2912

LAWS OF MARYLAND

Ch. 824

(7) WHEN A FINANCING STATEMENT COVERS TIMBER TO BE CUT
OR COVERS MINERALS OR THE LIKE (INCLUDING OIL AND GAS) OR
ACCOUNTS SUBJECT TO SUBSECTION (5) OF § 9-103, OR IS FILED
AS TO COLLATERAL WHICH IS OR IS TO BECOME FIXTURES, IT SHALL
BE FILED FOR RECORD AND THE FILING OFFICER SHALL INDEX IT
UNDER THE NAME OF THE DEBTOR IN THE SAME FASHION AS IF HE
WERE THE MORTGAGOR IN A MORTGAGE OF THE REAL ESTATE AND, TO
THE EXTENT THAT THE LAW OF THIS STATE PROVIDES FOR INDEXING
OF MORTGAGES UNDER THE NAME OF THE MORTGAGEE, UNDER THE NAME
OF THE SECURED PARTY AS IF HE WERE THE MORTGAGEE THEREUNDER,
OR WHERE INDEXING IS BY DESCRIPTION IN THE SAME FASHION AS
IF THE FINANCING STATEMENT WERE A MORTGAGE OF THE REAL
ESTATE DESCRIBED

9-404.

(1)   IF A FINANCING STATEMENT COVERING CONSUMER GOODS
IS FILED ON OR AFTER JANUARY 1, 1980 1981, THEN WITHIN 1
MONTH OR WITHIN 10 DAYS FOLLOWING WRITTEN DEMAND BY THE
DEBTOR AFTER THERE IS NO OUTSTANDING SECURED OBLIGATION AND
NO COMMITMENT TO MAKE ADVANCES, INCUR OBLIGATIONS OR
OTHERWISE GIVE VALUE, THE SECURED PARTY MUST FILE WITH EACH
FILING OFFICER WITH WHOM THE FINANCING STATEMENT WAS FILED,
A TERMINATION STATEMENT TO THE EFFECT THAT HE NO LONGER
CLAIMS A SECURITY INTEREST UNDER THE FINANCING STATEMENT,
WHICH SHALL BE IDENTIFIED BY FILE NUMBER. IN OTHER CASES
WHENEVER [Whenever] there is no outstanding secured
obligation and no commitment to make advances, incur
obligations or otherwise give value, the secured party must
on written demand by the debtor send the debtor, FOR EACH
FILING OFFICER WITH WHOM THE FINANCING STATEMENT WAS FILED,
a TERMINATION statement TO THE EFFECT that he no longer
claims a security interest under the financing statement,
which shall be identified by file number and by its record
reference. A termination statement signed by a person other
than the secured party of record must [include or] be
accompanied by [the assignment or j a SEPARATE WRITTEN
statement OF ASSIGNMENT by the secured party of record [that
he has assigned the security interest to the signer of the
termination statement.] COMPLYING WITH SUBSECTION (2) OF §
9-405, INCLUDING PAYMENT OF THE REQUIRED FEE. [The uniform
fee for the filing, noting in the index of the financing or
continuation statement the fact of such assignment and the
record reference of the assignment, furnishing a receipt for
such filing and recording the assignment in either the
financing records or the land records shall be the amount
determined under § 7-202 of the Courts Article.] If the
affected secured party fails to FILE SUCH A TERMINATION
STATEMENT AS REQUIRED BY THIS SUBSECTION, OR TO send such a
termination statement within ten days after proper demand
therefor he shall be liable to the debtor for one hundred
dollars ($100), and in addition for any loss caused to the
debtor by such failure.

(2)  Upon presentation of such a termination statement
to the filing officer he shall mark it with an identifying