3508

VETOES

6.   [a] A filed financing statement
under the Uniform Commercial Code used to publicize any of
the [same,] INSTRUMENTS LISTED IN SUB-SUBPARAGRAPH 5. OF
THIS SUBPARAGRAPH;

7.   [judgments,] JUDGMENTS;

8.   [releases,] RELEASES;

9.   [orders] ORDERS of satisfaction;

or

10.   [a] 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.

(3)(I) "RECORDED INSTRUMENT" MEANS AN

"INSTRUMENT OF WRITING" WHICH:

1. CONVEYS TITLE TO REAL OR PERSONAL
PROPERTY; OR

2. CREATES A LIEN OR ENCUMBRANCE ON
REAL OR PERSONAL PROPERTY; AND

3. IS OFFERED FOR RECORD OR IS

RECORDED WITH THE CLERK OF THE CIRCUIT COURT OF ANY COUNTY
IN THIS STATE OR WITH THE CLERK OF THE SUPERIOR COURT OF
BALTIMORE CITY;

(II) "RECORDED INSTRUMENT" INCLUDES AN

"INSTRUMENT OF WRITING" DESCRIBED IN SUBSECTION (S) OR (T)
OF THIS SECTION AND WHICH IS FILED WITH THE DEPARTMENT.

(4) (I) EXCEPT AS PROVIDED IN ANY OTHER

SUBSECTION OF THIS SECTION OR IN PARAGRAPH (5) OF THIS
SUBSECTION, A TAX IS IMPOSED ON ANY "RECORDED INSTRUMENT".

(II) THE AMOUNT OF THE TAX SHALL BE AS
PROVIDED IN THIS SECTION.

(5) THE FOLLOWING INSTRUMENTS OF WRITING ARE
EXEMPT FROM THE TAX IMPOSED BY THIS SECTION:

(I) LIENS OR ENCUMBRANCES UPON VEHICLES
WHICH ARE FILED AND OFFERED FOR RECORD WITH THE MOTOR
VEHICLE ADMINISTRATION;                                                 

(II) LIENS OR ENCUMBRANCES UPON VESSELS
WHICH ARE FILED AND OFFERED FOR RECORD WITH THE DEPARTMENT
OF NATURAL RESOURCES; AND