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Ch. 299 2006 LAWS OF MARYLAND
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(41 THE INDIVIDUAL SURETY PROVIDES A UCC-1 FILING SECURITY
INTEREST TO THE UNIT FOR ONE OR MORE OF THE ASSETS LISTED IN ITEM (5)(I)
THROUGH (IV) AND (VI) OF THIS SUBSECTION AT THE TIME THE BOND IS FURNISHED:
AND
(2) (5) THE INDIVIDUAL SURETY PLEDGES ONE OR MORE OF THE
FOLLOWING ASSETS IN AN AMOUNT EQUAL TO OR GREATER THAN THE AGGREGATE
PENAL AMOUNTS OF THE BONDS REQUIRED BY THE SOLICITATION, INCLUDING:
(I) CASH OR CERTIFICATES OF DEPOSIT;
(II) CASH EQUIVALENTS HELD WITH A FEDERALLY INSURED
FINANCIAL INSTITUTION, INCLUDING CASH EQUIVALENTS EVIDENCED BY
IRREVOCABLE TRUST RECEIPTS ISSUED BY THE INSTITUTION OR BY AN
INDEPENDENT TRUSTEE OR ASSETS THAT ARE EVIDENCED BY A SECURITY
INTEREST, INCLUDING AN IRREVOCABLE TRUST RECEIPT ISSUED BY THE FINANCIAL
INSTITUTION OR BY AN INDEPENDENT TRUSTEE IN THE NAME OF THE UNIT THAT:
1. ARE ISSUED IN ACCORDANCE WITH THE UNIFORM
CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS OF THE INTERNATIONAL
CHAMBER OF COMMERCE, AND § 9-109 OF THE COMMERCIAL LAW ARTICLE;
2. CONTAIN A PAYOUT CLAUSE IN THE EVENT THAT
DEFAULT CANNOT BE REMEDIED; AND
3. IDENTIFY THE SOLICITATION OR CONTRACT NUMBER FOR
WHICH THE SECURITY INTEREST IS PROVIDED;
(III) UNITED STATES GOVERNMENT SECURITIES AT MARKET
VALUE;
(IV) STOCKS AND BONDS THAT:
1. ARE ACTIVELY TRADED ON A NATIONAL UNITED STATES
SECURITY EXCHANGE;
2. ARE ACCOMPANIED BY CERTIFICATES ISSUED IN THE
NAME OF THE INDIVIDUAL SURETY; AND
3. ARE PLEDGED AT 90% OF THEIR 52-WEEK LOW, AS
REFLECTED AT THE TIME OF SUBMISSION OF THE BOND;
(V) REAL PROPERTY THAT:
1. IS LOCATED IN THE UNITED STATES OR ITS OUTLYING
AREAS;
2. THAT IS OWNED BY THE CONTRACTOR OR INDIVIDUAL
SURETY IN FEE SIMPLE OR WITH COTENANTS THAT ALL AGREE TO ACT JOINTLY;
AND
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- 1678 -
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