WILLIAM DONALD SCHAEFER, Governor

Ch. 586

CHAPTER 586

(Senate Bill 514)

AN ACT concerning

Recordation Tax - Purchase Money Mortgage or Purchase Money
Deed of Trust Exception - Definition and Delivery Date

FOR the purpose of defining a purchase money mortgage and
purchase money deed of trust for recordation tax- purposes to
eliminate the requirement that the deed and the mortgage or
deed of trust be executed and recorded on the same date;
authorizing certain persons to insert a date of delivery on
certain instruments under certain circumstances; providing
for the applicability of this Act; and generally relating to
the recordation tax exemption for certain instruments of
writing and the determination of delivery dates on those
instruments.

BY repealing and reenacting, with amendments,

Article - Tax - Property
Section 12-101 12-108(i)
Annotated Code of Maryland
(1986 Volume and 1988 Supplement)

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

Article - Tax - Property

12-101.

(a) In this title the following words have the meanings
indicated.

(b) "Articles of transfer" has the meaning stated in §
1-101(c) of the Corporations and Associations Article.

(c)(1) "Instrument of writing" means a written instrument
that:

(i) conveys title to or creates or gives notice
of a security interest in real property; or

(ii) creates or gives notice of a security
interest in personal property.

- 3607 -