2896

LAWS OF MARYLAND

Ch. 824

[(3) The filing provisions of this title do not apply
to a security interest in property subject to a statute.

(a)  Of the United States which provides for a
national registration or filing of all security interests in
such property; or

(b)  Of this State which provides for central
filing of such security interests in such property.]

[(4) A security interest in property covered by a
statute described in subsection (3) can be perfected only by
registration or filing under that statute.]

(3)  THE FILING OF A FINANCING STATEMENT OTHERWISE
REQUIRED BY THIS TITLE IS NOT NECESSARY OR EFFECTIVE TO
PERFECT A SECURITY INTEREST IN PROPERTY SUBJECT TO

(A)  A STATUTE OR TREATY OF THE UNITED STATES
WHICH PROVIDES FOR A NATIONAL OR INTERNATIONAL REGISTRATION
OR A NATIONAL OR INTERNATIONAL CERTIFICATE OF TITLE OR WHICH
SPECIFIES A PLACE OF FILING DIFFERENT FROM THAT SPECIFIED IN
THIS TITLE FOR FILING OF THE SECURITY INTEREST; OR

(B)  ANOTHER STATUTE OF THIS STATE WHICH PROVIDES
FOR CENTRAL FILING OF, OR WHICH REQUIRES INDICATION ON A
CERTIFICATE OF TITLE OF, SUCH SECURITY INTERESTS IN SUCH
PROPERTY; BUT DURING ANY PERIOD IN WHICH COLLATERAL IS
INVENTORY HELD FOR SALE BY A PERSON WHO IS IN THE BUSINESS
OF SELLING GOODS OF THAT KIND, THE FILING PROVISIONS OF THIS
TITLE (PART 4) APPLY TO A SECURITY INTEREST IN THAT
COLLATERAL CREATED BY HIM AS DEBTOR; OR

(C)  A CERTIFICATE OF TITLE STATUTE OF ANOTHER
JURISDICTION UNDER THE LAW OF WHICH INDICATION OF A SECURITY
INTEREST ON THE CERTIFICATE IS REQUIRED AS A CONDITION OF
PERFECTION (SUBSECTION (2) OF § 9-103).

(4)  COMPLIANCE WITH A STATUTE OR TREATY DESCRIBED IN
SUBSECTION (3) IS EQUIVALENT TO THE FILING OF A FINANCING
STATEMENT UNDER THIS TITLE, AND A SECURITY INTEREST IN
PROPERTY SUBJECT TO THE STATUTE OR TREATY CAN BE PERFECTED
ONLY BY COMPLIANCE THEREWITH EXCEPT AS PROVIDED IN § 9-103
ON MULTIPLE STATE TRANSACTIONS. DURATION AND RENEWAL OF
PERFECTION OF A SECURITY INTEREST PERFECTED BY COMPLIANCE
WITH THE STATUTE OR TREATY ARE GOVERNED BY THE PROVISIONS OF
THE STATUTE OR TREATY; IN OTHER RESPECTS THE SECURITY
INTEREST IS SUBJECT TO THIS TITLE.

9-304.

(1) A security interest in chattel paper or negotiable
documents may be perfected by filing. A security interest in
MONEY OR instruments (other than instruments which
constitute part of chattel paper) can be perfected only by
the secured party's taking possession, except as provided in
subsections (4) and (5) OF THIS SECTION AND SUBSECTIONS (2)
AND (3) OF § 9-306 ON PROCEEDS.