HARRY HUGHES, Governor

4485

in the case of the recordation of instruments conveying
title to or creating liens or encumbrances upon real or
personal property which is situated in two or more counties
or in the City of Baltimore and one or more counties as
security for corporate bonds of public utilities the rate
shall be that specified in subsection (b) of § 277 and the
revenue therefrom shall be accounted for and paid to the
Comptroller for the general funds of the State.

278A.

In order to pay the principal and interest on the
certificates of indebtedness issued pursuant to the "Outdoor
Recreation Land Loan of 1969," or "Program Open Space":

(a)  A tax is hereby imposed upon every written
instrument conveying title to real property, or a leasehold
interest therein, offered for record and recorded among the
land records in the State, and on the transfer of title to
real property or a leasehold interest therein on the filing
with the State Department of Assessments and Taxation of
articles of sale, lease, exchange or other transfer of all
or substantially all the property and assets of a
corporation unless specifically exempted by § 277(t) above,
but conveyances by or to the United States, the State, or
any political subdivision of the State, or any. agency or
instrumentality thereof, shall not be subject to the tax
imposed by this section. The term "written instrument"
includes leases for a term of years above seven years, not
perpetually renewable but does not include any mortgage,
deed of trust, conditional sales contract, or any other
device the purpose of which is to afford a security in real
property rather than convey title thereto.

(b)  (1) The tax imposed by this section shall be
levied at the rate of .5 percent of the actual consideration
paid or to be paid for the conveyance of title and shall be
collected by the clerks of the circuit courts of the
counties[, the clerk of the Superior Court of Baltimore
City,] or the Department of Assessments and Taxation.

(2)  When any property subject to a mortgage or
deed of trust is transferred to a spouse, former spouse,
son, daughter, parent, son-in-law, daughter-in-law, or
parent-in-law of the transferor, the tax is not applicable
to the amount of any outstanding mortgage debt assumed by
the transferee. When spouses or former spouses transfer
property to each other as part of a property settlement or
divorce decree, the tax is not imposed.

(3)  A statement of the amount of the actual
consideration paid or to be paid, if any, including the
amount of any mortgage, or deed of trust assumed by the
grantee, shall either be included in every taxable
instrument offered for record as part of its recitals or as