1254

LAWS OF MARYLAND

Ch. 433

Approved May 29, 1979.

CHAPTER 434

{Senate Bill 187)

AN ACT concerning

The Maryland Commercial Law Article

FOR the purpose of clarifying, correcting, and amending the
Maryland Uniform Commercial Code in accordance with the
1966 Official Recommendations For Amendment promulgated
by the Permanent Editorial Board for the Uniform
Commercial Code relating to seller's remedies,
commercial paper, and warehouseman's liens.

BY repealing and reenacting, with amendments,

Article — Commercial Law

Section 2-7 02(3), 3-501(3), and 7-209(3)

Annotated Code of Maryland

(1975 Volume and 1978 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article — Commercial Law

2-702.

(3) The seller's right to reclaim under subsection
(2) is subject to the rights of a buyer in ordinary course
or other good faith purchaser [or lien creditor] under this
title (§ 2—403). Successful reclamation of goods excludes
all other remedies with respect to them.

3-501.

(3) Unless excused (§ 3-511) protest of any dishonor
is necessary to charge the drawer and indorsers of any draft
which on its face appears to be drawn or payable outside of
the states [and territories of the United States and the
District of Columbia], TERRITORIES, DEPENDENCIES AND
POSSESSIONS OF THE UNITED STATES, THE DISTRICT OF COLUMBIA
AND THE COMMONWEALTH OF PUERTO RICO. The holder may at his
option make protest of any dishonor of any other instrument
and in the case of a foreign draft may on insolvency of the
acceptor before maturity make protest or better security.

3-209.