732

LAWS OF MARYLAND

Ch. 33

and any renewal, extension, or refund agreement made in
connection with an installment sale agreement.

(c) Buyer.

(1)   "Buyer" means a person who buys or leases
goods under an installment sale agreement, even though [he]
THE PERSON has entered into one or more renewal, extension,
or refund agreements.

(2)   "Buyer" includes a prospective buyer.
(e) Collateral security.

(1)   "Collateral security" means any security
interest in, encumbrance on, or pledge of property or goods
[which] THAT is given to secure performance of an obligation
of a buyer or a surety for a buyer under an agreement.

(2)   "Collateral security" includes the
undertaking of a surety for a buyer.

(3)   "Collateral security" does not include any
goods or interest in goods [which] THAT are the subject of
an installment sale agreement.

(1) Goods.

(1)   "Goods" means all tangible personal property
[which have] THAT HAS a cash price of $12,500 or less[,
but].

(2)   "GOODS" does not include money or things in
action.

(1) Installment sale agreement.

(1)   "Installment sale agreement" means a
contract for the retail sale of goods, negotiated or entered
into in [the] THIS State, under which:

(i) Part or all of the price is payable in
one or more payments [subsequent to] AFTER the making of the
contract; and

(ii) The seller takes collateral security
or [retains] KEEPS a security interest in the goods sold.

(2)   "Installment sale agreement" includes:

(i) A prospective installment sale
agreement;

(ii) A [conditional sale contract,
purchase money chattel mortgage, or other] purchase money
security agreement; and