reglab/housing_qa huggingface dataset:
MD. Commercial Law Code Ann. §  5-114 (2021)
2021 Maryland Statutes|Commercial Law|Title 5 - Letters of Credit|Section 5-114 - Assignment of Proceeds

    (a)    In this section, “proceeds of a letter of credit” means the cash, check, accepted draft, or other item of value paid or delivered upon honor or giving of value by the issuer or any nominated person under the letter of credit. The term does not include a beneficiary’s drawing rights or documents presented by the beneficiary.    (b)    A beneficiary may assign its right to part or all of the proceeds of a letter of credit. The beneficiary may do so before presentation as a present assignment of its right to receive proceeds contingent upon its compliance with the terms and conditions of the letter of credit.    (c)    An issuer or nominated person need not recognize an assignment of proceeds of a letter of credit until it consents to the assignment.    (d)    An issuer or nominated person has no obligation to give or withhold its consent to an assignment of proceeds of a letter of credit, but consent may not be unreasonably withheld if the assignee possesses and exhibits the letter of credit and presentation of the letter of credit is a condition to honor.    (e)    Rights of a transferee beneficiary or nominated person are independent of the beneficiary’s assignment of the proceeds of a letter of credit and are superior to the assignee’s right to the proceeds.    (f)    Neither the rights recognized by this section between an assignee and an issuer, transferee beneficiary, or nominated person nor the issuer’s or nominated person’s payment of proceeds to an assignee or a third person affect the rights between the assignee and any person other than the issuer, transferee beneficiary, or nominated person. The mode of creating and perfecting a security interest in or granting an assignment of a beneficiary’s rights to proceeds is governed by Title 9 of this article or other law. Against persons other than the issuer, transferee beneficiary, or nominated person, the rights and obligations arising upon the creation of a security interest or other assignment of a beneficiary’s right to proceeds and its perfection are governed by Title 9 of this article or other law.
MD. Commercial Law Code Ann. §  5-115 (2021)
2021 Maryland Statutes|Commercial Law|Title 5 - Letters of Credit|Section 5-115 - Statute of Limitations

    An action to enforce a right or obligation arising under this article must be commenced within 1 year after the expiration date of the relevant letter of credit or 1 year after the cause of action accrues, whichever occurs later. A cause of action accrues when the breach occurs, regardless of the aggrieved party’s lack of knowledge of the breach.
MD. Commercial Law Code Ann. §  5-116 (2021)
2021 Maryland Statutes|Commercial Law|Title 5 - Letters of Credit|Section 5-116 - Choice of Law and Forum

    (a)    The liability of an issuer, nominated person, or adviser for action or omission is governed by the law of the jurisdiction chosen by an agreement in the form of a record signed or otherwise authenticated by the affected parties in the manner provided in § 5-104 of this title or by a provision in the person’s letter of credit, confirmation, or other undertaking. The jurisdiction whose law is chosen need not bear any relation to the transaction.    (b)    Unless subsection (a) of this section applies, the liability of an issuer, nominated person, or adviser for action or omission is governed by the law of the jurisdiction in which the person is located. The person is considered to be located at the address indicated in the person’s undertaking. If more than one address is indicated, the person is considered to be located at the address from which the person’s undertaking was issued. For the purpose of jurisdiction, choice of law, and recognition of interbranch letters of credit, but not enforcement of a judgment, all branches of a bank are considered separate juridical entities and a bank is considered to be located at the place where its relevant branch is considered to be located under this subsection.    (c)    Except as otherwise provided in this subsection, the liability of an issuer, nominated person, or adviser is governed by any rules of custom or practice, such as the Uniform Customs and Practice for Documentary Credits, to which the letter of credit, confirmation, or other undertaking is expressly made subject. If (i) this title would govern the liability of an issuer, nominated person, or adviser under subsection (a) or (b) of this section, (ii) the relevant undertaking incorporates rules of custom or practice, and (iii) there is conflict between this title and those rules as applied to that undertaking, those rules govern except to the extent of any conflict with the nonvariable provisions specified in § 5-103(c) of this title.    (d)    If there is conflict between this title and Title 3, 4, 4A, or 9, this title governs.    (e)    The forum for settling disputes arising out of an undertaking within this title may be chosen in the manner and with the binding effect that governing law may be chosen in accordance with subsection (a) of this section.
MD. Commercial Law Code Ann. §  5-117 (2021)
2021 Maryland Statutes|Commercial Law|Title 5 - Letters of Credit|Section 5-117 - Subrogation of Issuer, Applicant, and Nominated Person

    (a)    An issuer that honors a beneficiary’s presentation is subrogated to the rights of the beneficiary to the same extent as if the issuer were a secondary obligor of the underlying obligation owed to the beneficiary and of the applicant to the same extent as if the issuer were the secondary obligor of the underlying obligation owed to the applicant.    (b)    An applicant that reimburses an issuer is subrogated to the rights of the issuer against any beneficiary, presenter, or nominated person to the same extent as if the applicant were the secondary obligor of the obligations owed to the issuer and has the rights of subrogation of the issuer to the rights of the beneficiary stated in subsection (a) of this section.    (c)    A nominated person who pays or gives value against a draft or demand presented under a letter of credit is subrogated to the rights of:        (1)    The issuer against the applicant to the same extent as if the nominated person were a secondary obligor of the obligation owed to the issuer by the applicant;        (2)    The beneficiary to the same extent as if the nominated person were a secondary obligor of the underlying obligation owed to the beneficiary; and        (3)    The applicant to the same extent as if the nominated person were a secondary obligor of the underlying obligation owed to the applicant.    (d)    Notwithstanding any agreement or term to the contrary, the rights of subrogation stated in subsections (a) and (b) of this section do not arise until the issuer honors the letter of credit or otherwise pays and the rights in subsection (c) of this section do not arise until the nominated person pays or otherwise gives value. Until then, the issuer, nominated person, and the applicant do not derive under this section present or prospective rights forming the basis of a claim, defense, or excuse.
MD. Commercial Law Code Ann. §  5-118 (2021)
2021 Maryland Statutes|Commercial Law|Title 5 - Letters of Credit|Section 5-118 - Security Interest of Issuer or Nominated Person

    (a)    An issuer or nominated person has a security interest in a document presented under a letter of credit to the extent that the issuer or nominated person honors or gives value for the presentation.    (b)    So long as and to the extent that an issuer or nominated person has not been reimbursed or has not otherwise recovered the value given with respect to a security interest in a document under subsection (a), the security interest continues and is subject to Title 9 of this article, but:        (1)    A security agreement is not necessary to make the security interest enforceable under § 9-203(b)(3);        (2)    If the document is presented in a medium other than a written or other tangible medium, the security interest is perfected; and        (3)    If the document is presented in a written or other tangible medium and is not a certificated security, chattel paper, a document of title, an instrument, or a letter of credit, the security interest is perfected and has priority over a conflicting security interest in the document so long as the debtor does not have possession of the document.
MD. Commercial Law Code Ann. §  6-101 (2021)
2021 Maryland Statutes|Commercial Law|Title 6 - Bulk Transfers|Section 6-101 - Short Title

    This title shall be known and may be cited as Maryland Uniform Commercial Code -- Bulk Transfers.
MD. Commercial Law Code Ann. §  6-102 (2021)
2021 Maryland Statutes|Commercial Law|Title 6 - Bulk Transfers|Section 6-102 - "Bulk Transfers"; Transfers of Equipment; Enterprises Subject to This Title; Bulk Transfers Subject to This Title

    (1)    A “bulk transfer” is any transfer in bulk and not in the ordinary course of the transferor’s business of a major part of the materials, supplies, merchandise or other inventory (§ 9-102) of an enterprise subject to this title.    (2)    A transfer of a substantial part of the equipment (§ 9-102) of such an enterprise is a bulk transfer if it is made in connection with a bulk transfer of inventory, but not otherwise.    (3)    The enterprises subject to this title are all those whose principal business is the sale of merchandise from stock, including those who manufacture what they sell, restaurants, and all vendors and sellers of alcoholic beverages, regardless of the form in which such beverages are sold, and regardless of whether sold on a wholesale or retail basis.    (4)    Except as limited by the following section all bulk transfers of goods located within this State are subject to this title.
MD. Commercial Law Code Ann. §  6-103 (2021)
2021 Maryland Statutes|Commercial Law|Title 6 - Bulk Transfers|Section 6-103 - Transfers Excepted From This Title

    The following transfers are not subject to this title:         (1)    Those made to give security for the performance of an obligation;        (2)    General assignments for the benefit of all the creditors of the transferor, and subsequent transfers by the assignee thereunder;        (3)    Transfers in settlement or realization of a lien or other security interest;        (4)    Sale by executors, administrators, receivers, trustees in bankruptcy, or any public officer under judicial process;        (5)    Sales made in the course of judicial or administrative proceedings for the dissolution or reorganization of a corporation and of which notice is sent to the creditors of the corporation pursuant to order of the court or administrative agency;        (6)    Transfers to a person maintaining a known place of business in this State who becomes bound to pay the debts of the transferor in full and gives public notice of that fact, and who is solvent after becoming so bound;        (7)    A transfer to a new business enterprise organized to take over and continue the business, if public notice of the transaction is given and the new enterprise assumes the debts of the transferor and he receives nothing from the transaction except an interest in the new enterprise junior to the claims of creditors;        (8)    Transfers of property which is exempt from execution.    Public notice under subsection (6) or subsection (7) may be given by publishing once a week for two consecutive weeks in a newspaper of general circulation where the transferor had its principal place of business in this State an advertisement including the names and addresses of the transferor and transferee and the effective date of the transfer.
MD. Commercial Law Code Ann. §  6-104 (2021)
2021 Maryland Statutes|Commercial Law|Title 6 - Bulk Transfers|Section 6-104 - Schedule of Property; List of Creditors

    (1)    Except as provided with respect to auction sales (§ 6-108), a bulk transfer subject to this title is ineffective against any creditor of the transferor unless:        (a)    The transferee requires the transferor to furnish a list of his existing creditors prepared as stated in this section; and        (b)    The parties prepare a schedule of the property transferred sufficient to identify it; and        (c)    The transferee preserves the list and schedule for six months next following the transfer and permits inspection of either or both and copying therefrom at all reasonable hours by any creditor of the transferor, or files the list and schedule in the office of the clerk of the circuit court in the county in which the property was located at the time of transfer.    (2)    The list of creditors must be signed and sworn to or affirmed by the transferor or his agent. It must contain the names and business addresses of all creditors of the transferor, with the amounts when known, and also the names of all persons who are known to the transferor to assert claims against him even though such claims are disputed. If the transferor is the obligor of an outstanding issue of bonds, debentures or the like as to which there is an indenture trustee, the list of creditors need include only the name and address of the indenture trustee and the aggregate outstanding principal amount of the issue.    (3)    Responsibility for the completeness and accuracy of the list of creditors rests on the transferor, and the transfer is not rendered ineffective by errors or omissions therein unless the transferee is shown to have had knowledge.
MD. Commercial Law Code Ann. §  6-105 (2021)
2021 Maryland Statutes|Commercial Law|Title 6 - Bulk Transfers|Section 6-105 - Notice to Creditors

    In addition to the requirements of the preceding section any bulk transfer subject to this title except one made by auction sale (§ 6-108) is ineffective against any creditor of the transferor unless at least ten days before he takes possession of the goods or pays for them, whichever happens first, the transferee gives notice of the transfer in the manner and to the persons hereafter provided (§ 6-107).
MD. Commercial Law Code Ann. §  6-106 (2021)
2021 Maryland Statutes|Commercial Law|Title 6 - Bulk Transfers|Section 6-106 - Application of the Proceeds

    In addition to the requirements of the two preceding sections:    (1)    Upon every bulk transfer subject to this title for which new consideration becomes payable except those made by sale at auction it is the duty of the transferee to assure that such consideration is applied so far as necessary to pay those debts of the transferor which are either shown on the list furnished by the transferor (§ 6-104) or filed in writing in the place stated in the notice (§ 6-107) within thirty days after the mailing of such notice. This duty of the transferee runs to all the holders of such debts, and may be enforced by any of them for the benefit of all.    (2)    If any of said debts are in dispute the necessary sum may be withheld from distribution until the dispute is settled or adjudicated.    (3)    If the consideration payable is not enough to pay all of the said debts in full, distribution shall be made pro rata.    (4)    The transferee may within ten days after he takes possession of the goods file a petition in the circuit court for the county in which the place of business of the transferor is situated and pay the consideration into such court asking that a receiver or receivers be appointed by said court to take charge of the distribution of the agreed purchase price and the transferee may discharge his duty under this section by giving notice by registered or certified mail to all the persons to whom the duty runs that the consideration has been paid into that court and that they should file their claims there. If said receivership is granted then said receiver or receivers, upon qualification by filing an approved bond in the amount fixed by the court, shall be entitled to the custody and distribution of the agreed purchase price under orders of the court as in other receiverships.
MD. Commercial Law Code Ann. §  6-107 (2021)
2021 Maryland Statutes|Commercial Law|Title 6 - Bulk Transfers|Section 6-107 - The Notice

    (1)    The notice to creditors (§ 6-105) shall state:        (a)    That a bulk transfer is about to be made; and        (b)    The names and business addresses of the transferor and transferee, and all other business names and addresses used by the transferor within three years last past so far as known to the transferee; and        (c)    Whether or not all the debts of the transferor are to be paid in full as they fall due as a result of the transaction, and if so, the address to which creditors should send their bills.    (2)    If the debts of the transferor are not to be paid in full as they fall due or if the transferee is in doubt on that point then the notice shall state further:        (a)    The location and general description of the property to be transferred and the estimated total of the transferor’s debts;        (b)    The address where the schedule of property and list of creditors (§ 6-104) may be inspected;        (c)    Whether the transfer is to pay existing debts and if so the amount of such debts and to whom owing;        (d)    Whether the transfer is for new consideration and if so the amount of such consideration and the time and place of payment; and        (e)    If for new consideration the time and place where creditors of the transferor are to file their claims.    (3)    The notice in any case shall be delivered personally or sent by registered or certified mail to:        (a)    The Comptroller;        (b)    All the persons shown on the list of creditors furnished by the transferor (§ 6-104); and        (c)    All other persons who are known to the transferee to hold or assert claims against the transferor.
MD. Commercial Law Code Ann. §  6-108 (2021)
2021 Maryland Statutes|Commercial Law|Title 6 - Bulk Transfers|Section 6-108 - Auction Sales; "Auctioneer"

    (1)    A bulk transfer is subject to this title even though it is by sale at auction, but only in the manner and with the results stated in this section.    (2)    The transferor shall furnish a list of his creditors and assist in the preparation of a schedule of the property to be sold, both prepared as before stated (§ 6-104).    (3)    The person or persons other than the transferor who direct, control or are responsible for the auction are collectively called the “auctioneer.” The auctioneer shall:        (a)    Receive and retain the list of creditors and prepare and retain the schedule of property for the period stated in this title (§ 6-104);        (b)    Give notice of the auction personally or by registered or certified mail at least ten days before it occurs to:            (i)    The Comptroller;            (ii)    All persons shown on the list of creditors; and            (iii)    All other persons who are known to the auctioneer to hold or assert claims against the transferor; and        (c)    Assure that the net proceeds of the auction are applied as provided in this title (§ 6-106).    (4)    Failure of the auctioneer to perform any of these duties does not affect the validity of the sale or the title of the purchasers, but if the auctioneer knows that the auction constitutes a bulk transfer such failure renders the auctioneer liable to the creditors of the transferor as a class for the sums owing to them from the transferor up to but not exceeding the net proceeds of the auction. If the auctioneer consists of several persons their liability is joint and several.
MD. Commercial Law Code Ann. §  6-109 (2021)
2021 Maryland Statutes|Commercial Law|Title 6 - Bulk Transfers|Section 6-109 - What Creditors Protected

    The creditors of the transferor mentioned in this title are those holding claims based on transactions or events occurring before the bulk transfer, but creditors who become such after notice to creditors is given (§§ 6-105 and 6-107) are not entitled to notice.
MD. Commercial Law Code Ann. §  6-110 (2021)
2021 Maryland Statutes|Commercial Law|Title 6 - Bulk Transfers|Section 6-110 - Subsequent Transfers

    When the title of a transferee to property is subject to a defect by reason of his noncompliance with the requirements of this title, then:         (1)    A purchaser of any of such property from such transferee who pays no value or who takes with notice of such noncompliance takes subject to such defect, but        (2)    A purchaser for value in good faith and without such notice takes free of such defect.
MD. Commercial Law Code Ann. §  6-111 (2021)
2021 Maryland Statutes|Commercial Law|Title 6 - Bulk Transfers|Section 6-111 - Limitation of Actions and Levies

    No action under this title shall be brought nor levy made more than six months after the date on which the transferee took possession of the goods unless the transfer has been concealed. If the transfer has been concealed actions may be brought or levies made within six months after its discovery.
MD. Commercial Law Code Ann. §  10-101 (2021)
2021 Maryland Statutes|Commercial Law|Title 10 - Effective Date and Repealer|Section 10-101 - Definitions

    As used in this title:         (1)    “Original Code” means Chapter 538 of the Acts of 1963, as the provisions of that chapter were amended prior to 12:01 a.m. on January 1, 1981.        (2)    “This Act” means Chapter 824 of the Acts of 1980.
MD. Commercial Law Code Ann. §  10-102 (2021)
2021 Maryland Statutes|Commercial Law|Title 10 - Effective Date and Repealer|Section 10-102 - Provision for Transition

    (1)    Transactions validly entered into before the effective date of the original Code, and the rights, duties and interests flowing from them remain valid thereafter and may be terminated, completed, consummated or enforced as required or permitted by any statute or other law amended or repealed by the original Code as though such repeal or amendment had not occurred.    (2)    Record books, indices, dockets, and any other papers or records permitted or required to be recorded, filed or maintained in the office of the clerk of the circuit court for any county under the provisions of any article, section, or other portion of the Maryland Code repealed by the original Code may be destroyed or otherwise disposed of by said clerk at any time after the expiration of five (5) years and sixty (60) days from the date of the last pertinent date thereon or record entry therein, provided that the requirements of Title 10, Subtitle 6, Part III of the State Government Article have been complied with.
MD. Commercial Law Code Ann. §  10-103 (2021)
2021 Maryland Statutes|Commercial Law|Title 10 - Effective Date and Repealer|Section 10-103 - General Repealer

    Except as provided in the following section, all laws and parts of laws inconsistent with the original Code on its effective date are hereby repealed.
MD. Commercial Law Code Ann. §  10-104 (2021)
2021 Maryland Statutes|Commercial Law|Title 10 - Effective Date and Repealer|Section 10-104 - Laws Not Repealed

    Title 7 on documents of title does not repeal or modify any laws prescribing the form or contents of documents of title or the services or facilities to be afforded by bailees, or otherwise regulating bailees’ businesses in respects not specifically dealt with herein; but the fact that such laws are violated does not affect the status of a document of title which otherwise complies with the definition of a document of title (§ 1-201).
MD. Commercial Law Code Ann. §  10-106 (2021)
2021 Maryland Statutes|Commercial Law|Title 10 - Effective Date and Repealer|Section 10-106 - Continued Application of 10-102

    The provisions of § 10-102 as amended shall continue to apply to this act and for this purpose the original Code and this act shall be considered one continuous statute.