2396                                          LAWS OF MARYLAND                                      Ch. 651

Article - Commercial Law
16-207.

(e)  (1) The proceeds of a sale under this section shall be
applied, in the following order, to:

(i) The expenses of giving notice and holding
the sale, including reasonable attorney's fees;

(ii) Subject to subsection (f) of this section,
storage fees of the third party holder;

(iii) The amount of the lien claimed exclusive
of any storage fees except as provided in paragraph (2) of
subsection (f) of this section;

(iv) A purchase money security interest; AND

(v) Any storage fees of the third party holder
in excess of $300,000; and

(vi) (V) Any remaining secured parties of
record who shall divide the remaining balance equally if there
are insufficient funds to completely satisfy their respective
interests, but not to exceed the amount of a security interest.

(2) After application of the proceeds in accordance
with paragraph (1) of this subsection, any remaining balance
shall be paid to the owner of the property.

(f)  (1) If property is stored after repair or rebuilding,
storage fees of the third party holder may not exceed $5 per day
or a total of $300.

(2) The exclusion OR LIMITATION of any storage fees
as provided in subsection (e)(1)(iii) SUBSECTIONS (E)(1) (III) AND
(F)(1) of this section does not apply to any person who conducts
auctions as a business in this State, and is required to maintain
records under § 15-113 in the Transportation Article, and that
person is also exempt from the maximum storage fee limits under
this subsection.

(3) IF PROPERTY IS STORED AFTER TOWING, STORAGE FEES
OF THE THIRD PARTY HOLDER MAY BE COLLECTED UNDER SUBSECTION
(E)(1)(II) OF THIS SECTION IF THE THIRD PARTY HOLDER NOTIFIES, BY
CERTIFIED MAIL, ANY SECURED PARTIES OF RECORD OF THE STORAGE FEES
WITHIN 15 DAYS AFTER THE PROPERTY IS TOWED.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1986.

Approved May 27, 1986.