HARRY HUGHES, Governor

435

SUBSTITUTION FOR PROPERTY DESCRIBED IN THE PREVIOUSLY RECORDED
INSTRUMENT OF WRITING.

REVISOR'S NOTE: This subsection is new language derived
without substantive change from the description of
confirmatory and substitute instruments in former Art.
81, § 277(h), and the description of confirmatory
instruments in (i). It is revised as a definition to
avoid repetition of the types of confirmatory and
substitute instruments.

In item (2) of this subsection, the reference to
"grants a security interest in" is substituted for the
former references to "convey[ed] or pledge[d]", for
clarity.

The balance of former Art. 81, § 277(h) and (i) now
appears as § 12-108(e) of this title.

Defined terms: "Instrument of writing" § 12-101
"Property" § 1-101 "Security interest" § 12-101

12-102. IMPOSITION OF TAX.

EXCEPT AS OTHERWISE PROVIDED IN THIS TITLE, RECORDATION TAX
IS IMPOSED ON AN INSTRUMENT OF WRITING:

(1)  RECORDED WITH THE CLERK OF THE CIRCUIT COURT FOR
A COUNTY; OR

(2)  FILED WITH THE DEPARTMENT AND DESCRIBED IN §
12-103(E) OR (F) OF THIS TITLE.

REVISOR'S NOTE: This section is new language derived
without substantive change from former Art. 81, §
277(a)(1), except as it related to the exemptions for
vehicles and vessels.

In item (1) of this section, the former phrase

"offered for record ... in this State" is deleted as

included in the reference to "recorded with the
clerk".

Defined terms: "County" § 1-101

"Department" § 1-101 "Instrument of writing" § 12-101

"Recordation tax" § 12-101

12-103. RATE OF TAX.

(A) APPLICATION OF RECORDATION TAX RATES.

THE RECORDATION TAX RATES UNDER THIS SECTION ARE APPLIED TO
EACH $500 OR FRACTION OF $500 OF CONSIDERATION PAYABLE OR OF THE
PRINCIPAL AMOUNT OF THE DEBT SECURED FOR AN INSTRUMENT OF
WRITING. THE CONSIDERATION INCLUDES THE AMOUNT OF ANY MORTGAGE