with a purchase price of $500
or less; however, its provisions add,
apparently erroneously: "but filing is
required ... for a motor vehicle reguired to
be licensed". Corrective legislation appears
to be in order.
13-2 08. DISPOSITION OF PORTION OF FILING FEES.
(A) SPECIAL FUND FOR COUNTIES.
THE ADMINISTRATION SHALL DEPOSIT $3 OF EACH FILING
FEE RECEIVED UNDER THIS SUBTITLE IN A SPECIAL FUND, TO BE
USED FOR THE BENEFIT OF THE COUNTIES OF THIS STATE. THE
ADMINISTRATION SHALL DISTRIBUTE ANNUALLY TO EACH COUNTY,
ON A DATE THAT THE ADMINISTRATION DETERMINES, THAT
PERCENTAGE OF THE FUND WHICH IS EQUAL TO THE RATIO OF THE
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