PARRIS N. GLENDENING, Governor                             Ch. 639

certain consumer goods, to the requirement that a financing statement be filed to
perfect a security interest under the Uniform Commercial Code; and generally
relating to the perfection of security interests.

BY repealing and reenacting, with amendments,
Article - Commercial Law
Section 9-302(1)
Annotated Code of Maryland
(1992 Replacement Volume and 1995 Supplement)

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

Article - Commercial Law

9-302.

(1) A financing statement must be filed to perfect all security interests except the
following:

(a)     A security interest in collateral in possession of the secured party under
§ 9-305;

(b)     A security interest temporarily perfected in instruments or documents
without delivery under § 9-304 or in proceeds for a ten-day period under § 9-306;

(c)     A security interest created by an assignment of a beneficial interest in a
trust or a decedent's estate;

(d)     A purchase money security interest in consumer goods having a
purchase price not in excess of [ $1,500] $3,000 per item, but filing is required for a fixture
under § 9-313;

(e)     An assignment of accounts which does not alone or in conjunction with
other assignments to the same assignee transfer a significant part of the outstanding
accounts of the assignor;

(f)     A security interest of a collecting bank (§ 4-208) or in securities (§
8-321) or arising under the title on sales (see § 9-113) or covered in subsection (3) of this
section;

(g)     An assignment for the benefit of all the creditors of the transferor, and
subsequent transfers by the assignee thereunder; and

(h) A security interest in a mortgage covered by § 7-101 of the Real
Property Article.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1996.

Approved May 23, 1996.

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