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2007 Vetoed Bills and Messages
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S.B. 397
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period of time; authorizing certain persons to file a notice in the land records of
the county where the land is located; requiring a notice to be executed in a
certain manner and to contain certain information; requiring a notice that
meets certain requirements to be accepted for recording on payment of certain
fees; exempting a notice from certain taxes; providing for the indexing of
notices; requiring notices to be filed on or before a certain date; providing that a
ground rent becomes redeemable if a notice is not recorded on or before a
certain date; establishing the period of effectiveness of a filed notice; providing
for the filing of renewal notices and the extension of the period of effectiveness
of a filed notice; establishing the sum for which a converted ground rent may be
redeemed; defining certain terms; and generally relating to the conversion of
irredeemable ground rents.
BY adding to
Article - Real Property
Section 8-110.1
Annotated Code of Maryland
(2003 Replacement Volume and 2006 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Real Property
8-110.1.
(A) (1) IN THIS SECTION THE FOLLOWING WORDS HAVE THE
MEANINGS INDICATED.
(2) "GROUND LEASE" MEANS A RESIDENTIAL LEASE OR
SUBLEASE IN EFFECT ON OR AFTER JULY 1, 2007, THAT HAS AN INITIAL TERM
OF 99 YEARS RENEWABLE FOREVER AND IS SUBJECT TO THE PAYMENT OF AN
ANNUAL GROUND RENT.
(3) "GROUND RENT" MEANS A RENT ISSUING OUT OF, OR
COLLECTIBLE IN CONNECTION WITH, THE REVERSION IN FEE SIMPLE RESERVED
IN A GROUND LEASE.
(4) "IRREDEEMABLE GROUND RENT" MEANS A GROUND RENT
CREATED UNDER A GROUND LEASE EXECUTED BEFORE APRIL 9, 1881, THAT
DOES NOT CONTAIN A PROVISION ALLOWING THE TENANT TO REDEEM THE
GROUND RENT.
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- 4232 -
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