BLAIR LEE III, Acting Governor

1267

be repealed, amended, or enacted to read as follows:

Article 81 — Revenue and Taxes

277.

(a) A tax is hereby imposed upon every instrument of
writing conveying title to real or personal property, or
creating liens or encumbrances upon real or personal
property, offered for record and recorded in this State with
the clerks of the circuit courts of the respective counties,
or the clerk of the Superior Court of Baltimore City, and on
instruments of writing described in subsections(s) and (b)
hereof filed with the State Department of Assessments and
Taxation, except for liens or encumbrances upon vehicles
which are filed and offered for record with the Motor
Vehicle Administration, except for liens or encumbrances
upon vessels which are filed and offered for record with the
Department of Natural Resources, provided that conveyances
to the State or any agency thereof or any political
subdivision of the State shall not be subject to the tax or
charge imposed by this section. The term "instruments of
writing" shall include deeds, mortgages, chattel mortgages,
bills of sale, leases, deeds of trust, contracts and
agreements, and shall also include a filed financing
statement under the Uniform Commercial Code used to
publicize any of the types of a secured transaction which
prior to enactment hereof were subject to the tax hereby
imposed but shall not include mechanic's liens, crop liens,
or security agreements relating to farm products or
equipment used in farming operations, purchase-money
mortgages, assignments of mortgages or deeds of trust,
conditional sales contracts or other purchase—money security
agreements or a security agreement relating to the
assignment of contract rights, accounts, general intangibles
or inventory as these terms are defined in the Uniform
Commercial Code or a filed financing statement under the
Uniform Commercial Code used to publicize any of the same,
judgments, releases, orders of satisfaction OR A
PARTICIPATION AGREEMENT SHOWING AN INTEREST BY A PARTY IN A

NOTE, MORTGAGE OR DEED OF TRUST BASED ON A CONSTRUCTION OR

PERMANENT PRIOR RECORDED LOAN TO THE MORTGAGEE MORTGAGOR OR
TRUSTEE GRANTOR UNDER A DEED OF TRUST.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1978.

Approved May 2, 1978.

CHAPTER 234
(Senate Bill 462)
AN ACT concerning