HARRY HUGHES, Governor

443

FOR A TRANSFER UNDER § 12-106 OF THIS TITLE, THE RECORDATION
TAX APPLIES TO THE VALUE OF THE REAL PROPERTY DETERMINED BY THE
DEPARTMENT AT THE DATE OF FINALITY IMMEDIATELY BEFORE THE DATE
OF TRANSFER.

REVISOR'S NOTE: This section is new language derived
without substantive change from former Art. 81, §
277(c) through (f), and (g) and (k) and § 277B(d), as
that subsection related to the recordation tax.

In subsection (a) of this section, the reference to
the amount of debt secured "that is principal" is
added for clarity.

Also in subsection (a) of this section, the defined
term "real property" is substituted for the former
word "property", for clarity and to conform to current
practice. In this regard, see 41 Op. Att'y Gen. 381
(1956). The General Assembly may wish to consider
whether the recordation tax should be allocated on the
basis of all property -- real and personal.

Also in subsection (a) of this section, the phrase
"that is located partly in the State" is substituted
for the former phrase "lying partly within and partly
without the State", for clarity.

Also in subsection (a) of this section, the reference
to "transferring" title is substituted for the former
references to "conveying" property and property
"conveyed", for clarity.

In subsections (a), (c), and (d)(1) and (2)(i) of this
section, the reference to consideration "payable" is
substituted for the former references to consideration
"paid or to be paid", for clarity.

In subsection (b) of this section, the exception for
recordation with the Interstate Commerce Commission as
provided by federal law" is added to clarify current
practice. If a deed of trust, mortgage, contract or
agreement for railroad rolling stock or equipment is
recorded with the Interstate Commerce Commission, that
recordation is deemed sufficient notice to third
parties, and there is no additional State recording.

Also in subsection (b) of this section, the former
parenthetical phrase "(whether the title is reserved
in the vendor or not)" is deleted as superfluous.

In subsection (c) of this section, the defined term
"real property" is added to modify the word "lease",
for clarity.

In the introductory language of subsection (d) of this