HARRY HUGHES, Governor                                       467

(I)  MEANS ANY DOCUMENT THAT PUBLICIZES OR GIVES
CONSTRUCTIVE NOTICE OF AN UNRECORDED LEASE; AND

(II)  INCLUDES:

1.  AN ATTORNMENT AGREEMENT;

2.  A MEMORANDUM OF A LEASE; AND

3.  AN ASSIGNMENT OF A LEASE.

(2)  A DOCUMENT MAY BE RECORDED ONLY IF THE ORIGINAL
LEASE IS SUBMITTED AND TRANSFER TAX ON THE DOCUMENT AND' THE
ORIGINAL LEASE IS PAID.

(3)  SUBJECT TO § 13-102 OF THIS TITLE, THE LESSEE IS
CHARGEABLE WITH TRANSFER TAX ON THE ORIGINAL LEASE. IF A LESSEE
FAILS OR REFUSES TO PAY TRANSFER TAX AFTER A DEMAND IS MADE, THE
PARTY OFFERING THE ORIGINAL LEASE FOR RECORDATION MAY:

(I)  PAY THE RECORDATION TAX; AND

(II)  SUE THE LESSEE TO RECOVER THE AMOUNT OF
TRANSFER TAX PAID, WITH INTEREST FROM THE DATE OF PAYMENT OF
TRANSFER TAX.

(4)  TRANSFER TAX SHALL BE PAID ON THE ORIGINAL LEASE
ONLY IF THE ORIGINAL LEASE WAS REQUIRED TO BE RECORDED UNDER §
3-101 OF THE REAL PROPERTY ARTICLE.

(D) CORPORATE AND PARTNERSHIP TRANSFERS.

FOR A TRANSFER UNDER § 13-206 OF THIS TITLE, THE TRANSFER
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, §
278A(c) and (d), and § 277B(d), as that subsection
related to transfer tax.

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

Also in subsection (a) of this section, the reference
to "additional" consideration is substituted for the
former reference to "actual" consideration "other than
the capitalization of the ground rent", for clarity
and brevity. Similarly, in subsection (b)(1) and
(2)(i) of this section, the reference to "additional"
consideration is substituted for the former reference
to "actual" consideration "other than rent", for
clarity and brevity.