Ch. 353                                LAWS OF MARYLAND

(a) (1) For a deed, deed of trust, or mortgage transferring
title to real property located partly in the State, the
recordation tax applies to the consideration payable or the
principal amount of the debt secured in the same ratio that the
value of the real property that is located in the State bears to
the value of the entire property.

(2)  FOR A SECURITY AGREEMENT COVERING PERSONAL
PROPERTY THAT IS NOT EXEMPT UNDER § 12-108(H) 12-108(K) OF THIS
TITLE AND IS LOCATED PARTLY IN THIS STATE, RECORDATION TAX
APPLIES TO THE PRINCIPAL AMOUNT OF THE DEBT SECURED IN THE SAME
RATIO THAT THE VALUE OF THE NONEXEMPT PERSONAL PROPERTY LOCATED
IN THIS STATE BEARS TO THE VALUE OF THE ENTIRE PERSONAL PROPERTY.

(3)  FOR TRANSACTIONS THAT INVOLVE INSTRUMENTS OF
WRITING DESCRIBED IN BOTH PARAGRAPHS (1) AND (2) OF THIS
SUBSECTION, THE RECORDATION TAX APPLIES TO THE CONSIDERATION
PAYABLE OR THE PRINCIPAL AMOUNT OF THE DEBT SECURED IN THE SAME
RATIO THAT THE SUM OF THE VALUES OF THE REAL PROPERTY AND THE
NON EXEMPT PERSONAL PROPERTY LOCATED IN THIS STATE BEARS TO THE
VALUE OF THE ENTIRE PROPERTY.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1987.

Approved May 14, 1987.

CHAPTER 353

(Senate Bill 432)

AN ACT concerning

Creation of a State Debt - Peabody Conservatory of Music

FOR the purpose of authorizing the creation of a State Debt in
the amount of $2,500,000 $1,750,000 $2,000,000, the
proceeds to be used as a grant to Peabody Institute of The
Johns Hopkins University to assist in the planning, design,
construction, and equipping of an academic/library building,
subject to the requirement that Peabody Institute of The
Johns Hopkins University provide up to a certain sum of a
certain type of funds as a matching fund for the same
purpose by a certain date; requiring that certain easements
be granted to the Maryland Historical Trust; and providing
generally for the issue and sale of bonds evidencing the
loan.

- 1946 -