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Ch. 135
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2002 LAWS OF MARYLAND
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(II) A MORTGAGE, DEED OF TRUST, OR OTHER INSTRUMENT
EXECUTED TO SECURE A NOTE, BOND, OR OTHER EVIDENCE OF INDEBTEDNESS
DESCRIBED IN ITEM (I) OF THIS ITEM; AND
(III) A MEMBERSHIP CERTIFICATE ISSUED BY A COOPERATIVE, AS
DEFINED IN § 5-601 OF THIS ARTICLE, OR BY A FOREIGN CORPORATION DOING
BUSINESS IN THE STATE UNDER TITLE 5, SUBTITLE 6 OF THIS ARTICLE; AND
DRAFTER'S NOTE: This item is new language derived without substantive
change from former Ch. 179, § 30, Acts of 1976, as amended by Ch. 604, Acts of 2001.
This item is revised as an exemption, under § 11-601 of this article, from the
registration requirements of § 11-501 of this article for consistency with the
Maryland Securities Act (Title 11 of this article). Section 11-501 requires registration
of a security, before it is offered or sold, unless the security is a federal covered
security or "[t]he security or transaction is exempted under Subtitle 6 of this title".
Since the securities described in this item are not "federal covered securities", they
must be exempted under § 11-601 to effectuate the intent of the former law.
While the exemptions provided in § 11-601 from both § 11-501 and § 11-205 of
this article appear broader than the former law's exemption from § 11-501, according
to the Securities Commissioner of the Division of Securities, no substantive change is
made since securities exempt from registration would not, as a practical matter, be
subject to § 11-205.
Defined terms: "Cooperative" § 5-601
"Foreign corporation" § 1-101
Article - Public Utility Companies
7-104.
THE FORMATION, ORGANIZATION, AND GOVERNANCE OF ELECTRIC
COOPERATIVES INCORPORATED IN MARYLAND ARE GOVERNED BY TITLE 5,
SUBTITLE 6 OF THE CORPORATIONS AND ASSOCIATIONS ARTICLE.
SECTION 4. AND BE IT FURTHER ENACTED, That:
(a) A mortgage, deed of trust, security agreement, or other security
instrument entered into or created before October 1, 2002 that established a valid lien
on personal property in accordance with Ch. 179, § 26, Acts of 1976, as amended by
Ch. 604, Act of 2001, remains a valid lien under Title 9 of the Maryland Uniform
Commercial Code subject to compliance with Title 9, Subtitle 7 of the Maryland
Uniform Commercial Code as modified by subsection (b) of this section.
(b) If Title 9, Subtitle 7 of the Maryland Uniform Commercial Code
requires action before July 1, 2002 to assure the continuing validity, perfection,
priority, or similar status of a security interest, the status of the lien established by a
mortgage, deed of trust, security agreement, or other security instrument described in
this section will continue if the required action is taken before October 1, 2003.
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- 1446 -
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