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S.B. 1 VETOES
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(II) AS OF THE DATE OF FILING, IF NOTICE IS NOT FILED WITHIN
THAT 10-DAY PERIOD.
(C) (1) SUBJECT TO PARAGRAPH (2) OF THIS SUBSECTION, TRANSFER OF AN
INTEREST IN RATE STABILIZATION PROPERTY TO AN ASSIGNEE SHALL BE
PERFECTED AGAINST ALL THIRD PARTIES, INCLUDING SUBSEQUENT JUDICIAL OR
OTHER LIEN CREDITORS, WHEN:
(I) THE QUALIFIED RATE ORDER BECOMES EFFECTIVE;
(II) TRANSFER DOCUMENTS HAVE BEEN DELIVERED TO THE
ASSIGNEE; AND
(III) A NOTICE OF THAT TRANSFER HAS BEEN FILED IN
ACCORDANCE WITH PROCEDURES ADOPTED UNDER SUBSECTION (D) OF THIS
SECTION.
(2) IF NOTICE OF THE TRANSFER HAS NOT BEEN FILED IN ACCORDANCE
WITH THIS SUBSECTION WITHIN 10 DAYS AFTER THE DELIVERY OF TRANSFER
DOCUMENTATION, THE TRANSFER OF THE INTEREST IS NOT PERFECTED AGAINST
THIRD PARTIES UNTIL THE NOTICE IS FILED.
(D) THE STATE DEPARTMENT OF ASSESSMENTS AND TAXATION SHALL
IMPLEMENT THIS SECTION BY ESTABLISHING AND MAINTAINING A SEPARATE
SYSTEM OF RECORDS FOR THE FILING OF NOTICES UNDER THIS SECTION AND
PRESCRIBING THE PROCEDURES FOR THOSE FILINGS BASED ON TITLE 9 OF THE
MARYLAND UNIFORM COMMERCIAL CODE, AS ADAPTED TO THIS SUBTITLE AND
USING THE TERMS DEFINED IN THIS SUBTITLE.
(E) (1) THE PRIORITY OF A LIEN AND SECURITY INTEREST PERFECTED
UNDER THIS SECTION IS NOT IMPAIRED BY:
(I) ANY LATER MODIFICATION OF THE QUALIFIED RATE ORDER
UNDER § 7-531, § 7-533, OR § 7-534 OF THIS SUBTITLE; OR
(II) THE COMMINGLING OF FUNDS ARISING FROM QUALIFIED RATE
STABILIZATION CHARGES WITH OTHER FUNDS.
(2) ANY OTHER SECURITY INTEREST THAT MAY APPLY TO THOSE FUNDS
SHALL BE TERMINATED WHEN THEY ARE TRANSFERRED TO A SEGREGATED
ACCOUNT FOR THE ASSIGNEE OR A FINANCING PARTY.
(3) IF RATE STABILIZATION PROPERTY HAS BEEN TRANSFERRED TO AN
ASSIGNEE, ANY PROCEEDS OF THAT PROPERTY SHALL BE HELD IN TRUST FOR THE
ASSIGNEE.
(F) IF A DEFAULT OR TERMINATION OCCURS UNDER THE RATE
STABILIZATION BONDS:
(1) THE FINANCING PARTIES OR THEIR REPRESENTATIVES MAY
FORECLOSE ON OR OTHERWISE ENFORCE THEIR LIEN AND SECURITY INTEREST IN
ANY INTANGIBLE RATE STABILIZATION PROPERTY AS IF THEY WERE SECURED
PARTIES UNDER TITLE 9 OF THE MARYLAND UNIFORM COMMERCIAL CODE;
- 4112 -
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