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ROBERT L. EHRLICH, JR., Governor S.B. 1
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(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
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
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