518

LAWS OF MARYLAND

Ch. 121

BY repealing and reenacting, with amendments,

Article - Agriculture

Section 2-510(j)

Annotated Code of Maryland

(1974 Volume and 1983 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Agriculture

2-510.

(j) At the time of settlement of the purchase of an
easement, the landowner and the foundation may agree upon and
establish a schedule of payment such that the landowner may
receive consideration for the easement in a lump sum, or in
installments over a period of up to 10 years from the date of
settlement. At the time of settlement, the foundation shall
notify in writing each landowner who sells an agricultural
easement to the foundation of the schedule of anticipated ranges
of interest rates to be paid on any unpaid balance after the date
of settlement.

(1)   If a schedule of installments is agreed upon, the
Comptroller shall retain in the Maryland Agricultural Land
Preservation Fund an amount of money sufficient to pay the
landowner according to the schedule.

(2)  The landowner shall receive interest on any
unpaid balance remaining after the date of settlement. [The
State Treasurer shall invest the unpaid balance remaining after
the date of settlement to mature in accordance with an agreed
upon schedule of installments as provided in this section. The
unpaid balance shall be invested at the maximum interest rates
payable on time and savings deposits at federally insured
commercial banks.] THE STATE TREASURER SHALL INVEST THE UNPAID
BALANCE REMAINING AFTER THE DATE OF SETTLEMENT IN A CERTIFICATE
OR CERTIFICATES OF DEPOSIT AT THE MAXIMUM INTEREST RATE OFFERED
BY A BANK SERVICING THE STATE OR AT SUCH OTHER INSTITUTIONS WHICH
PAY THE MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS
DEPOSITS AT FEDERALLY INSURED COMMERCIAL BANKS SELECTED BY THE
TREASURER, TO MATURE IN ACCORDANCE WITH AN AGREED UPON SCHEDULE
OF INSTALLMENTS AS PROVIDED IN THIS SECTION. Any interest earned
on the invested unpaid balance shall be paid with the installment
when due, less 1/4 of 1 percent.

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

Approved May 8, 1984.