HARRY HUGHES, Governor                               .1903

(D)  BONDS ISSUED BY AN AUTHORITY SHALL BE DEEMED TO BE
NEGOTIABLE FOR THE PURPOSES OF THE UNIFORM COMMERCIAL CODE
OF THIS STATE, SUBJECT TO PROVISIONS FOR REGISTRATION
THEREOF.

(E)  BONDS ISSUED BY AN AUTHORITY ARE SECURITIES IN
WHICH ALL PUBLIC OFFICERS AND PUBLIC UNITS OF THIS STATE AND
ITS POLITICAL SUBDIVISIONS AND ALL BONDS, TRUST COMPANIES,
SAVINGS AND LOAN ASSOCIATIONS, INVESTMENT COMPANIES, AND
OTHERS CARRYING ON A BANKING BUSINESS, ALL INSURANCE
COMPANIES, INSURANCE ASSOCIATIONS, AND OTHERS CARRYING ON AN
INSURANCE BUSINESS, ALL PERSONAL REPRESENTATIVES, GUARDIANS,
TRUSTEES, AND OTHER FIDUCIARIES, AND ALL OTHER PERSONS MAY
LEGALLY AND PROPERLY INVEST FUNDS, INCLUDING CAPITAL IN
THEIR CONTROL OR BELONGING TO THEM. BONDS ARE SECURITIES
WHICH MAY PROPERLY AND LEGALLY BE DEPOSITED WITH OR RECEIVED
BY ANY STATE OR MUNICIPAL OFFICER OR ANY UNIT OR POLITICAL
SUBDIVISION OF THIS STATE FOR ANY PURPOSE FOR WHICH THE
DEPOSIT OF BONDS OR OTHER OBLIGATIONS OF THIS STATE IS
AUTHORIZED BY LAW.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1981.

Approved May 12, 1981.

CHAPTER 460

(House Bill 1584)

AN ACT concerning

Housing Authorities - Pledge

FOR the purpose of further assuring holders and owners of
bonds issued by an authority that their security
interest in revenues and property of an authority
attaches without physical delivery or further act by an
authority; and generally relating to any pledge made by
an authority.

BY repealing and reenacting, with amendments,

Article 44A - Housing Authorities

Section 17

Annotated Code of Maryland

(1980 Replacement Volume and 1980 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows: