reglab/statecodes huggingface dataset:
2023 Maryland Statutes › Commercial Law › Title 9 - Secured Transactions › Subtitle 5 - Filing › Section 9-502 - Contents of Financing Statement; Record of Mortgage as Financing Statement; Time of Filing Financing Statement

(a)    Subject to subsection (b), a financing statement is sufficient only if it:
(1)    Provides the name of the debtor;
(2)    Provides the name of the secured party or a representative of the secured party; and
(3)    Indicates the collateral covered by the financing statement.
(b)    Except as otherwise provided in § 9–501(b), to be sufficient, a financing statement that covers as–extracted collateral or timber to be cut, or which is filed as a fixture filing and covers goods that are or are to become fixtures, must satisfy subsection (a) and also:
(1)    Indicate that it covers this type of collateral;
(2)    Indicate that it is to be recorded in the land records;
(3)    Provide a description of the real property to which the collateral is related; and
(4)    If the debtor does not have an interest of record in the real property, provide the name of a record owner.
(c)    A record of a mortgage is effective, from the date of recording, as a financing statement filed as a fixture filing or as a financing statement covering as–extracted collateral or timber to be cut only if:
(1)    The record indicates the goods or accounts that it covers;
(2)    The goods are or are to become fixtures related to the real property described in the record or the collateral is related to the real property described in the record and is as–extracted collateral or timber to be cut;
(3)    The record satisfies the requirements for a financing statement in this section, but:
(i)    The record need not indicate that it is to be recorded in the land records; and
(ii)    The record sufficiently provides the name of a debtor who is an individual if it provides the individual name of the debtor or the surname and first personal name of the debtor, even if the debtor is an individual to whom § 9–503(a)(4) applies; and
(4)    The record is recorded.
(d)    A financing statement may be filed before a security agreement is made or a security interest otherwise attaches.
(e)    A financing statement filed as a fixture filing, or addendum filed with a financing statement filed as a fixture filing, shall state whether the secured transaction to be perfected by the filing is or is not subject to recordation tax. If recordation tax is payable, the financing statement shall also disclose the principal amount of debt initially incurred.
2023 Maryland Statutes › Commercial Law › Title 9 - Secured Transactions › Subtitle 5 - Filing › Section 9-505 - Filing and Compliance With Other Statutes and Treaties for Consignments, Leases, Other Bailments, and Other Transactions

(a)    A consignor, lessor, or other bailor of goods, a licensor, or a buyer of a payment intangible or promissory note may file a financing statement, or may comply with a statute or treaty described in § 9-311(a), using the terms “consignor”, “consignee”, “lessor”, “lessee”, “bailor”, “bailee”, “licensor”, “licensee”, “owner”, “registered owner”, “buyer”, “seller”, or words of similar import, instead of the terms “secured party” and “debtor”.
(b)    This subtitle applies to the filing of a financing statement under subsection (a) and, as appropriate, to compliance that is equivalent to filing a financing statement under § 9-311(b), but the filing or compliance is not of itself a factor in determining whether the collateral secures an obligation. If it is determined for another reason that the collateral secures an obligation, a security interest held by the consignor, lessor, bailor, licensor, owner, or buyer which attaches to the collateral is perfected by the filing or compliance.
2023 Maryland Statutes › Commercial Law › Title 9 - Secured Transactions › Subtitle 5 - Filing › Section 9-506 - Effect of Errors or Omissions

(a)    A financing statement substantially satisfying the requirements of this subtitle is effective, even if it has minor errors or omissions, unless the errors or omissions make the financing statement seriously misleading.
(b)    Except as otherwise provided in subsection (c), a financing statement that fails sufficiently to provide the name of the debtor in accordance with § 9-503(a) is seriously misleading.
(c)    If a search of the records of the filing office under the debtor’s correct name, using the filing office’s standard search logic, if any, would disclose a financing statement that fails sufficiently to provide the name of the debtor in accordance with § 9-503(a), the name provided does not make the financing statement seriously misleading.
(d)    For purposes of § 9-508(b), the “debtor’s correct name” in subsection (c) means the correct name of the new debtor.
2023 Maryland Statutes › Commercial Law › Title 9 - Secured Transactions › Subtitle 5 - Filing › Section 9-507 - Effect of Certain Events on Effectiveness of Financing Statement

(a)    A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, licensed, or otherwise disposed of and in which a security interest or agricultural lien continues, even if the secured party knows of or consents to the disposition.
(b)    Except as otherwise provided in subsection (c) and § 9–508, a financing statement is not rendered ineffective if, after the financing statement is filed, the information provided in the financing statement becomes seriously misleading under § 9–506.
(c)    If the name that a filed financing statement provides for a debtor becomes insufficient as the name of the debtor under § 9–503(a) so that the financing statement becomes seriously misleading under § 9–506:
(1)    The financing statement is effective to perfect a security interest in collateral acquired by the debtor before, or within four months after, the filed financing statement becomes seriously misleading; and
(2)    The financing statement is not effective to perfect a security interest in collateral acquired by the debtor more than four months after the filed financing statement becomes seriously misleading, unless an amendment to the financing statement which renders the financing statement not seriously misleading is filed within four months after the financing statement became seriously misleading.
2023 Maryland Statutes › Commercial Law › Title 9 - Secured Transactions › Subtitle 5 - Filing › Section 9-508 - Effectiveness of Financing Statement if New Debtor Becomes Bound by Security Agreement

(a)    Except as otherwise provided in this section, a filed financing statement naming an original debtor is effective to perfect a security interest in collateral in which a new debtor has or acquires rights to the extent that the financing statement would have been effective had the original debtor acquired rights in the collateral.
(b)    If the difference between the name of the original debtor and that of the new debtor causes a filed financing statement that is effective under subsection (a) to be seriously misleading under § 9-506:
(1)    The financing statement is effective to perfect a security interest in collateral acquired by the new debtor before, and within four months after, the new debtor becomes bound under § 9-203(d); and
(2)    The financing statement is not effective to perfect a security interest in collateral acquired by the new debtor more than four months after the new debtor becomes bound under § 9-203(d) unless an initial financing statement providing the name of the new debtor is filed before the expiration of that time.
(c)    This section does not apply to collateral as to which a filed financing statement remains effective against the new debtor under § 9-507(a).
2023 Maryland Statutes › Commercial Law › Title 9 - Secured Transactions › Subtitle 5 - Filing › Section 9-509 - Persons Entitled to File a Record

(a)    A person may file an initial financing statement, amendment that adds collateral covered by a financing statement, or amendment that adds a debtor to a financing statement only if:
(1)    The debtor authorizes the filing in an authenticated record or pursuant to subsection (b) or (c); or
(2)    The person holds an agricultural lien that has become effective at the time of filing and the financing statement covers only collateral in which the person holds an agricultural lien.
(b)    By authenticating or becoming bound as a debtor by a security agreement, a debtor or new debtor authorizes the filing of an initial financing statement, and an amendment, covering:
(1)    The collateral described in the security agreement; and
(2)    Property that becomes collateral under § 9–315(a)(2), whether or not the security agreement expressly covers proceeds.
(c)    By acquiring collateral in which a security interest or agricultural lien continues under § 9–315(a)(1), a debtor authorizes the filing of an initial financing statement, and an amendment, covering the collateral and property that becomes collateral under § 9–315(a)(2).
(d)    A person may file an amendment other than an amendment that adds collateral covered by a financing statement or an amendment that adds a debtor to a financing statement only if:
(1)    The secured party of record authorizes the filing; or
(2)    The amendment is a termination statement for a financing statement as to which the secured party of record has failed to file or send a termination statement as required by § 9–513, the debtor authorizes the filing, and the termination statement indicates that the debtor authorized it to be filed.
(e)    If there is more than one secured party of record for a financing statement, each secured party of record may authorize the filing of an amendment under subsection (d).
(f)    A person who files a financing statement or an amendment to a financing statement that the person knows contains false information is subject to the penalty provided in § 9–508 of the Criminal Law Article.
2023 Maryland Statutes › Commercial Law › Title 9 - Secured Transactions › Subtitle 5 - Filing › Section 9-510 - Effectiveness of Filed Record

(a)    A filed record is effective only to the extent that it was filed by a person that may file it under § 9-509.
(b)    A record authorized by one secured party of record does not affect the financing statement with respect to another secured party of record.
(c)    A continuation statement that is not filed within the six-month period prescribed by § 9-515(d) is ineffective.
2023 Maryland Statutes › Commercial Law › Title 9 - Secured Transactions › Subtitle 5 - Filing › Section 9-511 - Secured Party of Record

(a)    A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured party or a representative of the secured party in an initial financing statement that has been filed. If an initial financing statement is filed under § 9-514(a), the assignee named in the initial financing statement is the secured party of record with respect to the financing statement.
(b)    If an amendment of a financing statement which provides the name of a person as a secured party or a representative of a secured party is filed, the person named in the amendment is a secured party of record. If an amendment is filed under § 9-514(b), the assignee named in the amendment is a secured party of record.
(c)    A person remains a secured party of record until the filing of an amendment of the financing statement which deletes the person.
2023 Maryland Statutes › Commercial Law › Title 9 - Secured Transactions › Subtitle 5 - Filing › Section 9-512 - Amendment of Financing Statement

(a)    Subject to § 9-509, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or, subject to subsection (e), otherwise amend the information provided in, a financing statement by filing an amendment that:
(1)    Identifies, by its file number, the initial financing statement to which the amendment relates; and
(2)    If the amendment relates to an initial financing statement filed or recorded in a filing office described in § 9-501(a)(1), provides the information specified in § 9-502(b).
(b)    Except as otherwise provided in § 9-515, the filing of an amendment does not extend the period of effectiveness of the financing statement.
(c)    A financing statement that is amended by an amendment that adds collateral is effective as to the added collateral only from the date of the filing of the amendment.
(d)    A financing statement that is amended by an amendment that adds a debtor is effective as to the added debtor only from the date of the filing of the amendment.
(e)    An amendment is ineffective to the extent it:
(1)    Purports to delete all debtors and fails to provide the name of a debtor to be covered by the financing statement; or
(2)    Purports to delete all secured parties of record and fails to provide the name of a new secured party of record.
2023 Maryland Statutes › Commercial Law › Title 9 - Secured Transactions › Subtitle 5 - Filing › Section 9-513 - Termination Statement

(a)    A secured party shall cause the secured party of record for a financing statement to file a termination statement for the financing statement if the financing statement covers consumer goods and:
(1)    There is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value; or
(2)    The debtor did not authorize the filing of the initial financing statement.
(b)    To comply with subsection (a), a secured party shall cause the secured party of record to file the termination statement:
(1)    Within 1 month after there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value; or
(2)    If earlier, within 20 days after the secured party receives an authenticated demand from a debtor.
(c)    In cases not governed by subsection (a), within 20 days after a secured party receives an authenticated demand from a debtor, the secured party shall cause the secured party of record for a financing statement to send to the debtor a termination statement for the financing statement or file the termination statement in the filing office if:
(1)    Except in the case of a financing statement covering accounts or chattel paper that has been sold or goods that are the subject of a consignment, there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value;
(2)    The financing statement covers accounts or chattel paper that has been sold but as to which the account debtor or other person obligated has discharged its obligation;
(3)    The financing statement covers goods that were the subject of a consignment to the debtor but are not in the debtor’s possession; or
(4)    The debtor did not authorize the filing of the initial financing statement.
(d)    Except as otherwise provided in § 9-510, upon the filing of a termination statement with the filing office, the financing statement to which the termination statement relates ceases to be effective. Except as otherwise provided in § 9-510, for purposes of §§ 9-519(f), 9-522(a), and 9-523(b), the filing with the filing office of a termination statement relating to a financing statement that indicates that the debtor is a transmitting utility also causes the effectiveness of the financing statement to lapse.
2023 Maryland Statutes › Commercial Law › Title 9 - Secured Transactions › Subtitle 5 - Filing › Section 9-514 - Assignment of Powers of Secured Party of Record

(a)    Except as otherwise provided in subsection (c), an initial financing statement may reflect an assignment of all of the secured party’s power to authorize an amendment to the financing statement by providing the name and mailing address of the assignee as the name and address of the secured party.
(b)    Except as otherwise provided in subsection (c), a secured party of record may assign of record all or part of its power to authorize an amendment to a financing statement by filing in the filing office an amendment of the financing statement which:
(1)    Identifies, by its file number, the initial financing statement to which it relates;
(2)    Provides the name of the assignor; and
(3)    Provides the name and mailing address of the assignee.
(c)    An assignment of record of a security interest in a fixture covered by a record of a mortgage which is effective as a financing statement filed as a fixture filing under § 9-502(c) may be made only by an assignment of record of the mortgage in the manner provided by law of this State other than the Commercial Law Article.
2023 Maryland Statutes › Commercial Law › Title 9 - Secured Transactions › Subtitle 5 - Filing › Section 9-515 - Duration and Effectiveness of Financing Statement; Effect of Lapsed Financing Statement

(a)    Except as otherwise provided in subsections (b), (e), (f), and (g), a filed financing statement is effective for a period of five years after the date of filing.
(b)    Except as otherwise provided in subsections (e), (f), and (g), an initial financing statement filed in connection with a public–finance transaction or manufactured–home transaction is effective for a period of 30 years after the date of filing if it indicates that it is filed in connection with a public–finance transaction or manufactured–home transaction.
(c)    The effectiveness of a filed financing statement lapses on the expiration of the period of its effectiveness unless before the lapse a continuation statement is filed pursuant to subsection (d). Upon lapse, a financing statement ceases to be effective and any security interest or agricultural lien that was perfected by the financing statement becomes unperfected, unless the security interest is perfected otherwise. If the security interest or agricultural lien becomes unperfected upon lapse, it is deemed never to have been perfected as against a purchaser of the collateral for value.
(d)    A continuation statement may be filed only within six months before the expiration of the five–year period specified in subsection (a), the 30–year period specified in subsection (b), or the date the financing statement ceases to be effective under § 9–705(c) of this title, whichever is applicable.
(e)    Except as otherwise provided in § 9–510, upon timely filing of a continuation statement, the effectiveness of the initial financing statement continues for a period of five years commencing on the day on which the financing statement would have become ineffective in the absence of the filing. Upon the expiration of the five–year period, the financing statement lapses in the same manner as provided in subsection (c), unless, before the lapse, another continuation statement is filed pursuant to subsection (d). Succeeding continuation statements may be filed in the same manner to continue the effectiveness of the initial financing statement.
(f)    If a debtor is a transmitting utility and a filed initial financing statement so indicates, the financing statement is effective until a termination statement is filed.
(g)    A record of a mortgage that is effective as a financing statement filed as a fixture filing under § 9–502(c) remains effective as a financing statement filed as a fixture filing until the mortgage is released or satisfied of record or its effectiveness otherwise terminates as to the real property.
2023 Maryland Statutes › Commercial Law › Title 9 - Secured Transactions › Subtitle 5 - Filing › Section 9-518 - Claim Concerning Inaccurate or Wrongfully Filed Record

(a)    A person may file in the filing office an information statement with respect to a record indexed there under the person’s name if the person believes that the record is inaccurate or was wrongfully filed.
(b)    An information statement under subsection (a) must:
(1)    Identify the record to which it relates by:
(A)    The file number assigned to the initial financing statement to which the record relates; and
(B)    If the information statement relates to a record recorded in a filing office described in § 9–501(a)(1), the date and time that the initial financing statement was recorded and the information specified in § 9–502(b);
(2)    Indicate that it is an information statement; and
(3)    Provide the basis for the person’s belief that the record is inaccurate and indicate the manner in which the person believes the record should be amended to cure any inaccuracy or provide the basis for the person’s belief that the record was wrongfully filed.
(c)    A person may file in the filing office an information statement with respect to a record filed there if the person is a secured party of record with respect to the financing statement to which the record relates and believes that the person that filed the record was not entitled to do so under § 9–509(d).
(d)    An information statement under subsection (c) shall:
(1)    Identify the record to which it relates by:
(A)    The file number assigned to the initial financing statement to which the record relates; and
(B)    If the information statement relates to a record recorded in a filing office described in § 9–501(a)(1), the date and time that the initial financing statement was recorded and the information specified in § 9–502(b);
(2)    Indicate that it is an information statement; and
(3)    Provide the basis for the person’s belief that the person that filed the record was not entitled to do so under § 9–509(d).
(e)    The filing of an information statement does not affect the effectiveness of an initial financing statement or other filed record.
2023 Maryland Statutes › Commercial Law › Title 9 - Secured Transactions › Subtitle 5 - Filing › Section 9-519 - Numbering, Maintaining, and Indexing Records; Communicating Information Provided in Records

(a)    For each record filed in a filing office, the filing office shall:
(1)    Assign a unique number to the filed record;
(2)    Create a record that bears the number assigned to the filed record and the date and time of filing;
(3)    Maintain the filed record for public inspection; and
(4)    Index the filed record in accordance with subsections (b), (c), and (d).
(b)    Except as otherwise provided in subsections (c) and (d), the filing office shall:
(1)    Index an initial financing statement according to the name of the debtor and index all filed records relating to the initial financing statement in a manner that associates with one another an initial financing statement and all filed records relating to the initial financing statement; and
(2)    Index a record that provides a name of a debtor which was not previously provided in the financing statement to which the record relates also according to the name that was not previously provided.
(c)    If a financing statement is filed as a fixture filing or covers as-extracted collateral or timber to be cut, it must be recorded in the land records and the filing office shall index it:
(1)    Under the names of the debtor and of each owner of record shown on the financing statement as if they were the mortgagors under a mortgage of the real property described; and
(2)    To the extent that the law of this State provides for indexing of records of mortgages under the name of the mortgagee, under the name of the secured party as if the secured party were the mortgagee thereunder, or, if indexing is by description, as if the financing statement were a record of a mortgage of the real property described.
(d)    If a financing statement is filed as a fixture filing or covers as-extracted collateral or timber to be cut, the filing office shall index an assignment filed under § 9-514(a) or an amendment filed under § 9-514(b):
(1)    Under the name of the assignor as grantor; and
(2)    To the extent that the law of this State provides for indexing a record of the assignment of a mortgage under the name of the assignee, under the name of the assignee.
(e)    The filing office shall maintain a capability:
(1)    To retrieve a record by the name of the debtor and by the file number assigned to the initial financing statement to which the record relates; and
(2)    To associate and retrieve with one another an initial financing statement and each filed record relating to the initial financing statement.
(f)    The filing office may not remove a debtor’s name from the index until one year after the effectiveness of a financing statement naming the debtor lapses under § 9-515 with respect to all secured parties of record.
(g)    The filing office shall perform the acts required by subsections (a) through (d) at the time and in the manner prescribed by filing-office rule.
(h)    Subsections (b) and (g) do not apply to a filing office described in § 9-501(a)(1).
2023 Maryland Statutes › Commercial Law › Title 9 - Secured Transactions › Subtitle 5 - Filing › Section 9-520 - Acceptance and Refusal to Accept Record

(a)    A filing office shall refuse to accept a record for filing for a reason set forth in § 9-516(b) and may refuse to accept a record for filing only for a reason set forth in § 9-516(b).
(b)    If a filing office refuses to accept a record for filing, it shall communicate to the person that presented the record the fact of and reason for the refusal and the date and time the record would have been filed had the filing office accepted it. The communication must be made at the time and in the manner prescribed by filing-office rule.
(c)    A filed financing statement satisfying § 9-502(a) and (b) is effective, even if the filing office is required to refuse to accept it for filing under subsection (a). However, § 9-338 applies to a filed financing statement providing information described in § 9-516(b)(5) which is incorrect at the time the financing statement is filed.
(d)    If a record communicated to a filing office provides information that relates to more than one debtor, this part applies as to each debtor separately.
2023 Maryland Statutes › Commercial Law › Title 9 - Secured Transactions › Subtitle 5 - Filing › Section 9-521 - Uniform Form of Written Financing Statement and Amendment

A filing office that accepts written records may not refuse to accept a written initial financing statement, addendum, or amendment in the form and format set forth in the official text of the 2010 amendments to Article 9 of the Uniform Commercial Code promulgated by the American Law Institute and the Uniform Law Commission, except for a reason set forth in § 9–516(b).
2023 Maryland Statutes › Commercial Law › Title 9 - Secured Transactions › Subtitle 5 - Filing › Section 9-522 - Maintenance and Destruction of Records

(a)    The filing office shall maintain a record of the information provided in a filed financing statement for at least one year after the effectiveness of the financing statement has lapsed under § 9-515 with respect to all secured parties of record. The record must be retrievable by using the name of the debtor and by using the file number assigned to the initial financing statement to which the record relates.
(b)    Except to the extent that a statute governing disposition of public records provides otherwise, the filing office immediately may destroy any written record evidencing a financing statement. However, if the filing office destroys a written record, it shall maintain another record of the financing statement which complies with subsection (a).
2023 Maryland Statutes › Commercial Law › Title 9 - Secured Transactions › Subtitle 5 - Filing › Section 9-523 - Information From Filing Office; Sale or License of Records

(a)    If a person that files a written record requests an acknowledgment of the filing, the filing office shall send to the person an image of the record showing the number assigned to the record pursuant to § 9-519(a)(1) and the date and time of the filing of the record. However, if the person furnishes a copy of the record to the filing office, the filing office may instead:
(1)    Note upon the copy the number assigned to the record pursuant to § 9-519(a)(1) and the date and time of the filing of the record; and
(2)    Send the copy to the person.
(b)    The filing office shall make available to the general public records indexed both in the names of debtors and by unique file numbers, based upon which copies of filed records may be obtained.
(c)    In complying with its duty under subsection (b), the filing office may communicate information in any medium.
2023 Maryland Statutes › Commercial Law › Title 9 - Secured Transactions › Subtitle 5 - Filing › Section 9-525 - Fees

(a)    Except as otherwise provided in subsection (c), the fee for filing and indexing a record under this part, other than an initial financing statement of the kind described in § 9-502(c), is:
(1)    $25 if the record is communicated in writing and consists of eight or fewer pages;
(2)    $75 if the record is communicated in writing and consists of more than eight pages; and
(3)    $25 if the record is communicated by another medium authorized by filing-office rule.
(b)    The number of names required to be indexed does not affect the amount of the fee in subsection (a).
(c)    This section does not require a fee with respect to a record of a mortgage which is effective as a financing statement filed as a fixture filing or as a financing statement covering as-extracted collateral or timber to be cut under § 9-502(c). However, the recording and satisfaction fees that otherwise would be applicable to the record of the mortgage apply.
2023 Maryland Statutes › Commercial Law › Title 9 - Secured Transactions › Subtitle 5 - Filing › Section 9-526 - Filing-Office Rules

(a)    The Department shall adopt and publish rules to implement this subtitle. The filing-office rules must be:
(1)    Consistent with this subtitle; and
(2)    Adopted and published in accordance with Title 10, Subtitle 1 of the State Government Article.
(b)    To keep the filing-office rules and practices of the filing office in harmony with the rules and practices of filing offices in other jurisdictions that enact substantially this subtitle, and to keep the technology used by the filing office compatible with the technology used by filing offices in other jurisdictions that enact substantially this subtitle, the Department, so far as is consistent with the purposes, policies, and provisions of this title, in adopting, amending, and repealing filing-office rules, shall:
(1)    Consult with filing offices in other jurisdictions that enact substantially this subtitle;
(2)    Consult the most recent version of the Model Rules promulgated by the International Association of Corporate Administrators or any successor organization; and
(3)    Take into consideration the rules and practices of, and the technology used by, filing offices in other jurisdictions that enact substantially this subtitle.
2023 Maryland Statutes › Commercial Law › Title 9 - Secured Transactions › Subtitle 6 - Default › Section 9-601 - Rights After Default; Judicial Enforcement; Consignor or Buyer of Accounts, Chattel Paper, Payment Intangibles, or Promissory Notes

(a)    After default, a secured party has the rights provided in this subtitle and, except as otherwise provided in § 9-602, those provided by agreement of the parties. A secured party:
(1)    May reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest, or agricultural lien by any available judicial procedure; and
(2)    If the collateral is documents, may proceed either as to the documents or as to the goods they cover.
(b)    A secured party in possession of collateral or control of collateral under § 7-106, § 9-104, § 9-105, § 9-106, or § 9-107 has the rights and duties provided in § 9-207.
(c)    The rights under subsections (a) and (b) are cumulative and may be exercised simultaneously.
(d)    Except as otherwise provided in subsection (g) and § 9-605, after default, a debtor and an obligor have the rights provided in this subtitle and by agreement of the parties.
(e)    If a secured party has reduced its claim to judgment, the lien of any levy that may be made upon the collateral by virtue of an execution based upon the judgment relates back to the earliest of:
(1)    The date of perfection of the security interest or agricultural lien in the collateral;
(2)    The date of filing a financing statement covering the collateral; or
(3)    Any date specified in a statute under which the agricultural lien was created.
(f)    A sale pursuant to an execution is a foreclosure of the security interest or agricultural lien by judicial procedure within the meaning of this section. A secured party may purchase at the sale and thereafter hold the collateral free of any other requirements of this title.
(g)    Except as otherwise provided in § 9-607(c), this subtitle imposes no duties upon a secured party that is a consignor or is a buyer of accounts, chattel paper, payment intangibles, or promissory notes.
2023 Maryland Statutes › Commercial Law › Title 9 - Secured Transactions › Subtitle 6 - Default › Section 9-602 - Waiver and Variance of Rights and Duties

Except as otherwise provided in § 9-624, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections:
(1)    § 9-207(b)(4)(C), which deals with use and operation of the collateral by the secured party;
(2)    § 9-210, which deals with requests for an accounting and requests concerning a list of collateral and statement of account;
(3)    § 9-607(c), which deals with collection and enforcement of collateral;
(4)    §§ 9-608(a) and 9-615(c) to the extent that they deal with application or payment of noncash proceeds of collection, enforcement, or disposition;
(5)    §§ 9-608(a) and 9-615(d) to the extent that they require accounting for or payment of surplus proceeds of collateral;
(6)    § 9-609 to the extent that it imposes upon a secured party that takes possession of collateral without judicial process the duty to do so without breach of the peace;
(7)    §§ 9-610(b), 9-611, 9-613, and 9-614, which deal with disposition of collateral;
(8)    § 9-615(f), which deals with calculation of a deficiency or surplus when a disposition is made to the secured party, a person related to the secured party, or a secondary obligor;
(9)    § 9-616, which deals with explanation of the calculation of a surplus or deficiency;
(10)    §§ 9-620, 9-621, and 9-622, which deal with acceptance of collateral in satisfaction of obligation;
(11)    § 9-623, which deals with redemption of collateral;
(12)    § 9-624, which deals with permissible waivers; and
(13)    §§ 9-625 and 9-626, which deal with the secured party’s liability for failure to comply with this article.
2023 Maryland Statutes › Commercial Law › Title 9 - Secured Transactions › Subtitle 6 - Default › Section 9-603 - Agreement on Standards Concerning Rights and Duties

(a)    The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in § 9-602 if the standards are not manifestly unreasonable.
(b)    Subsection (a) does not apply to the duty under § 9-609 to refrain from breaching the peace.
2023 Maryland Statutes › Commercial Law › Title 9 - Secured Transactions › Subtitle 6 - Default › Section 9-604 - Procedure if Security Agreement Covers Real Property or Fixtures

(a)    If a security agreement covers both personal and real property, a secured party may proceed:
(1)    Under this subtitle as to the personal property without prejudicing any rights with respect to the real property; or
(2)    As to both the personal property and the real property in accordance with the rights with respect to the real property, in which case the other provisions of this subtitle do not apply.
(b)    Subject to subsection (c), if a security agreement covers goods that are or become fixtures, a secured party may proceed:
(1)    Under this subtitle; or
(2)    In accordance with the rights with respect to real property, in which case the other provisions of this subtitle do not apply.
(c)    Subject to the other provisions of this subtitle, if a secured party holding a security interest in fixtures has priority over all owners and encumbrancers of the real property, the secured party, after default, may remove the collateral from the real property.
(d)    A secured party that removes collateral shall promptly reimburse any encumbrancer or owner of the real property, other than the debtor, for the cost of repair of any physical injury caused by the removal. The secured party need not reimburse the encumbrancer or owner for any diminution in value of the real property caused by the absence of the goods removed or by any necessity of replacing them. A person entitled to reimbursement may refuse permission to remove until the secured party gives adequate assurance for the performance of the obligation to reimburse.
2023 Maryland Statutes › Commercial Law › Title 9 - Secured Transactions › Subtitle 6 - Default › Section 9-605 - Unknown Debtor or Secondary Obligor

A secured party does not owe a duty based on its status as secured party:
(1)    To a person that is a debtor or obligor, unless the secured party knows:
(A)    That the person is a debtor or obligor;
(B)    The identity of the person; and
(C)    How to communicate with the person; or
(2)    To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:
(A)    That the person is a debtor; and
(B)    The identity of the person.
2023 Maryland Statutes › Commercial Law › Title 9 - Secured Transactions › Subtitle 6 - Default › Section 9-607 - Collection and Enforcement by Secured Party

(a)    If so agreed, and in any event after default, a secured party:
(1)    May notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party;
(2)    May take any proceeds to which the secured party is entitled under § 9–315;
(3)    May enforce the obligations of an account debtor or other person obligated on collateral and exercise the rights of the debtor with respect to the obligation of the account debtor or other person obligated on collateral to make payment or otherwise render performance to the debtor, and with respect to any property that secures the obligations of the account debtor or other person obligated on the collateral;
(4)    If it holds a security interest in a deposit account perfected by control under § 9–104(a)(1), may apply the balance of the deposit account to the obligation secured by the deposit account; and
(5)    If it holds a security interest in a deposit account perfected by control under § 9–104(a)(2) or (3), may instruct the bank to pay the balance of the deposit account to or for the benefit of the secured party.
(b)    If necessary to enable a secured party to exercise under subsection (a)(3) the right of a debtor to enforce a mortgage nonjudicially, the secured party may record in the office in which a record of the mortgage is recorded:
(1)    A copy of the security agreement that creates or provides for a security interest in the obligation secured by the mortgage; and
(2)    The secured party’s sworn affidavit in recordable form stating that:
(A)    A default has occurred with respect to the obligation secured by the mortgage; and
(B)    The secured party is entitled to enforce the mortgage nonjudicially.
(c)    A secured party shall proceed in a commercially reasonable manner if the secured party:
(1)    Undertakes to collect from or enforce an obligation of an account debtor or other person obligated on collateral; and
(2)    Is entitled to charge back uncollected collateral or otherwise to full or limited recourse against the debtor or a secondary obligor.
(d)    A secured party may deduct from the collections made pursuant to subsection (c) reasonable expenses of collection and enforcement, including reasonable attorney’s fees and legal expenses incurred by the secured party.
(e)    This section does not determine whether an account debtor, bank, or other person obligated on collateral owes a duty to a secured party.
2023 Maryland Statutes › Commercial Law › Title 9 - Secured Transactions › Subtitle 6 - Default › Section 9-608 - Application of Proceeds of Collection or Enforcement; Liability for Deficiency and Right to Surplus

(a)    If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply:
(1)    A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under § 9-607 in the following order to:
(A)    The reasonable expenses of collection and enforcement and, to the extent provided for by agreement and not prohibited by law, reasonable attorney’s fees and legal expenses incurred by the secured party;
(B)    The satisfaction of obligations secured by the security interest or agricultural lien under which the collection or enforcement is made; and
(C)    The satisfaction of obligations secured by any subordinate security interest in or other lien on the collateral subject to the security interest or agricultural lien under which the collection or enforcement is made if the secured party receives an authenticated demand for proceeds before distribution of the proceeds is completed.
(2)    If requested by a secured party, a holder of a subordinate security interest or other lien shall furnish reasonable proof of the interest or lien within a reasonable time. Unless the holder complies, the secured party need not comply with the holder’s demand under paragraph (1)(C).
(3)    A secured party need not apply or pay over for application noncash proceeds of collection and enforcement under § 9-607 unless the failure to do so would be commercially unreasonable. A secured party that applies or pays over for application noncash proceeds shall do so in a commercially reasonable manner.
(4)    A secured party shall account to and pay a debtor for any surplus, and the obligor is liable for any deficiency.
(b)    If the underlying transaction is a sale of accounts, chattel paper, payment intangibles, or promissory notes, the debtor is not entitled to any surplus, and the obligor is not liable for any deficiency.
2023 Maryland Statutes › Commercial Law › Title 9 - Secured Transactions › Subtitle 6 - Default › Section 9-609 - Secured Party's Right to Take Possession After Default

(a)    After default, a secured party:
(1)    May take possession of the collateral; and
(2)    Without removal, may render equipment unusable and dispose of collateral on a debtor’s premises under § 9-610.
(b)    A secured party may proceed under subsection (a):
(1)    Pursuant to judicial process; or
(2)    Without judicial process, if it proceeds without breach of the peace.
(c)    If so agreed, and in any event after default, a secured party may require the debtor to assemble the collateral and make it available to the secured party at a place to be designated by the secured party which is reasonably convenient to both parties.
2023 Maryland Statutes › Commercial Law › Title 9 - Secured Transactions › Subtitle 6 - Default › Section 9-610 - Disposition of Collateral After Default

(a)    After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing.
(b)    Every aspect of a disposition of collateral, including the method, manner, time, place, and other terms, must be commercially reasonable. If commercially reasonable, a secured party may dispose of collateral by public or private proceedings, by one or more contracts, as a unit or in parcels, and at any time and place and on any terms.
(c)    A secured party may purchase collateral:
(1)    At a public disposition; or
(2)    At a private disposition only if the collateral is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations.
(d)    A contract for sale, lease, license, or other disposition includes the warranties relating to title, possession, quiet enjoyment, and the like which by operation of law accompany a voluntary disposition of property of the kind subject to the contract.
(e)    A secured party may disclaim or modify warranties under subsection (d):
(1)    In a manner that would be effective to disclaim or modify the warranties in a voluntary disposition of property of the kind subject to the contract of disposition; or
(2)    By communicating to the purchaser a record evidencing the contract for disposition and including an express disclaimer or modification of the warranties.
(f)    A record is sufficient to disclaim warranties under subsection (e) if it indicates “There is no warranty relating to title, possession, quiet enjoyment, or the like in this disposition” or uses words of similar import.
2023 Maryland Statutes › Commercial Law › Title 9 - Secured Transactions › Subtitle 6 - Default › Section 9-611 - Notification Before Disposition of Collateral

(a)    In this section, “notification date” means the earlier of the date on which:
(1)    A secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or
(2)    The debtor and any secondary obligor waive the right to notification.
(b)    Except as otherwise provided in subsection (d), a secured party that disposes of collateral under § 9-610 shall send to the persons specified in subsection (c) a reasonable authenticated notification of disposition.
(c)    To comply with subsection (b), the secured party shall send an authenticated notification of disposition to:
(1)    The debtor;
(2)    Any secondary obligor; and
(3)    If the collateral is other than consumer goods:
(A)    Any other person from which the secured party has received, before the notification date, an authenticated notification of a claim of an interest in the collateral;
(B)    Any other secured party or lienholder that, 10 days before the notification date, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:
(i)    Identified the collateral;
(ii)    Was indexed under the debtor’s name as of that date; and
(iii)    Was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and
(C)    Any other secured party that, 10 days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in § 9-311(a).
(d)    Subsection (b) does not apply if the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market.
(e)    A secured party complies with the requirement for notification prescribed by subsection (c)(3)(B) if:
(1)    Not later than 20 days or earlier than 30 days before the notification date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor’s name in the office indicated in subsection (c)(3)(B); and
(2)    Before the notification date, the secured party:
(A)    Did not receive a response to the request for information; or
(B)    Received a response to the request for information and sent an authenticated notification of disposition to each secured party named in that response whose financing statement covered the collateral.
2023 Maryland Statutes › Commercial Law › Title 9 - Secured Transactions › Subtitle 6 - Default › Section 9-612 - Timeliness of Notification Before Disposition of Collateral

(a)    Except as otherwise provided in subsection (b), whether a notification is sent within a reasonable time is a question of fact.
(b)    A notification of disposition sent after default and 10 days or more before the earliest time of disposition set forth in the notification is sent within a reasonable time before the disposition.