WILLIAM DONALD SCHAEFER, Governor Ch. 741

BY repealing and reenacting, with amendments,

Article - Natural Resources

Section 8-729(b), 8-730, and 8-732

Annotated Code of Maryland

(1983 Replacement Volume and 1987 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Natural Resources

8-729.

(b) A security interest is perfected by the delivery to the
Department of the existing certificate of title, if any, and an
application for certificate of title on a form provided or
approved by the Department containing information regarding the
security interest, and upon payment of a filing fee of $15. $4 of
this filing fee shall be treated as described in § 8-723. The
security interest is perfected as of the time of its creation if
delivery and payment to the Department are completed within [ten]
30 days of the date of its creation, otherwise perfection is as
of the time of its delivery and payment.

8-730.

If an owner creates a security interest in a vessel:

(1)  The owner immediately shall execute the
application in the space provided on the certificate of title or
a separate form the Department prescribes, naming the secured
party on the certificate of title, showing the name and address
of the secured party, the amount of the security interest, and
the date of his security agreement, and cause the certificate of
title and application to be delivered to the Department.

(2)  At the time of delivery of the documents
described in paragraph (1) of this section to the Department, the
secured party shall pay to the Department a filing fee as
required for perfection of the security interest under § 8-729
(b). The security interest is perfected as of the time of its
creation if delivery and payment to the Department are completed
within [ten] 30 days of the date of its creation, otherwise
perfection shall be as of the time of its delivery and payment.

(3)  Upon receipt of the certificate of title,
application, and the required filing fee, the Department shall
endorse on the existing certificate of title or on a new
certificate which it then issues, the name and address of all
secured parties, and mail or deliver the certificate of title to
the [secured party] OWNER OF THE VESSEL.

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