PARRIS N. GLENDENING, Governor

Ch. 693

PROPERTY, AS OF THE DATE OF DEATH, TO THE EXTENT THAT INSURANCE
BENEFITS ARE NOT PAYABLE TO THE LIEN HOLDER OR SECURED PARTY FOR THE
SECURED DEBT.

[5-608.

(a)     (1) If the only property of an estate of a decedent is not more than two
motor vehicles, the Motor Vehicle Administration may transfer the title to the motor
vehicles to the person entitled to them if he is satisfied that all debts and taxes owed by
the decedent have been paid. Administration of the estate of the decedent is not
necessary in this case.

(2) If the interest of an owner in a vehicle for which a certificate of title has
been issued passes to a legatee or distributee as a result of testamentary disposition or
intestate devolution, no application for a new certificate of title need be made until the
expiration of the current annual registration in the name of the deceased owner, and the
certificate of title need not be submitted to the department until the application for a new
certificate of title is made. A certificate of letters testamentary or of administration issued
by a court of competent jurisdiction is sufficient authority for the Motor Vehicle
Administration to transfer the title of the vehicle of a deceased owner if title is properly
assigned by the personal representative of the deceased owner.

(b)     (1) If the only property of a decedent is a boat or vessel, the appraised value
of which does not exceed $5,000, the United States Coast Guard or the State Department
of Natural Resources may transfer the certificate of registration for the boat or vessel to
the person entitled to it if the agency is satisfied that all debts and taxes owed by the
decedent have been paid.

(2) A verified statement signed by two persons to the effect that they have
personal knowledge of the value of boats of the type of the particular boat involved and
that the value of the boat does not exceed $5,000 is sufficient evidence of the value of the
boat to warrant the transfer of the registration certificate.]

7-202.

(a)     The value of each item listed in the inventory shall be fairly appraised as of
the date of death and stated in the inventory. The personal representative may appraise
the corporate stocks listed on a national or regional exchange or over the counter
securities and items in categories (4) and (5) of § 7-201 OF THIS SUBTITLE He THE
PERSONAL REPRESENTATIVE shall secure an independent appraisal of the items in all
of the other categories. He THE PERSONAL REPRESENTATIVE may select one of the
methods specified in this section.

(b)     The personal representative may apply for appraisal by appraisers designated
by the register under §§ 2-301(a) or 2-302 OF TITLE 2 § 2-301(A) OR § 2-302 OF THIS
ARTICLE.

(C) (1) EXCEPT AS PROVIDED IN PARAGRAPH (2) OF THIS SUBSECTION,
INSTEAD OF AN APPRAISAL OF THE FAIR MARKET VALUE, REAL AND LEASEHOLD
PROPERTY MAY BE VALUED AT THE MOST RECENT NEW MARKET VALUE AS
DETERMINED BY THE DEPARTMENT OF ASSESSMENTS AND TAXATION'S

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