VETOES

Section 12-101(d) through (1), respectively
to be Section 12-101(e) through (m), respectively
Annotated Code of Maryland
(1986 Volume and 1988 Supplement)

BY adding to

Article - Tax - Property

Section 12-101(d)
Annotated Code of Maryland
(1986 Volume and 1988 Supplement)

BY repealing and reenacting, with amendments,

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

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section(s) 12-101(d) through (1), respectively, of

Article - Tax - Property of the Annotated Code of Maryland be

renumbered to be Section(s) 12-101(e) through (m), respectively.

SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of
Maryland read as follows:

Article - Tax - Property

12-101.

(D) "PURCHASE MONEY MORTGAGE" AND "PURCHASE MONEY DEED OF
TRUST" MEAN A MORTGAGE OR DEED OF TRUST THAT:

(1) IS GIVEN BY THE TRANSFEREE OF REAL PROPERTY WITH
RESPECT TO THE PROPERTY PURCHASED;

(2) IS EXECUTED AS PART OF THE SAME TRANSACTION AS A
DEED THAT TRANSFERS THE PROPERTY PURCHASED AND IS SUBJECT TO THE
RECORDATION TAX;

(3) RECITES ON ITS FACE THAT IT SECURES, IN WHOLE OR
IN PART, THE PURCHASE MONEY FOR THE PROPERTY; AND

(4) (I) IS EXECUTED ON THE SAME DATE THAT THE DEED
TRANSFERRING THE PROPERTY IS EXECUTED, REGARDLESS OF WHETHER IT
IS RECORDED ON THE SAME DATE AS THE DEED TRANSFERRING THE
PROPERTY; OR

- 4960 -