3056

LAWS OF MARYLAND

Ch. 594

277.

(a) (1) Except as otherwise provided in this section, a tax
is hereby imposed upon every instrument of writing conveying
title to real or personal property, or creating liens or
encumbrances upon real or personal property, offered for record
and recorded in this State with the clerks of the circuit courts
of the respective counties, and on instruments of writing
described in subsections (s) and (t) hereof filed with the State
Department of Assessments and Taxation, except for liens or
encumbrances upon vehicles which are filed and offered for record
with the Motor Vehicle Administration, except for liens or
encumbrances upon vessels which are filed and offered for record
with the Department of Natural Resources.

(2) In this section the following word has the
meaning indicated.

(i) "Instruments of writing" includes deeds,
mortgages, chattel mortgages, bills of sale, leases, deeds of
trust, contracts and agreements, and filed financing statements
under the Uniform Commercial Code used to publicize any of the
types of a secured transaction which, prior to enactment hereof,
were subject to this tax.

(ii) The term "instruments of writing" does not
include:

1.   Mortgages or deeds of trust for
refinancing, to the extent that the amount of the refinancing is
not more than the outstanding principal amount of the existing
mortgage at the time of refinancing, by the [original]

mortgagor, WHETHER OR NOT THE MORTGAGOR IS THE ORIGINAL

MORTGAGOR, of property used as the [original] mortgagor's
principal residence if the mortgagor furnishes a statement
[that he is the original mortgagor], that the property is his
principal residence, and specifying the amount of unpaid
principal on the existing mortgage that is being financed, and
the statement shall be in the mortgage instrument offered for
record as part of its recitals or as part of the acknowledgment,
or in a separate affidavit accompanying the instrument signed
under the penalties of perjury by the mortgagor. IF AN INDIVIDUAL
IN PURCHASING A PRINCIPAL RESIDENCE ASSUMES A MORTGAGE SECURED BY
THAT PROPERTY AND PAYS THE RECORDATION TAX BASED ON THE ACTUAL
CONSIDERATION PAID FOR THE PROPERTY, AS PROVIDED IN SUBSECTION
(B)(3) OF THIS SECTION, THEN THAT INDIVIDUAL SHALL BE TREATED AS
AN ORIGINAL MORTGAGOR IN ACCORDANCE WITH THIS SUB-SUBPARAGRAPH;

2.   Mechanic's liens, crop liens, or
security agreements relating to farm products or equipment used
in farming operations;

3.   Purchase-money mortgages;

4.   Assignments of mortgages or deeds of
trust;