1652

LAWS OF MARYLAND

Ch. 58 5

(2) WHEN ANY PROPERTY SUBJECT TO A MORTGAGE OR
DEED OF TRUST IS TRANSFERRED TO A SPOUSE, FORMER, SPOUSE,
SON, DAUGHTER, OR PARENT OF THE TRANSFEROR, THE TAX IS NOT
APPLICABLE TO THE AMOUNT OF ANY OUTSTANDING MORTGAGE DEBT
ASSUMED BY THE TRANSFEREE. WHEN SPOUSES OR FORMER SPOUSES
TRANSFER PROPERTY TO EACH OTHER SUBJECT TO A SEPARATION
AGREEMENT, THE TAX IS APPLICABLE ONLY TO THE EXTENT THAT
VALUE IS RECEIVED OR A BENEFIT TRANSFERRED OTHER THAN MONEY
OR EVIDENCE OF INDEBTEDNESS.

(3) A statement of the amount of the actual
consideration paid or to be paid, if any, including the
amount of any mortgage, or deed of trust assumed by the
grantee, or the principal amount of the debt secured, and
incurred, if any, as applicable, shall either be included in
every instrument taxable under this section offered for
record as part of its recitals or as part of the
acknowledgement, or be contained in a separate affidavit
accompanying the instrument, signed under the penalties of
perjury by a party to the instrument or the agent of [such]
THE party.

278A.

In order to pay the principal and interest on the
certificates of indebtedness issued pursuant to the "Outdoor
Recreation Land Loan of 1969," [on] OR "Program Open
Space"[; ]:

(a)   A tax is hereby imposed upon every written
instrument conveying title to real property, or a leasehold
interest therein, offered for record and recorded among the
land records in the State, and on the transfer of title to
real property or a leasehold interest therein on the filing
with the State Department of Assessments and Taxation of
articles of sale, lease, exchange or other transfer of all
or substantially all the property and assets of a
corporation unless specifically exempted by § 277 (t) above,
but conveyances by or to the United States, the State, or
any political subdivision of the State, or any agency or
instrumentality thereof, shall not be subject to the tax
imposed by this section. The term "written instrument"
includes leases for a term of years above seven years, not
perpetually renewable but does not include any mortgage,
deed of trust, conditional sales contract, or any other
device the purpose of which is to afford a security in real
property rather than convey title thereto.

(b)    (1) The tax imposed by this section shall be
levied at the rate of [one half of one percent (0.5%) ] .5
PERCENT of the actual consideration paid or to be paid for
the conveyance of title and shall be collected by the clerks
of the circuit courts of the counties, the clerk of the
Superior Court of Baltimore City, or the Department of
Assessments and Taxation.