Ch. 414

LAWS OF MARYLAND

(a)  A security interest in collateral in possession
of the secured party under § 9-305;

(b)  A security interest temporarily perfected in
instruments or documents without delivery under § 9-304 or in
proceeds for a ten-day period under § 9-306;

(c)  A security interest credited by an assignment of
a beneficial interest in a trust or a decedent's estate;

(d)  A purchase money security interest in consumer
goods [having a purchase price not in excess of $500]; $1,500 PER
ITEM, but filing is required for a fixture under § 9-313;

(e)  An assignment of accounts which does not alone or
in conjunction with other assignments to the same assignee
transfer a significant part of the outstanding accounts of the
assignor;

(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;

(g)  An assignment for the benefit of all the
creditors of the transferor, and subsequent transfers by the
assignee thereunder.

(h) A security interest in a mortgage covered by §
7-101 of the Real Property Article.

9-307.

(2) In the case of consumer goods having an original
purchase price not in excess of [$500] $1,500 PER ITEM, a buyer
takes free of a security interest even though perfected if he
buys without knowledge of the security interest, for value and
for his own personal, family or household purposes unless prior
to the purchase the secured party has filed a financing statement
covering such goods.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1988.

Approved May 17, 1988.

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