HARRY HUGHES, Governor

1255

(3) (A) A warehouseman's lien for charges and
expenses under subsection (1) or a security interest under
subsection (2) is also effective against any person who so
entrusted the bailor with possession of the goods that a
pledge of them by him to a good faith purchaser for value
would have been valid but is not effective against a person
as to whom the document confers no right in the goods
covered by it under § 7-503.

(B) A WAREHOUSEMAN'S LIEN ON HOUSEHOLD GOODS
FOR CHARGES AND EXPENSES IN RELATION TO THE GOODS UNDER
SUBSECTION (1) IS ALSO EFFECTIVE AGAINST ALL PERSONS IF THE
DEPOSITOR WAS THE LEGAL POSSESSOR OF THE GOODS AT THE TIME
OF DEPOSIT. "HOUSEHOLD GOODS" MEANS FURNITURE, FURNISHINGS
AND PERSONAL EFFECTS USED BY THE DEPOSITOR IN A DWELLING.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1979.

Approved May 29, 1979,

CHAPTER 435

(Senate Bill 245)

AN ACT concerning

Savings and Loan Associations - Guaranty
Stock Associations

FOR the purpose of revising the provisions of Maryland law
which relate to guaranty stock associations; providing
definitions of "guaranty stock", "guaranty stock
association" and "mutual association" for purposes of
this subtitle; providing for the organization of new
guaranty stock associations and establishing procedures
to effect the organization of such associations;
providing for the conversion of mutual associations
into guaranty stock associations and establishing
procedures and effective date for such conversions;
imposing certain conditions and limitations on guaranty
stock associations; describing generally the nature of
guaranty stock; prohibiting certain transactions
involving guaranty stock associations; placing
limitations on the control of guaranty stock
associations; defining "controlling person";
prohibiting certain actions by controlling persons;
describing the circumstances under which a guaranty
stock association can make loans to controlling
persons; establishing procedures for the transfer of
control of such association; providing for the issuance
of guaranty stock by such associations; eliminating the