HARRY HUGHES, Governor

3293

or a private insurer approved by the Administration, or other
mortgages that the Administration finds to be of reasonable
comparable security. The Administration shall require either
that the collateral be held at a bank or trust company as
independent custodian or that the mortgage lender enter into a
security agreement that contains provisions that the
Administration considers necessary to adequately identify,
maintain, and service the collateral. The security agreement
shall provide that the mortgage lender holds the collateral as an
agent for the Administration and is accountable as the trustee of
an express trust for its application and disposition, and shall
apply the income from the collateral solely to uses and purposes
in accordance with the provisions of the agreement. A copy of
each security agreement shall be filed with the Secretary of
State, and further filing or other action under the Commercial
Law Article or any other law of the State is not required to
perfect the security interest of the Administration in the
collateral or its proceeds or in any addition to or substitutions
for it, and the lien and trust for the benefit of the
Administration so created is binding from and after the time of
such filing against all persons having claims of any kind against
the mortgage lender. The Administration also may establish
additional requirements that it considers necessary with respect
to the pledging, assigning, setting aside, or holding of the
collateral and the making of substitutions for or additions to it
and the disposition of interest and income from it.
Notwithstanding any other law, a loan to a mortgage lender and
the collateral for it are not subject to the provisions of
Article 95, §[§ 21, 21A, or] 22 of the Code OR §§ 6-202, 6-205,
6-206, 6-208, 6-209, OR 6-210 OF THE STATE FINANCE AND
PROCUREMENT ARTICLE.

374A.

(c) Notwithstanding the provisions of [Article 78A, § 19A]
PART III OF TITLE 4, SUBTITLE 4 OF THE STATE FINANCE AND
PROCUREMENT ARTICLE, and subject to the availability of funds and
in accordance with other provisions of this article regarding the
St. Mary's City Commission, the Secretary of Economic and
Community Development may enter into agreements with the Nature
Conservancy for the State to acquire title to or an interest in
property owned by the Nature Conservancy or property on which the
Nature Conservancy holds an option or a contract to purchase.

414.

The Authority shall have perpetual existence and may:

(c) (1) Develop, establish, construct, erect, acquire, own,
repair, remodel, add to, extend, improve, equip, operate, and
maintain the market within the Greater Baltimore Region, and pay
the cost of the market, including parking and other ancillary
facilities appurtenant thereto, and develop, establish,
construct, erect, acquire, own, repair, remodel, add to, extend,
improve, equip, operate, and maintain the park, and pay the cost