PARRIS N. GLENDENING, Governor                             S.B. 297

(iii) The amount of the lien claimed exclusive of any storage fees except
as provided in subsection (f)(2) of this section;

(iv) A purchase money security interest; and

(v) Any remaining secured parties of record who shall divide the
remaining balance equally if there are insufficient funds to completely satisfy their
respective interests, but not to exceed the amount of a security interest.

(2)     Except as provided in paragraph (3) of this subsection, if the notice
required under § 16-203(b) of this subtitle was not sent, the proceeds of a sale under this
section shall be applied, in the following order, to:

(i) A purchase money security interest;

(ii) All additional holders of perfected security interests in the
property;

(iii) The expenses of giving notice and holding the sale, including
reasonable attorney's fees;

(iv) Subject to subsection (f) of this section, storage fees of the third
party holder;

(v) The amount of the lien claimed exclusive of any storage fees except
as provided in subsection (f)(2) of this section;

(vi) Any remaining secured parties of record who shall divide the
remaining balance equally if there are insufficient funds to completely satisfy their
respective interest, but not to exceed the amount of a security interest.

(3)     For a motor vehicle lien created under this subtitle, if the notice
required under § 16-203(b) of this subtitle was not sent:

(i) The proceeds of a sale under this section shall be applied in the
order described in paragraph (1) of this subsection; and

(ii) The amount of the lien claimed in paragraph (1)(iii) of this
subsection may not include any amount for storage charges incurred or imposed by the
lienor.

(4)     After application of the proceeds in accordance with paragraph (1) or
(2) of this subsection, any remaining balance shall be paid to the owner of the property.

(f) (1) If property is stored, storage fees of the third party holder may not
exceed $5 per day or a total of $300.

(2) The exclusion or limitation of any storage fees as provided in subsections
(e)(1)(iii) and (f)(1) of this section does not apply to any person who conducts auctions as
a business in this State, and is required to maintain records under § 15-113 in the
Transportation Article, and that person is also exempt from the maximum storage fee
limits under this subsection.

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