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Ch. 679
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2000 LAWS OF MARYLAND
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12-104.
(b) Security agreements filed in accordance with [§ 9-402] § 9-502 of the
Maryland Uniform Commercial Code are governed by the requirements of that
section and not by subsection (a) of this section.
12-107.
Except as otherwise provided in this title, the recordation tax applies to an
instrument of writing that perfects a security interest in tangible personal property,
standing timber, or fixtures.
12-108.
(k) A security agreement filed or recorded under the Maryland Uniform
Commercial Code is not subject to recordation tax [,]:
(1) if it is filed or recorded:
[(1)] (I) to perfect a security interest in inventory;
[(2)] (II) to perfect a security interest in contract rights, general
intangibles, or accounts;
[(3)] (III) to perfect a security interest in farm products or in equipment
used in farming operations;
[(4)] (IV) to perfect a security interest taken or retained by a seller of
collateral to secure all or part of its price; or
[(5)] (V) to publicize a lease of goods or fixtures, provided that the
security agreement states on its face that it does not create a security interest; OR
(2) IF IT IS FILED OR RECORDED WITH THE DEPARTMENT UNDER §
9-501(A)(2) OF THE COMMERCIAL LAW ARTICLE.
12-109.
(b) (3) The recordation tax on [a security agreement,] articles of transfer,
articles of merger, articles of consolidation or other documents which evidence a
merger or consolidation of foreign corporations, foreign partnerships, foreign limited
liability companies, or foreign limited partnerships filed with the Department shall
be paid to the Department.
12-110.
[(e) The recordation tax collected under § 12-103(e) of this title shall be paid to
the Comptroller. After deduction of the cost to the Department of collecting the tax,
the Comptroller shall distribute the revenue as follows:
(I) recordation taxes collected by the Department for which a county
recordation tax rate was applied under § 12-103(e)(1)(i) or (ii) of this title shall be
remitted to that county; and
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- 3490 -
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