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Ch. 477
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2002 LAWS OF MARYLAND
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(A) A CLAIM OR RIGHT TO RECEIVE AMOUNTS UNDER A WORKERS'
COMPENSATION ACT AS COMPENSATION FOR AN ACCIDENTAL INJURY OR AN
OCCUPATIONAL DISEASE;
(B) A CLAIM OR RIGHT TO RECEIVE AMOUNTS, WHETHER BY SUIT
OR AGREEMENT AND WHETHER AS LUMP SUMS OR AS PERIODIC PAYMENTS, FOR
DAMAGES ARISING FROM PERSONAL INJURIES; AND
(C) A CLAIM OR RIGHT TO RECEIVE BENEFITS FROM A SPECIAL
NEEDS TRUST DESCRIBED IN 42 U.S.C. § 1396P(D)(4), AS AMENDED FROM TIME TO
TIME.
9-408.
(a) Except as otherwise provided in subsection (b), a term in a promissory note
or in an agreement between an account debtor and a debtor which relates to a
health-care-insurance receivable or a general intangible, including a contract,
permit, license, or franchise, and which term prohibits, restricts, or requires the
consent of the person obligated on the promissory note or the account debtor to, the
assignment or transfer of, or creation, attachment, or perfection of a security interest
in, the promissory note, health-care-insurance receivable, or general intangible, is
ineffective to the extent that the term:
(1) Would impair the creation, attachment, or perfection of a security
interest; or
(2) Provides that the assignment or transfer or the creation, attachment,
or perfection of the security interest may give rise to a default, breach, right of
recoupment, claim, defense, termination, right of termination, or remedy under the
promissory note, health-care-insurance receivable, or general intangible.
(b) Subsection (a) applies to a security interest in a payment intangible or
promissory note only if the security interest arises out of a sale of the payment
intangible or promissory note.
(c) A rule of law, statute, or regulation that prohibits, restricts, or requires the
consent of a government, governmental body or official, person obligated on a
promissory note, or account debtor to the assignment or transfer of, or creation of a
security interest in, a promissory note, health-care-insurance receivable, or general
intangible, including a contract, permit, license, or franchise between an account
debtor and a debtor, is ineffective to the extent that the rule of law, statute, or
regulation:
(1) Would impair the creation, attachment, or perfection of a security
interest; or
(2) Provides that the assignment or transfer or the creation, attachment,
or perfection of the security interest may give rise to a default, breach, right of
recoupment, claim, defense, termination, right of termination, or remedy under the
promissory note, health-care-insurance receivable, or general intangible.
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- 3806 -
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