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1618
LAWS OF MARYLAND
Ch. 459
[five] 12-year period, as the case may be, unless a
continuation statement is filed prior to the lapse. Upon
such lapse the security interest becomes unperfected. A
filed financing statement which states that the obligation
secured is payable on demand is effective for [five (5)] 12
years from the date of filing.
(3) A continuation statement may be filed by
the secured party (i) within six months before and sixty
days after a stated maturity date of [five] 12 years or
less, and (ii) otherwise within six months prior to the
expiration of the [five—] 12—year period specified in
subsection (2). Any such continuation statement must be
signed by the secured party, identify the original statement
by file number and state that the original statement is
still effective. Upon timely filing of the continuation
statement, the effectiveness of the original statement is
continued for [five] 12 years after the last date to which
the filing was effective whereupon it lapses in the same
manner as provided in subsection (2) unless another
continuation statement is filed prior to such lapse.
Succeeding continuation statements may be filed in the same
manner to continue the effectiveness of the original
statement. Unless a statute on disposition of public
records provides otherwise, the filing officer may remove
the record of a lapsed statement from the files and destroy
it.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1978.
Approved May 16, 1978.
CHAPTER 460
(Senate Bill 384)
AN ACT concerning
Economic and Community Development Department —
Board of Review
FOR the purpose of abolishing the Board of Review of the
Department of Economic and Community Development;
repealing the provisions of law relating to the Board;
and providing that the Board shall continue in
existence with full authority to hear and decide
appeals properly filed with it on or before the
effective date of the Act.
BY repealing
Article 41 - Governor—Executive and Administrative
Departments
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