reglab/housing_qa huggingface dataset:
MD. Commercial Law Code Ann. §  8-509 (2021)
2021 Maryland Statutes|Commercial Law|Title 8 - Investment Securities|Subtitle 5 - Security Entitlements|Section 8-509 - Duty of Securities Intermediary Specified by Other Statute or Regulation; Manner of Performance of Duties of Securities Intermediary and Exercise of Rights of Entitlement Holder

    (a)    If the substance of a duty imposed upon a securities intermediary by §§ 8-504 through 8-508 of this subtitle is the subject of other statute, regulation, or rule, compliance with that statute, regulation, or rule satisfies the duty.    (b)    To the extent that specific standards for the performance of the duties of a securities intermediary or the exercise of the rights of an entitlement holder are not specified by other statute, regulation, or rule or by agreement between the securities intermediary and entitlement holder, the securities intermediary shall perform its duties and the entitlement holder shall exercise its rights in a commercially reasonable manner.    (c)    The obligation of a securities intermediary to perform the duties imposed by §§ 8-504 through 8-508 of this subtitle is subject to:        (1)    Rights of the securities intermediary arising out of a security interest under a security agreement with the entitlement holder or otherwise; and        (2)    Rights of the securities intermediary under other law, regulation, rule, or agreement to withhold performance of its duties as a result of unfulfilled obligations of the entitlement holder to the securities intermediary.    (d)    Sections 8-504 through 8-508 of this subtitle do not require a securities intermediary to take any action that is prohibited by other statute, regulation, or rule.
MD. Commercial Law Code Ann. §  8-510 (2021)
2021 Maryland Statutes|Commercial Law|Title 8 - Investment Securities|Subtitle 5 - Security Entitlements|Section 8-510 - Rights of Purchaser of Security Entitlement From Entitlement Holder

    (a)    In a case not covered by the priority rules in Title 9 of this article or the rules stated in subsection (c) of this section, an action based on an adverse claim to a financial asset or security entitlement, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a person who purchases a security entitlement, or an interest in a security entitlement, from an entitlement holder if the purchaser gives value, does not have notice of the adverse claim, and obtains control.    (b)    If an adverse claim could not have been asserted against an entitlement holder under § 8-502 of this subtitle, the adverse claim cannot be asserted against a person who purchases a security entitlement, or an interest in a security entitlement, from the entitlement holder.    (c)    (1)    In a case not covered by the priority rules in Title 9 of this article, a purchaser for value of a security entitlement, or an interest in a security entitlement, who obtains control has priority over a purchaser of a security entitlement, or an interest in a security entitlement, who does not obtain control.        (2)    Except as otherwise provided in subsection (d) of this section, purchasers who have control rank according to priority in time of:            (i)    The purchaser’s becoming the person for whom the securities account, in which the security entitlement is carried, is maintained, if the purchaser obtained control under § 8-106(d)(1);            (ii)    The securities intermediary’s agreement to comply with the purchaser’s entitlement orders with respect to security entitlements carried or to be carried in the securities account in which the security entitlement is carried, if the purchaser obtained control under § 8-106(d)(2); or            (iii)    If the purchaser obtained control through another person under § 8-106(d)(3), the time on which priority would be based under this subsection if the other person were the secured party.    (d)    A securities intermediary as purchaser has priority over a conflicting purchaser who has control unless otherwise agreed by the securities intermediary.
MD. Commercial Law Code Ann. §  8-511 (2021)
2021 Maryland Statutes|Commercial Law|Title 8 - Investment Securities|Subtitle 5 - Security Entitlements|Section 8-511 - Priority Among Security Interests and Entitlement Holders

    (a)    Except as otherwise provided in subsections (b) and (c) of this section, if a securities intermediary does not have sufficient interests in a particular financial asset to satisfy both its obligations to entitlement holders who have security entitlements to that financial asset and its obligation to a creditor of the securities intermediary who has a security interest in that financial asset, the claims of entitlement holders, other than the creditor, have priority over the claim of the creditor.    (b)    A claim of a creditor of a securities intermediary who has a security interest in a financial asset held by a securities intermediary has priority over claims of the securities intermediary's entitlement holders who have security entitlements with respect to that financial asset if the creditor has control over the financial asset.    (c)    If a clearing corporation does not have sufficient financial assets to satisfy both its obligations to entitlement holders who have security entitlements with respect to a financial asset and its obligation to a creditor of the clearing corporation who has a security interest in that financial asset, the claim of the creditor has priority over the claims of entitlement holders.
MD. Commercial Law Code Ann. §  9-101 (2021)
2021 Maryland Statutes|Commercial Law|Title 9 - Secured Transactions|Subtitle 1 - General Provisions|Section 9-101 - Short Title

    This title may be cited as the Maryland Uniform Commercial Code - Secured Transactions.
MD. Commercial Law Code Ann. §  9-104 (2021)
2021 Maryland Statutes|Commercial Law|Title 9 - Secured Transactions|Subtitle 1 - General Provisions|Section 9-104 - Control of Deposit Account

    (a)    A secured party has control of a deposit account if:        (1)    The secured party is the bank with which the deposit account is maintained;        (2)    The debtor, secured party, and bank have agreed in an authenticated record that the bank will comply with instructions originated by the secured party directing disposition of the funds in the deposit account without further consent by the debtor; or        (3)    The secured party becomes the bank’s customer with respect to the deposit account.    (b)    A secured party that has satisfied subsection (a) has control, even if the debtor retains the right to direct the disposition of funds from the deposit account.
MD. Commercial Law Code Ann. §  9-105 (2021)
2021 Maryland Statutes|Commercial Law|Title 9 - Secured Transactions|Subtitle 1 - General Provisions|Section 9-105 - Control of Electronic Chattel Paper

    (a)    A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned.    (b)    A system satisfies subsection (a) if the record or records comprising the chattel paper are created, stored, and assigned in such a manner that:        (1)    A single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in paragraphs (4), (5), and (6) of this section, unalterable;        (2)    The authoritative copy identifies the secured party as the assignee of the record or records;        (3)    The authoritative copy is communicated to and maintained by the secured party or its designated custodian;        (4)    Copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the secured party;        (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 amendment of the authoritative copy is readily identifiable as authorized or unauthorized.
MD. Commercial Law Code Ann. §  9-106 (2021)
2021 Maryland Statutes|Commercial Law|Title 9 - Secured Transactions|Subtitle 1 - General Provisions|Section 9-106 - Control of Investment Property

    (a)    A person has control of a certificated security, uncertificated security, or security entitlement as provided in § 8-106 of this article.    (b)    A secured party has control of a commodity contract if:        (1)    The secured party is the commodity intermediary with which the commodity contract is carried; or        (2)    The commodity customer, secured party, and commodity intermediary have agreed that the commodity intermediary will apply any value distributed on account of the commodity contract as directed by the secured party without further consent by the commodity customer.    (c)    A secured party having control of all security entitlements or commodity contracts carried in a securities account or commodity account has control over the securities account or commodity account.
MD. Commercial Law Code Ann. §  9-107 (2021)
2021 Maryland Statutes|Commercial Law|Title 9 - Secured Transactions|Subtitle 1 - General Provisions|Section 9-107 - Control of Letter-of-Credit Right

    A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by the issuer or any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under § 5-114(c) of this article or otherwise applicable law or practice.
MD. Commercial Law Code Ann. §  9-108 (2021)
2021 Maryland Statutes|Commercial Law|Title 9 - Secured Transactions|Subtitle 1 - General Provisions|Section 9-108 - Sufficiency of Description

    (a)    Except as otherwise provided in subsections (c), (d), and (e), a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described.    (b)    Except as otherwise provided in subsection (d), a description of collateral reasonably identifies the collateral if it identifies the collateral by:        (1)    Specific listing;        (2)    Category;        (3)    Except as otherwise provided in subsection (e), a type of collateral defined in Titles 1 through 10 of this article;        (4)    Quantity;        (5)    Computational or allocational formula or procedure; or        (6)    Except as otherwise provided in subsection (c), any other method, if the identity of the collateral is objectively determinable.    (c)    A description of collateral as “all the debtor’s assets” or “all the debtor’s personal property” or using words of similar import does not reasonably identify the collateral.    (d)    Except as otherwise provided in subsection (e), a description of a security entitlement, securities account, or commodity account is sufficient if it describes:        (1)    The collateral by those terms or as investment property; or        (2)    The underlying financial asset or commodity contract.    (e)    A description only by type of collateral defined in Titles 1 through 10 of this article is an insufficient description of:        (1)    A commercial tort claim; or        (2)    In a consumer transaction, consumer goods, a security entitlement, a securities account, or a commodity account.
MD. Commercial Law Code Ann. §  9-110 (2021)
2021 Maryland Statutes|Commercial Law|Title 9 - Secured Transactions|Subtitle 1 - General Provisions|Section 9-110 - Security Interests Arising Under Title 2 or 2a

    A security interest arising under § 2-401, § 2-505, § 2-711(3), or § 2A-508(5) of this article is subject to this title. However, until the debtor obtains possession of the goods:         (1)    The security interest is enforceable, even if § 9-203(b)(3) has not been satisfied;        (2)    Filing is not required to perfect the security interest;        (3)    The rights of the secured party after default by the debtor are governed by Title 2 or 2A of this article; and        (4)    The security interest has priority over a conflicting security interest created by the debtor.
MD. Commercial Law Code Ann. §  9-201 (2021)
2021 Maryland Statutes|Commercial Law|Title 9 - Secured Transactions|Subtitle 2 - Effectiveness of Security Agreement; Attachment of Security Agreement; Rights of Parties to Security Agreement|Section 9-201 - General Effectiveness of Security Agreement

    (a)    Except as otherwise provided by Titles 1 through 10 of this article, a security agreement is effective according to its terms between the parties, against purchasers of the collateral, and against creditors.    (b)    A transaction subject to this title may also be subject to other statutes or regulations which establish different rules for consumers, including other statutes or regulations that regulate the rates, charges, agreements, and practices for loans, credit sales, or other extensions of credit and consumer protection statutes or regulations.    (c)    (1)    In case of conflict between this title and a statute or regulation described in subsection (b), the statute or regulation controls.        (2)    Failure to comply with a statute or regulation described in subsection (b) has only the effect the statute specifies and no recovery for such a failure is permitted under this title.        (3)    Without limiting the generality of paragraph (1) or (2) of this subsection, Subtitle 6 of this title does not impose additional duties, obligations, or responsibilities on secured parties subject to § 12-115, §§ 12-624 through 12-627, § 12-921, or § 12-1021 of this article and no recovery under § 9-625 of this title is permitted for any failure to comply with those statutes.    (d)    This title does not:        (1)    Validate any rate, charge, agreement, or practice that violates a statute identified or described in subsection (b);        (2)    Extend the application of any rule of law, statute, or regulation to a transaction not otherwise subject to it; or        (3)    Authorize or permit the application of any provision of this title which is applicable to a consumer transaction, or to any other transaction with a consumer obligor, to any transaction other than a consumer transaction.
MD. Commercial Law Code Ann. §  9-202 (2021)
2021 Maryland Statutes|Commercial Law|Title 9 - Secured Transactions|Subtitle 2 - Effectiveness of Security Agreement; Attachment of Security Agreement; Rights of Parties to Security Agreement|Section 9-202 - Title to Collateral Immaterial

    Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this title with regard to rights and obligations apply whether title to collateral is in the secured party or the debtor.
MD. Commercial Law Code Ann. §  9-204 (2021)
2021 Maryland Statutes|Commercial Law|Title 9 - Secured Transactions|Subtitle 2 - Effectiveness of Security Agreement; Attachment of Security Agreement; Rights of Parties to Security Agreement|Section 9-204 - After Acquired Property; Future Advances

    (a)    Except as otherwise provided in subsection (b), a security agreement may create or provide for a security interest in after-acquired collateral.    (b)    A security interest does not attach under a term constituting an after-acquired property clause to:        (1)    Consumer goods, other than an accession when given as additional security, unless the debtor acquires rights in them within 10 days after the secured party gives value; or        (2)    A commercial tort claim.    (c)    A security agreement may provide that collateral secures, or that accounts, chattel paper, payment intangibles, or promissory notes are sold in connection with, future advances or other value, whether or not the advances or value are given pursuant to commitment.
MD. Commercial Law Code Ann. §  9-205 (2021)
2021 Maryland Statutes|Commercial Law|Title 9 - Secured Transactions|Subtitle 2 - Effectiveness of Security Agreement; Attachment of Security Agreement; Rights of Parties to Security Agreement|Section 9-205 - Use or Disposition of Collateral Permissible

    (a)    A security interest is not invalid or fraudulent against creditors solely because:        (1)    The debtor has the right or ability to:            (A)    Use, commingle, or dispose of all or part of the collateral, including returned or repossessed goods;            (B)    Collect, compromise, enforce, or otherwise deal with collateral;            (C)    Accept the return of collateral or make repossessions; or            (D)    Use, commingle, or dispose of proceeds; or        (2)    The secured party fails to require the debtor to account for proceeds or replace collateral.    (b)    This section does not relax the requirements of possession if attachment, perfection, or enforcement of a security interest depends upon possession of the collateral by the secured party.
MD. Commercial Law Code Ann. §  9-206 (2021)
2021 Maryland Statutes|Commercial Law|Title 9 - Secured Transactions|Subtitle 2 - Effectiveness of Security Agreement; Attachment of Security Agreement; Rights of Parties to Security Agreement|Section 9-206 - Security Interest Arising in Purchase or Delivery of Financial Asset

    (a)    A security interest in favor of a securities intermediary attaches to a person’s security entitlement if:        (1)    The person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchase price to the securities intermediary at the time of the purchase; and        (2)    The securities intermediary credits the financial asset to the buyer’s securities account before the buyer pays the securities intermediary.    (b)    The security interest described in subsection (a) secures the person’s obligation to pay for the financial asset.    (c)    A security interest in favor of a person that delivers a certificated security or other financial asset represented by a writing attaches to the security or other financial asset if:        (1)    The security or other financial asset:            (A)    In the ordinary course of business is transferred by delivery with any necessary indorsement or assignment; and            (B)    Is delivered under an agreement between persons in the business of dealing with such securities or financial assets; and        (2)    The agreement calls for delivery against payment.    (d)    The security interest described in subsection (c) secures the obligation to make payment for the delivery.
MD. Commercial Law Code Ann. §  9-207 (2021)
2021 Maryland Statutes|Commercial Law|Title 9 - Secured Transactions|Subtitle 2 - Effectiveness of Security Agreement; Attachment of Security Agreement; Rights of Parties to Security Agreement|Section 9-207 - Rights and Duties of Secured Party Having Possession or Control of Collateral

    (a)    Except as otherwise provided in subsection (d), a secured party shall use reasonable care in the custody and preservation of collateral in the secured party’s possession. In the case of chattel paper or an instrument, reasonable care includes taking necessary steps to preserve rights against prior parties unless otherwise agreed.    (b)    Except as otherwise provided in subsection (d), if a secured party has possession of collateral:        (1)    Reasonable expenses, including the cost of insurance and payment of taxes or other charges, incurred in the custody, preservation, use, or operation of the collateral are chargeable to the debtor and are secured by the collateral;        (2)    The risk of accidental loss or damage is on the debtor to the extent of a deficiency in any effective insurance coverage;        (3)    The secured party shall keep the collateral identifiable, but fungible collateral may be commingled; and        (4)    The secured party may use or operate the collateral:            (A)    For the purpose of preserving the collateral or its value;            (B)    As permitted by an order of a court having competent jurisdiction; or            (C)    Except in the case of consumer goods, in the manner and to the extent agreed by the debtor.    (c)    Except as otherwise provided in subsection (d), a secured party having possession of collateral or control of collateral under § 7-106, § 9-104, § 9-105, §  9-106, or § 9-107:        (1)    May hold as additional security any proceeds, except money or funds, received from the collateral;        (2)    Shall apply money or funds received from the collateral to reduce the secured obligation, unless remitted to the debtor; and        (3)    May create a security interest in the collateral.    (d)    If the secured party is a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a consignor:        (1)    Subsection (a) does not apply unless the secured party is entitled under an agreement:            (A)    To charge back uncollected collateral; or            (B)    Otherwise to full or limited recourse against the debtor or a secondary obligor based on the nonpayment or other default of an account debtor or other obligor on the collateral; and        (2)    Subsections (b) and (c) do not apply.
MD. Commercial Law Code Ann. §  9-209 (2021)
2021 Maryland Statutes|Commercial Law|Title 9 - Secured Transactions|Subtitle 2 - Effectiveness of Security Agreement; Attachment of Security Agreement; Rights of Parties to Security Agreement|Section 9-209 - Duties of Secured Party if Account Debtor Has Been Notified of Assignment

    (a)    Except as otherwise provided in subsection (c), this section applies if:        (1)    There is no outstanding secured obligation; and        (2)    The secured party is not committed to make advances, incur obligations, or otherwise give value.    (b)    Within 10 days after receiving an authenticated demand by the debtor, a secured party shall send to an account debtor that has received notification of an assignment to the secured party as assignee under § 9-406(a) an authenticated record that releases the account debtor from any further obligation to the secured party.    (c)    This section does not apply to an assignment constituting the sale of an account, chattel paper, or payment intangible.
MD. Commercial Law Code Ann. §  9-301 (2021)
2021 Maryland Statutes|Commercial Law|Title 9 - Secured Transactions|Subtitle 3 - Perfection and Priority|Section 9-301 - Law Governing Perfection and Priority of Security Interests

    Except as otherwise provided in §§ 9-303 through 9-306, the following rules determine the law governing perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral:         (1)    Except as otherwise provided in this section, while a debtor is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral.        (2)    While collateral is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a possessory security interest in that collateral.        (3)    Except as otherwise provided in paragraph (4), while tangible negotiable documents, goods, instruments, money, or tangible chattel paper is located in a jurisdiction, the local law of that jurisdiction governs:            (A)    Perfection of a security interest in the goods by filing a fixture filing;            (B)    Perfection of a security interest in timber to be cut; and            (C)    The effect of perfection or nonperfection and the priority of a nonpossessory security interest in the collateral.        (4)    The local law of the jurisdiction in which the wellhead or minehead is located governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in as-extracted collateral.