Ch. 216

1997 LAWS OF MARYLAND

(B) (1) THE DEPARTMENT MAY TRANSFER ON ITS RECORDS THE
OWNERSHIP OF A VESSEL THAT HAS BEEN REPOSSESSED BY A SECURED PARTY, IF
THE SECURED PARTY PAYS THE FEE REQUIRED FOR TRANSFER OF A TITLE AND
SUBMITS TO THE DEPARTMENT A CERTIFICATION THAT STATES:

(I) THAT THE SECURED PARTY HAS A SECURITY INTEREST IN THE

VESSEL;

(II) THAT, ON THE BASIS OF THE SECURITY AGREEMENT OR
OTHER LAWFUL BASIS, THE SECURED PARTY HAS A RIGHT TO THE POSSESSION OF
AND TITLE TO THE VESSEL;

(III) THAT THE SECURED PARTY HAS POSSESSION OF THE VESSEL;

AND

(IV) ANY OTHER INFORMATION THAT THE DEPARTMENT

REQUIRES.

(2) A SECURED PARTY THAT REPOSSESSES A VESSEL IS NOT REQUIRED
TO PAY THE TITLE TAX.

(3) ON SUBMISSION OF THE CERTIFICATION TO IT, THE DEPARTMENT
MAY ISSUE A NEW CERTIFICATE OF TITLE IF IT IS SATISFIED THAT THE SECURED
PARTY IS ENTITLED TO ONE

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1997. January 31, 1998.

Approved April 29, 1997.

CHAPTER 216
(House Bill 137)

AN ACT concerning

Creation of a State Debt - Calvert County - Calvert Memorial Hospital

FOR the purpose of authorizing the creation of a State Debt not to exceed $900,000, the
proceeds to be used as a grant to the Board of Directors of the Calvert Memorial
Hospital, Inc. for certain acquisition, development, or improvement purposes;
providing for disbursement of the loan proceeds, subject to a requirement that the
grantee provide and expend a matching fund; and providing generally for the
issuance and sale of bonds evidencing the loan.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That:

(1) The Board of Public Works may borrow money and incur indebtedness on
behalf of the State of Maryland through a State loan to be known as the Calvert County
- Calvert Memorial Hospital Loan of 1997 in a total principal amount equal to the lesser

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