|
570 LAWS OF MARYLAND Ch. 33
In paragraph (2)(ii) of this subsection, the
present references to a "conditional sale
contract" and a "purchase money chattel mortgage"
are deleted as unnecessary in light of the use of
the term "purchase money security agreement".
The definitions of "security agreement" and
"purchase money security interest" in the Uniform
Commercial Code, CL §§ 9-105 and 9-107, make
clear that the term "purchase money security
agreement" includes the types of agreements
covered by the obsolete terms "conditional sale
contract" and "purchase money chattel mortgage".
(H) LICENSE.
"LICENSE" MEANS A LICENSE ISSUED BY THE COMMISSIONER
UNDER THIS SUBTITLE TO ENGAGE IN BUSINESS AS A SALES FINANCE
COMPANY.
REVISOR'S NOTE: This subsection is new language added
to avoid unnecessary repetition in this subtitle
of phrases such as "license to engage in the
business of a sales finance company" and "license
issued under this subtitle".
(I) PERSON.
"PERSON" INCLUDES AN INDIVIDUAL, CORPORATION, BUSINESS
TRUST, ESTATE, TRUST, PARTNERSHIP, ASSOCIATION, TWO OR MORE
PERSONS HAVING A JOINT OR COMMON INTEREST, OR ANY OTHER
LEGAL OR COMMERCIAL ENTITY.
REVISOR'S NOTE: This subsection is new language derived
from Art. 83, § 164(a).
It is revised to conform to the substantively
identical definition of "person" in the Retail
Installment Sales Act in CL § 12—601. While a
similar definition of "person" appears in § 1-101
of this article, the Commission to Revise the
Annotated Code concluded that the definition of
"person" in this subtitle should be identical to
that contained in the Retail Installment Sales
Act.
(J) RETAIL SALE.
"RETAIL SALE" MEANS THE SALE OF GOODS FOR USE OR
CONSUMPTION BY THE BUYER OR FOR THE BENEFIT OR SATISFACTION
THAT THE BUYER MAY DERIVE FROM THE USE OR CONSUMPTION OF THE
GOODS BY ANOTHER, BUT NOT FOR RESALE BY THE BUYER.
REVISOR'S NOTE: This subsection is new language derived
from Art. 83, § 164(f).
It is revised to conform to the substantively
|
