HARRY HUGHES, Governor

1291

Article — Real Property

7-106.

(d) Any person who has a lien on real property in this
State, on written request, shall furnish to the person
responsible for the disbursement of funds in connection with
the grant of title to that property the original copy of the
executed release of that lien OR A PROMISSORY NOTE MARKED
PAID OR SATISFIED. IF THE LIEN INSTRUMENT IS A DEED OF TRUST
THE ORIGINAL PROMISSORY NOTE MARKED "PAID" OR "CANCELLED" IN
ACCORDANCE WITH SECTION 3-10 5 (D) OF THIS ARTICLE CONSTITUTES
AN EXECUTED RELEASE, This release shall be mailed or
otherwise delivered to the person responsible for the
disbursement of funds:

(1)   Within seven days of the receipt, by the
holder of the lien, of currency, a certified or cashier's
check, or money order in satisfaction of the debt, including
all amounts due under the lien instruments and under
instruments secured by the lien; or

(2)   Within seven days after the clearance of
normal commercial channels of any type of commercial paper,
other than those specified in paragraph (1), received by the
holder of the lien in satisfaction of the outstanding debt,
including all amounts due under the lien instruments and
under the instruments secured by the lien.

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

Approved May 29, 1979.

CHAPTER 451

(Senate Bill 429)

AN ACT concerning

Banking Institutions — Legal Holidays

FOR the purpose of permitting banking institutions to
observe certain days as a legal holiday whenever the
federal government designates that certain legal
holidays fall on certain days.

BY renumbering

Article 13 — Bills of Exchange and Promissory Notes

Section 13 and 14, respectively

to be Section 14 and 15, respectively

Annotated Code of Maryland