ROBERT L. EHRLICH, JR., Governor                           H.B. 753

12-116.

(A) (1) IN THIS SECTION THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

(2) "CONTROLLING INTEREST" MEANS:

(I) MORE THAN 80% OF THE TOTAL VALUE OF ALL CLASSES OF
STOCK OF A CORPORATION;

(II) MORE THAN 80% OF THE TOTAL INTEREST IN CAPITAL AND
PROFITS OF A PARTNERSHIP, ASSOCIATION, LIMITED LIABILITY COMPANY, OR OTHER
UNINCORPORATED FORM OF DOING BUSINESS; OR

(III) MORE THAN 80% OF THE BENEFICIAL INTEREST IN A TRUST:

(3) "FINAL TRANSFER" MEANS THAT TRANSFER OF ANY PORTION OF A
CONTROLLING INTEREST WHICH COMPLETES THE TRANSFER OF A CONTROLLING
INTEREST IN A REAL PROPERTY ENTITY.

(4) (I) "PLAN OF TRANSFER" MEANS AN INTENTIONAL PLAN OR
PROGRAM TO TRANSFER THE CONTROLLING INTEREST IN A REAL PROPERTY ENTITY.

(II) "PLAN OF TRANSFER" DOES NOT INCLUDE A SERIES OF SALES
OF SHARES OF A PUBLICLY TRADED ENTITY.

(5) (I) "REAL PROPERTY' MEANS REAL PROPERTY LOCATED IN THE
STATE.

(II) "REAL PROPERTY' DOES NOT INCLUDE:

1. A LEASEHOLD, UNLESS CREATED BY A LEASE THAT IS
REQUIRED TO BE RECORDED UNDER § 3-101(A) OF THE REAL PROPERTY ARTICLE; OR

2. ANY MORTGAGE, DEED OF TRUST, OR OTHER LIEN UPON
OR SECURITY INTEREST IN REAL PROPERTY THAT SECURES AN INDEBTEDNESS:

(6) (I) "REAL PROPERTY ENTITY' MEANS A CORPORATION-;
PARTNERSHIP, ASSOCIATION, LIMITED LIABILITY COMPANY, LIMITED LIABILITY
PARTNERSHIP, OTHER UNINCORPORATED FORM OF DOING BUSINESS, OR TRUST
THAT DIRECTLY OR BENEFICIALLY OWNS REAL PROPERTY THAT:

1. CONSTITUTES AT LEAST 80% OF THE VALUE OF ITS
ASSETS; AND

2. HAS AN AGGREGATE VALUE OF AT LEAST $1,000,000.

(II) FOR THE PURPOSES OF THIS PARAGRAPH, THE VALUE OF REAL
PROPERTY SHALL BE DETERMINED WITHOUT REDUCTION FOR ANY MORTGAGE,
DEED OF TRUST, OR OTHER LIEN UPON OR SECURITY INTEREST IN THE REAL
PROPERTY:

(III) "REAL PROPERTY ENTITY' DOES NOT INCLUDE AN ENTITY
WITH LAND HOLDINGS THAT, OTHER THAN HOMESITES OR AREAS OF COMMERCIAL

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