2750

LAWS OF MARYLAND

Ch. 720

(c) The debtor has rights in the collateral.

9-302.

(1) A financing statement must be filed to perfect all
security interests except the following:

(f) A security interest of a collecting bank (§
4-208) OR IN SECURITIES (§ 8-321) or arising under the title on
sales (see § 9-113) or covered in subsection (3) of this section;

9-304.

(1) A security interest in chattel paper or negotiable
documents may be perfected by filing. A security interest in
money or instruments (other than CERTIFICATED SECURITIES OR
instruments which constitute part of chattel paper) can be
perfected only by the secured party's taking possession, except
as provided in subsections (4) and (5) of this section and
subsections (2) and (3) of § 9-306 on proceeds.

(4)  A security interest in instruments (OTHER THAN
CERTIFICATED SECURITIES) or negotiable documents is perfected
without filing or the taking of possession for a period of
[twenty-one] 21 days from the time it attaches to the extent that
it arises for new value given under a written security agreement.

(5)  A security interest remains perfected for a period of
[twenty-one] 21 days without filing where a secured party having
a perfected security interest in an instrument (OTHER THAN A
CERTIFICATED SECURITY), a negotiable document or goods in
possession of a bailee other than one who has issued a negotiable
document therefor:

(a)  Makes available to the debtor the goods or
documents representing the goods for the purpose of ultimate sale
or exchange or for the purpose of loading, unloading, storing,
shipping, transshipping, manufacturing, processing or otherwise
dealing with them in a manner preliminary to their sale or
exchange, but priority between conflicting security interests in
the goods is subject to subsection (3) of § 9-312; or

(b)  Delivers the instrument to the debtor for the
purpose of ultimate sale or exchange or of presentation,
collection, renewal or registration of transfer.

9-305.

A security interest in letters of credit and advices of
credit (subsection (2)(a) of § 5-116), goods, instruments (OTHER
THAN CERTIFICATED SECURITIES), money, negotiable documents or
chattel paper may be perfected by the secured party's taking
possession of the collateral. If such collateral other than goods
covered by a negotiable document is held by a bailee, the secured
party is deemed to have possession from the time the bailee