HARRY HUGHES, Governor

2875

FOR the purpose of revising, correcting, and clarifying
Title 9 and associated sections of the Uniform
Commercial Code relating generally to secured
transactions; revising the law relating to sales of
accounts, contract rights, chattel paper, validity of
security agreements, rights of parties, perfection of
security interests and procedures for filing and
default; providing transition provisions; making
stylistic changes; and generally amending these laws to
conform with the recommendations of the Permanent
Editorial Board for the Uniform Commercial Code.

BY repealing and reenacting, with amendments,

Section	1-105,	1-201,	2-107,	5-116,	9-102,	9-104,
	9-105,	9-106,	9-203,	9-204,	9-205,	9-301,
	9-302,	9-304,	9-305,	9-306,	9-307,	9-308,
	9-312,	9-318,	9-401.	9-402.	9-403,	9-404,

Annotated Code of Maryland

(1975 Volume and 1979 Supplement)

BY repealing

Article - Commercial Law

Section 9-103

Annotated Code of Maryland

(1975 Volume and 1979 Supplement)

BY adding to

Article - Commercial Law

Section 9-103, 9-114, and 9-408; and 10-105 through

10-112, inclusive
Annotated Code of Maryland
(1975 Volume and 1979 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be repealed, amended, or enacted to read as follows: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

1-105.

(1) Except as provided hereafter in this section, when
a transaction bears a reasonable relation to this State and
also to another state or nation the parties may agree that
the law either of this State or of such other state or
nation shall govern their rights and duties. Failing such
agreement Titles 1 through 10 of this article applies to
transactions bearing an appropriate relation to this State.

Article - Commercial Law

9-405, 9-406, 9-502, and 9-504