688

LAWS OF MARYLAND

Ch. 33

In subsection (a) (2) of this section, the
introductory clause "{t}o the extent that the
mortgage payments are insured by the Authority"
is added to restore this provision to its
original, more limited scope. When this section
first was enacted, this subtitle — and,
therefore, this provision — dealt only with
mortgage loans approved and fully insured by the
Authority. Later amendments enlarged the scope
of this subtitle to authorize partially insured
loans and the approval of loans, whether or not
insured, to which this provision was not intended
to apply as written. The Commission emphasizes,
however, that this change is not intended to make
"unlawful" any investment in these mortgages that
otherwise is authorized. As to law governing
"lawful investments" of fiduciaries, generally,
see ET § 15-106, especially subsection (e) of
that section.

The present reference to "building and loan
associations" is deleted as unnecessary in light
of the more modern term "savings and loan
association". See § 8—101 of this article.

The term "personal representatives" is
substituted for the references to "executors" and
"administrators" for conformity to other
references in this article.

13-154. PAYMENTS IN LIEU OF TAXES OR ASSESSMENTS.

THE PROVISIONS OF THIS SUBTITLE DO NOT RELIEVE ANY
MORTGAGOR OF THE OBLIGATION TO MAKE PAYMENTS IN LIEU OF
TAXES OR ASSESSMENTS FOR SERVICES PROVIDED BY ANY POLITICAL
SUBDIVISION OR SPECIAL TAXING DISTRICT.

REVISOR'S NOTE: This section presently appears as Art.
41, § 266VA.

The term "political subdivision" is substituted
for the reference to a "county or municipality".
See revisor's note to § 13—101(m) of this
subtitle.

The terms "assessments" and "special taxing
district" are added for clarity and consistency
with similar provisions elsewhere in this
subtitle.

The only other changes are in style.

13-155. SHORT TITLE.

THIS SUBTITLE MAY BE CITED AS THE MARYLAND INDUSTRIAL
DEVELOPMENT FINANCING AUTHORITY ACT.