HARRY HUGHES, Governor

2127

Article 81 - Revenue and Taxes

277.

(a) (1) A tax is hereby imposed upon every instrument
of writing conveying title to real or personal property, or
creating liens or encumbrances upon real or personal
property, offered for record and recorded in this State with
the clerks of the circuit courts of the respective counties,
or the clerk of the Superior Court of Baltimore City, and on
instruments of writing described in subsections (s) and (t)
hereof filed with the State Department of Assessments and
Taxation, except for liens or encumbrances upon vehicles
which are filed and offered for record with the Motor
Vehicle Administration, except for liens or encumbrances
upon vessels which are filed and offered for record with the
Department of Natural Resources, provided that conveyances
to the State or any agency thereof or any political
subdivision of the State shall not be subject to the tax or
charge imposed by this section.

(2) IN THIS SECTION THE FOLLOWING WORD HAS THE
MEANING INDICATED.

(2) The term "instruments (I) " INSTRUMENTS of
writing" [shall include] INCLUDES deeds, mortgages, chattel
mortgages, bills of sale, leases, deeds of trust, contracts
and agreements, and [shall also include a] filed financing
[statement] STATEMENTS under the Uniform Commercial Code
used to publicize any of the types of a secured transaction
which, prior to enactment [hereof] OF THIS TAX, were
subject to [the tax hereby imposed but shall] THIS TAX.

(3) THE TERM DOES not include MORTGAGES OR DEEDS
OF TRUST FOR REFINANCING, BY THE ORIGINAL MORTGAGOR, OF

PROPERTY USED AS THE ORIGINAL MORTGAGOR'S PRINCIPAL

RESIDENCE, mechanic's liens, crop liens, or security

agreements relating to farm products or equipment used in
farming operations, purchase money mortgages, assignments of
mortgages or deeds of trust, conditional sales contracts or
other purchase money security agreements or a security
agreement relating to the assignment of contract rights,
accounts, general intangibles or inventory as these terms
are defined in the Uniform Commercial Code or filed
financing statement under the Uniform Commercial Code used
to publicize any of the same, judgments, releases, orders of

satisfaction or a participation agreement showing an

interest by a party in a note, mortgage or deed of trust
based on a prior recorded loan to the mortgagor or grantor
under a deed of trust.

(II) THE TERM "INSTRUMENTS OF WRITING"
DOES NOT INCLUDE:

1. MORTGAGES OR DEEDS OF TRUST FOR
REFINANCING, TO THE EXTENT THAT THE AMOUNT OF THE