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2006 LAWS OF MARYLAND
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Ch. 5
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7-540.
(A) THE INTEREST OF AN ASSIGNEE OR PLEDGEE IN RATE STABILIZATION
PROPERTY AND IN THE REVENUES AND COLLECTIONS ARISING FROM THAT
PROPERTY IS NOT SUBJECT TO SETOFF, COUNTERCLAIM, SURCHARGE, OR DEFENSE
BY THE ELECTRIC COMPANY OR ANY OTHER PERSON OR IN CONNECTION WITH THE
BANKRUPTCY OF THE ELECTRIC COMPANY OR ANY OTHER ENTITY
(B) A QUALIFIED RATE ORDER REMAINS IN EFFECT AND UNABATED
NOTWITHSTANDING THE BANKRUPTCY OF THE ELECTRIC COMPANY, ITS
SUCCESSORS, OR ASSIGNEES.
7-541.
(A) (1) THE ELECTRIC BILL OF AN ELECTRIC COMPANY THAT HAS
OBTAINED A QUALIFIED RATE ORDER AND ISSUED RATE STABILIZATION BONDS
MUST:
(I) EXPLICITLY REFLECT THAT A PORTION OF THE CHARGES ON
THE BILL REPRESENTS QUALIFIED RATE STABILIZATION CHARGES APPROVED IN A
QUALIFIED RATE ORDER ISSUED TO THE ELECTRIC COMPANY; AND
(II) IF THE RATE STABILIZATION PROPERTY HAS BEEN
TRANSFERRED TO AN ASSIGNEE, INCLUDE A STATEMENT TO THE EFFECT THAT:
1. THE ASSIGNEE IS THE OWNER OF THE RIGHTS TO
QUALIFIED RATE STABILIZATION CHARGES; AND
2. THE ELECTRIC COMPANY OR ANY OTHER ENTITY, IF
APPLICABLE, IS ACTING AS A COLLECTION AGENT OR SERVICER FOR THE ASSIGNEE.
(2) THE TARIFF APPLICABLE TO CUSTOMERS MUST INDICATE THE
QUALIFIED RATE STABILIZATION CHARGE AND THE OWNERSHIP OF THAT CHARGE.
(B) THE FAILURE OF AN ELECTRIC COMPANY TO COMPLY WITH THIS SECTION
MAY NOT INVALIDATE, IMPAIR, OR AFFECT ANY QUALIFIED RATE ORDER, RATE
STABILIZATION PROPERTY, QUALIFIED RATE STABILIZATION CHARGE, OR RATE
STABILIZATION BONDS.
7-542.
(A) (1) RATE STABILIZATION PROPERTY DOES NOT CONSTITUTE AN
ACCOUNT OR GENERAL INTANGIBLE UNDER § 9-102 OF THE COMMERCIAL LAW
ARTICLE.
(2) THE CREATION, GRANTING, PERFECTION, AND ENFORCEMENT OF
LIENS AND SECURITY INTERESTS IN RATE STABILIZATION PROPERTY, INCLUDING
ALL PROCEEDS OF THAT PROPERTY, ARE GOVERNED BY THIS SECTION AND NOT BY
THE MARYLAND UNIFORM COMMERCIAL CODE.
(B) (1) A VALID AND ENFORCEABLE LIEN AND SECURITY INTEREST IN
INTANGIBLE RATE STABILIZATION PROPERTY, INCLUDING ALL PROCEEDS OF THAT
PROPERTY, MAY BE CREATED ONLY BY A QUALIFIED RATE ORDER AND THE
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