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LAWS OF MARYLAND

Ch. 497

money order in satisfaction of the debt, including all amounts
due under the lien instruments and under instruments secured by
the lien; or

(2) Within seven days after the clearance of normal
commercial channels of any type of commercial paper, other than
those specified in paragraph (1), received by the holder of the
lien in satisfaction of the outstanding debt, including all
amounts due under the lien instruments and under the instruments
secured by the lien.

(E) IF THE HOLDER OF A LIEN ON REAL PROPERTY OR HIS AGENT
FAILS TO PROVIDE THE RELEASE IN ACCORDANCE WITH THE PROVISIONS OF
THIS SECTION WITHIN 30 DAYS, THE PERSON RESPONSIBLE FOR THE
DISBURSEMENT OF FUNDS IN CONNECTION WITH THE GRANT OF TITLE TO
THE PROPERTY, AFTER HAVING MADE DEMAND THEREFORE, MAY BRING AN
ACTION TO ENFORCE THE PROVISIONS OF THIS SECTION IN THE CIRCUIT
COURT FOR THE COUNTY IN WHICH THE PROPERTY IS LOCATED. IN THE
ACTION THE LIENHOLDER, OR HIS AGENT, OR BOTH, SHALL BE LIABLE FOR
THE DELIVERY OF THE RELEASE AND FOR ALL COSTS AND EXPENSES IN
CONNECTION WITH THE BRINGING OF THE ACTION, INCLUDING REASONABLE
ATTORNEY FEES.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1984.

Approved May 15, 1984.

CHAPTER 498

(Senate Bill 485)

AN ACT concerning

Maryland Economic Development Corporation

FOR the purpose of providing for the creation and organization of
a public corporation to be known as the Maryland Economic
Development Corporation for certain economic development
purposes; making certain legislative findings and
expressions of intent; defining certain terms; providing for
the appointment of a board of directors with certain powers
and for a certain term by the Governor upon the advice and
consent of the Senate except for certain ex officio members;
providing for an executive director with certain duties;
authorizing the corporation to exercise certain corporate
powers including the power of eminent domain under certain
circumstances and the power to issue and sell tax exempt
revenue bonds under certain terms and conditions; providing
that obligations of the corporation may not be deemed to
constitute a debt of the State or its political subdivisions