2882

LAWS OF MARYLAND

Ch. 824

of severance without material harm thereto but not described
in subsection (1) OR OF TIMBER TO BE CUT is a contract for
the sale of goods within this title whether the subject
matter is to be severed by the buyer or by the seller even
though it forms part of the realty at the time of
contracting, and the parties can by identification effect a
present sale before severance.

(3) The provisions of this section are subject to any
third party rights provided by the law relating to realty
records, and the contract for sale may be executed and
recorded as a document transferring an interest in land and
shall then constitute notice to third parties of the buyer's
rights under the contract for sale.

5-116.

(1)  The right to draw under a credit can be
transferred or assigned only when the credit is expressly
designated as transferable or assignable.

(2)  Even though the credit specifically states that it
is nontransferable or nonassignable the beneficiary may
before performance of the conditions of the credit assign
his right to proceeds. Such an assignment is an assignment
of [a contract right] AN ACCOUNT under Title 9 on secured
transactions and is governed by that title except that

(a)  The assignment is ineffective until the
letter of credit or advice of credit is delivered to the
assignee which delivery constitutes perfection of the
security interest under Title 9; and

(b)  The issuer may honor drafts or demands for
payment drawn under the credit until it receives a
notification of the assignment signed by the beneficiary
which reasonably identifies the credit involved in the
assignment and contains a request to pay the assignee; and

(c)  After what reasonably appears to be such a
notification has been received the issuer may without
dishonor refuse to accept or pay even to a person otherwise
entitled to honor until the letter of credit or advice of
credit is exhibited to the issuer.

(3)  Except where the beneficiary has effectively
assigned his right to draw or his right to proceeds, nothing
in this section limits his right to transfer or negotiate
drafts or demands drawn under the credit.

9-102.

(1) Except as otherwise provided [in § 9-103 on
multiple state transactions and] in § 9-104 on excluded
transactions, this title applies [so far as concerns any
personal property and fixtures within the jurisdiction of
this State]