VETOES

(k) Any sums realized on any bond posted to regain
possession of the vehicle shall be applied as provided for
proceeds of sale under subsection (j)(2)(iv) of this section.

(1) Any sale ordered pursuant to this section shall be made
for cash and vest in the purchaser a clear and absolute title to
the motor vehicle that is sold.

(m) This section shall apply to any motor vehicle, as
defined in Title 11 of the Transportation Article.

(N) (1) THIS SUBTITLE MAY NOT BE CONSTRUED TO PROHIBIT A
SECURED PARTY FROM EXERCISING ITS RIGHTS UNDER APPLICABLE LAW,
INCLUDING THE RIGHT TO SELL A MOTOR VEHICLE THAT HAS BEEN SEIZED
UNDER THIS SUBTITLE, IN THE EVENT OF A DEFAULT IN THE OBLIGATION
GIVING RISE TO THE SECURITY INTEREST.

(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.

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