WILLIAM DONALD SCHAEFER, Governor                   Ch. 586

(2)  (I) A SECURED PARTY EXERCISING THE RIGHT TO SELL
A MOTOR VEHICLE THAT HAS BEEN SEIZED UNDER THIS SUBTITLE SHALL
NOTIFY THE STATE'S ATTORNEY IN WRITING OF THE SECURED PARTY'S
INTENTION TO SELL THE MOTOR VEHICLE.

(II)  THE NOTICE SHALL BE ACCOMPANIED BY COPIES
OF DOCUMENTS GIVING RISE TO THE SECURITY INTEREST AND SHALL
INCLUDE AN AFFIDAVIT UNDER OATH BY THE SECURED PARTY THAT THE
UNDERLYING OBLIGATION IS IN DEFAULT AND THE REASONS FOR THE
DEFAULT.

(III)  UPON REQUEST OF THE SECURED PARTY, THE
MOTOR VEHICLE SHALL BE RELEASED TO THE SECURED PARTY.

(3)  EXCEPT AS PROVIDED IN PARAGRAPH (4) OF THIS
SUBSECTION, THE RIGHTS AND DUTIES PROVIDED BY LAW TO THE SECURED
PARTY FOR THE SALE OF COLLATERAL SECURING AN OBLIGATION IN
DEFAULT SHALL GOVERN THE REPOSSESSION AND SALE OF THE MOTOR
VEHICLE.

(4)  (I) THE SECURED PARTY MAY NOT BE REQUIRED TO TAKE
POSSESSION OF THE MOTOR VEHICLE PRIOR TO THE SALE OF THE VEHICLE.

(II)  THE PROCEEDS OF THE SALE SHALL BE APPLIED
FIRST TO THE COSTS OF THE FORFEITURE PROCEEDING, THEN AS PROVIDED
BY LAW FOR DISTRIBUTION OF PROCEEDS OF A SALE BY THE SECURED
PARTY.

(III)  ANY PORTION OF THE PROCEEDS THAT WOULD BE
PAID TO AN OWNER OF THE VEHICLE UNDER THE APPLICABLE LAW RELATING
TO DISTRIBUTION OF PROCEEDS, SHALL BE PAID TO THE SEIZING AGENCY
AND SHALL BE PROPERTY SUBJECT TO FORFEITURE. IF NO ORDER OF
FORFEITURE IS ENTERED, THE STATE SHALL REMIT TO THE OWNER THAT
PORTION OF THE PROCEEDS AND ANY COSTS OF THE FORFEITURE
PROCEEDINGS PAID FROM THE PROCEEDS OF THE SALE.

(5)  (I) IF THE INTEREST OF THE OWNER IN THE MOTOR
VEHICLE IS REDEEMED BY THE OWNER, THE SECURED PARTY SHALL MAIL A
NOTICE OF THE REDEMPTION TO THE STATE'S ATTORNEY WITHIN 10 DAYS
AFTER THE REDEMPTION.

(II) IF THE MOTOR VEHICLE HAS BEEN REPOSSESSED
BY THE SECURED PARTY, THE SECURED PARTY SHALL RETURN THE MOTOR
VEHICLE TO THE SEIZING AGENCY WITHIN 21 DAYS AFTER THE
REDEMPTION.

(II) (III) THE SEIZING AGENCY AND THE STATE'S
ATTORNEY MAY THEN PROCEED WITH THE SEIZURE AND FORFEITURE OF THE
MOTOR VEHICLE OR PROCEEDS, AND ALL TIME LIMITATIONS REQUIRED
UNDER THIS SUBTITLE FOR NOTICE AND FILING OF THE PETITION FOR
FORFEITURE SHALL RUN FROM THE DATE OF THE REDEMPTION OR PURCHASE
OF THE MOTOR VEHICLE.

- 4027 -