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ROBERT L. EHRLICH, JR., Governor
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Ch. 5
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EXECUTION AND DELIVERY OF A SECURITY AGREEMENT WITH A FINANCING PARTY
IN CONNECTION WITH THE ISSUANCE OF RATE STABILIZATION BONDS.
(2) (I) THE LIEN AND SECURITY INTEREST SHALL ATTACH
AUTOMATICALLY FROM THE TIME THAT VALUE IS RECEIVED FOR THE BONDS.
(II) ON PERFECTION THROUGH THE FILING OF NOTICE WITH THE
STATE DEPARTMENT OF ASSESSMENTS AND TAXATION IN ACCORDANCE WITH THE
PROCEDURES PRESCRIBED UNDER SUBSECTION (D) OF THIS SECTION:
1. THE LIEN AND SECURITY INTEREST SHALL BE A
CONTINUOUSLY PERFECTED LIEN AND SECURITY INTEREST IN THE RATE
STABILIZATION PROPERTY; AND
2. ALL PROCEEDS OF THE PROPERTY, WHETHER ACCRUED
OR NOT, SHALL HAVE PRIORITY IN THE ORDER OF FILING AND TAKE PRECEDENCE
OVER ANY SUBSEQUENT JUDICIAL OR OTHER LIEN CREDITOR
(3) THE SECURITY INTEREST SHALL BE PERFECTED:
(I) RETROACTIVE TO THE DATE VALUE WAS RECEIVED IF NOTICE
IS FILED WITHIN 10 DAYS AFTER VALUE IS RECEIVED FOR THE RATE STABILIZATION
BONDS; OR
(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.
- 113 -
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