PARRIS N. GLENDENING, Governor

Ch. 92

9-312.

(1) The rules of priority stated in other sections of this subtitle and in the
following sections shall govern when applicable: [§ 4-208] § 4-210 with respect to the
security interests of collecting banks in items being collected, accompanying documents
and proceeds; § 9-103 on security interests related to other jurisdictions; § 9-114 on
[consignments] CONSIGNMENTS; § 9-115 ON SECURITY INTERESTS IN INVESTMENT
PROPERTY.

(7) If future advances are made while a security interest is perfected by filing, the
taking of possession, or under [§ 8-321 on securities,] § 9-115 OR § 9-116 ON
INVESTMENT PROPERTY, the security interest has the same priority for the purposes of
subsection (5) with respect to the future advances as it does with respect to the first
advance. If a commitment is made before or while the security interest is so perfected, the
security interest has the same priority with respect to advances made pursuant thereto. In
other cases, a perfected security interest has priority from the date the advance is made.

10-104.

[(1)] Title 7 on documents of title does not repeal or modify any laws prescribing
the form or contents of documents of title or the services or facilities to be afforded by
bailees, or otherwise regulating bailees' businesses in respects not specifically dealt with
herein; but the fact that such laws are violated does not affect the status of a document of
title which otherwise complies with the definition of a document of title (§ 1-201).

[(2) Titles 1 through 10 of this article do not repeal §§ 15-301 through 15-311 of
the Estates Article of the Code, which is cited as the Maryland Uniform Act for the
Simplification of Fiduciary Security Transfers, and if in any respect there is any
inconsistency between that act and Title 8 of this article on investment securities the
provisions of the former act shall control.]

SECTION 3. AND BE IT FURTHER ENACTED, That:

(a)     This Act does not affect an action or proceeding commenced before this Act
takes effect.

(b)     If a security interest in a security is perfected at the date this Act takes effect,
and the action by which the security interest was perfected would suffice to perfect a
security interest under this Act, no further action is required to continue perfection. If a
security interest in a security is perfected at the date this Act takes effect but the action
by which the security interest was perfected would not suffice to perfect a security interest
under this Act, the security interest remains perfected for a period of 4 months after the
effective date and continues perfected thereafter if appropriate action to perfect under
this Act is taken within that period. If a security interest is perfected at the date this Act
takes effect and the security interest can be perfected by filing under this Act, a financing
statement signed by the secured party instead of the debtor may be filed within that
period to continue perfection or thereafter to perfect.

SECTION 4. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1996.

Approved April 30, 1996.

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