HARRY HUGHES, Governor

465

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

(2)  FILED WITH THE DEPARTMENT.

REVISOR'S NOTE: This section is new language derived
without substantive change from the first sentence of
former Art. 81, § 278A(a), as that sentence provided
for imposition of the transfer tax.

In item (1) of this section, the reference to
recordation "with the clerk of the circuit court for a
county" is substituted for the former reference to
"offered for record ... among the land records in the
State", for clarity.

The balance of the first sentence of former Art. 81, §
278A(a) now appears in §§ 13-101 and 13-207 of this
subtitle.

Defined terms: "County" § 1-101
"Department" § 1-101
"Instrument of writing" § 13-101
"Transfer tax" § 13-201

13-203. RATE OF TAX.

THE RATE OF THE TRANSFER TAX IS 0.5% OF THE CONSIDERATION
PAYABLE FOR THE INSTRUMENT OF WRITING. THE CONSIDERATION
INCLUDES THE AMOUNT OF ANY MORTGAGE OR DEED OF TRUST ASSUMED BY
THE GRANTEE.

REVISOR'S NOTE: This section is new language derived
without substantive change from the first clause of
former Art. 81, § 278A(b)(l).

In this     section and throughout this title,     the

references  to a tax being "payable" is substituted   for

the former   reference to "paid or to be paid",     for
clarity.

The defined term "instrument of writing" is
substituted for the former reference to "the
conveyance of title", for clarity and consistency.

Defined terms: "Includes"; "including" § 1-101
"Instrument of writing" § 13-101
"Transfer tax" § 13-201

13-204. EVIDENCE OF CONSIDERATION.

THE CONSIDERATION PAYABLE SHALL BE DESCRIBED IN:

(1) THE RECITALS OR THE ACKNOWLEDGMENT OF THE