440

LAWS OF MARYLAND

Ch. 8

(1)  THE RECITALS OR THE ACKNOWLEDGMENT OF THE
INSTRUMENT OF WRITING; OR

(2)  AN AFFIDAVIT UNDER OATH THAT ACCOMPANIES THE
INSTRUMENT OF WRITING AND THAT IS SIGNED BY A PARTY TO THE
INSTRUMENT OF WRITING OR BY AN AGENT OF A PARTY.

(B) EXCLUSION OF SECURITY AGREEMENTS.

SECURITY AGREEMENTS FILED IN ACCORDANCE WITH § 9-402 OF THE
MARYLAND UNIFORM COMMERCIAL CODE ARE GOVERNED BY THE REQUIREMENTS
OF § 9-402 OF THE MARYLAND UNIFORM COMMERCIAL CODE THAT SECTION
AND NOT BY SUBSECTION (A) OF THIS SECTION.

REVISOR'S NOTE: Subsection (a) of this section is new
language derived without substantive change from
former Art. 81, § 277(b)(3).

Subsection (b) of this section is new language added
to recognize that security agreements filed in
accordance with CL § 9-402 are governed by that
section of the Maryland Uniform Commercial Code.

In subsection (a)(1) and (2) of this section, the
defined term "instrument of writing" is substituted
for the former references "instrument taxable under
this section offered for record" and "the instrument",
for clarity.

In subsection (a)(2) of this section, the reference to
an "affidavit under oath" is substituted for the
former references to a "separate" affidavit signed
"under the penalties of perjury", for clarity.

Defined terms: "Includes";"including" § 1-101
"Instrument of writing" § 12-101
"Security agreement" § 12-101

12-105. CALCULATION OF TAX.

(A)  PROPERTY PARTLY IN THE STATE.

FOR A DEED, DEED OF TRUST, OR MORTGAGE TRANSFERRING TITLE TO
REAL PROPERTY LOCATED PARTLY IN THE STATE, THE RECORDATION TAX
APPLIES TO THE CONSIDERATION PAYABLE OR THE PRINCIPAL AMOUNT OF
THE DEBT SECURED IN THE SAME RATIO THAT THE VALUE OF THE REAL
PROPERTY THAT IS LOCATED IN THE STATE BEARS TO THE VALUE OF THE
ENTIRE PROPERTY.

(B)  RAILROAD PROPERTY.

EXCEPT IF RECORDED WITH THE INTERSTATE COMMERCE COMMISSION
AS PROVIDED BY FEDERAL LAW, FOR A DEED OF TRUST, MORTGAGE, OR
CONTRACT OR AGREEMENT FOR THE ROLLING STOCK OR EQUIPMENT OF A
RAILROAD, THE RECORDATION TAX APPLIES TO THE DEBT SECURED IN THE