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PARRIS N. GLENDENING, Governor
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H.B. 18
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PERSON IS DEEMED TO HAVE CONTROL OF A TRANSFERABLE RECORD, IF THE
TRANSFERABLE RECORD IS CREATED, STORED, AND ASSIGNED IN SUCH A MANNER
THAT:
(1) A SINGLE AUTHORITATIVE COPY OF THE TRANSFERABLE RECORD
EXISTS THAT IS UNIQUE, IDENTIFIABLE, AND, EXCEPT AS OTHERWISE PROVIDED IN
ITEMS (4), (5), AND (6) OF THIS SUBSECTION, UNALTERABLE;
(2) THE AUTHORITATIVE COPY IDENTIFIES THE PERSON ASSERTING
CONTROL AS:
(I) THE PERSON TO WHICH THE TRANSFERABLE RECORD WAS
ISSUED; OR
(II) IF THE AUTHORITATIVE COPY INDICATES THAT THE
TRANSFERABLE RECORD HAS BEEN TRANSFERRED, THE PERSON TO WHICH THE
TRANSFERABLE RECORD WAS MOST RECENTLY TRANSFERRED;
(3) THE AUTHORITATIVE COPY IS COMMUNICATED TO AND MAINTAINED
BY THE PERSON ASSERTING CONTROL OR ITS DESIGNATED CUSTODIAN;
(4) COPIES OR REVISIONS THAT ADD OR CHANGE AN IDENTIFIED
ASSIGNEE OF THE AUTHORITATIVE COPY CAN BE MADE ONLY WITH THE CONSENT
OF THE PERSON ASSERTING CONTROL;
(5) EACH COPY OF THE AUTHORITATIVE COPY AND ANY COPY OF A COPY
IS READILY IDENTIFIABLE AS A COPY THAT IS NOT THE AUTHORITATIVE COPY; AND
(6) ANY REVISION OF THE AUTHORITATIVE COPY IS READILY
IDENTIFIABLE AS AUTHORIZED OR UNAUTHORIZED.
(D) (1) EXCEPT AS OTHERWISE AGREED, A PERSON HAVING CONTROL OF A
TRANSFERABLE RECORD IS THE HOLDER, AS DEFINED IN § 1-201(20) OF THIS
ARTICLE, OF THE TRANSFERABLE RECORD AND HAS THE SAME RIGHTS AND
DEFENSES AS A HOLDER OF AN EQUIVALENT RECORD OR WRITING UNDER THE
MARYLAND UNIFORM COMMERCIAL CODE, INCLUDING, IF THE APPLICABLE
STATUTORY REQUIREMENTS UNDER § 3-302(A), § 7-501, OR § 9-308 OF THIS ARTICLE
ARE SATISFIED, THE RIGHTS AND DEFENSES OF A HOLDER IN DUE COURSE, A
HOLDER TO WHICH A NEGOTIABLE DOCUMENT OF TITLE HAS BEEN DULY
NEGOTIATED, OR A PURCHASER, RESPECTIVELY.
(2) DELIVERY, POSSESSION, AND ENDORSEMENT ARE NOT REQUIRED TO
OBTAIN OR EXERCISE ANY OF THE RIGHTS UNDER THIS SUBSECTION.
(E) EXCEPT AS OTHERWISE AGREED, AN OBLIGOR UNDER A TRANSFERABLE
RECORD HAS THE SAME RIGHTS AND DEFENSES AS AN EQUIVALENT OBLIGOR
UNDER EQUIVALENT RECORDS OR WRITINGS UNDER THE MARYLAND UNIFORM
COMMERCIAL CODE.
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- 4245 -
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