2910                                     LAWS OF MARYLAND                                   Ch 824

Recorded in the Land Records" and any such statement
tendered for filing in Baltimore City or in any county where
a block system is maintained for recording papers among the
land records shall contain in the description of the real
estate the house number and street, if there be any, or the
block reference. Statements other than those [relating to
collateral which is goods which are or are to become
fixtures] TO BE RECORDED IN THE LAND RECORDS shall be
recorded in a well-bound book or books to be styled
"Financing Records" and indexed in a book or books to be
styled "Index of Financing Records."

9-403

(1)  Presentation for filing of a financing statement
and tender of the filing fee or acceptance of the statement
by the filing officer constitutes filing under this title.

(2)  EXCEPT AS PROVIDED IN SUBSECTION (6) A [A] filed
financing statement [which states a maturity date of the
obligation secured of 12 years or less is effective until
such maturity date and thereafter for a period of sixty
days. Any other filed financing statement] is effective for
a period of 12 years from the date of filing. The
effectiveness of a filed financing statement lapses [on the
expiration of such sixty-day period after a stated maturity
date or] on the expiration of [such] THE 12-year period[, as
the case may be,] unless a continuation statement is filed
prior to the lapse A SECURITY INTEREST PERFECTED BY
FILING EXISTS AT THE TIME INSOLVENCY PROCEEDINGS ARE
COMMENCED BY OR AGAINST THE DEBTOR, THE SECURITY INTEREST
REMAINS PERFECTED UNTIL TERMINATION OF THE INSOLVENCY
PROCEEDINGS AND THEREAFTER FOR A PERIOD OF 60 DAYS OR UNTIL
THE DATE WHEN IT OTHERWISE WOULD HAVE LAPSED, WHICHEVER
OCCURS LATER. Upon [such] lapse the security interest
becomes unperfected[.], UNLESS IT IS PERFECTED WITHOUT
FILING. IF THE SECURITY INTEREST BECOMES UNPERFECTED UPON
LAPSE, IT IS DEEMED TO HAVE BEEN UNPERFECTED AS AGAINST A
PERSON WHO BECAME A PURCHASER OR LIEN CREDITOR BEFORE LAPSE.
[A filed financing statement which states that the
obligation secured is payable on demand is effective for 12
years from the date of filing.]

(3)  A continuation statement may be filed by the
secured party [(i) within six months before and sixty days
after a stated maturity date of 12 years or less, and (ii)
otherwise] within six months prior to the expiration of the
12-year period specified in subsection (2). Any such
continuation statement must be signed by the secured party,
identify the original statement by file number and state
that the original statement is still effective. A
CONTINUATION STATEMENT SIGNED BY A PERSON OTHER THAN THE
SECURED PARTY OF RECORD MUST BE ACCOMPANIED BY A SEPARATE
WRITTEN STATEMENT OF ASSIGNMENT SIGNED BY THE SECURED PARTY
OF RECORD AND COMPLYING WITH SUBSECTION (2) OF § 9-405,
INCLUDING PAYMENT OF THE REQUIRED FEE. Upon timely filing of
the continuation statement, the effectiveness of the