2884

LAWS OF MARYLAND

Ch. 824

[(3) If personal property other than that governed by
subsections (1) and (2) is already subject to a security
interest when it is brought into this State, the validity of
the security interest in this State is to be determined by
the law (including the conflict of laws rules) of the
jurisdiction where the property was when the security
interest attached. However, if the parties to the
transaction understood at the time that the security
interest attached that the property would be kept in this
State and it was brought into this State within thirty days
after the security interest attached for purposes other than
transportation through this State, then the validity of the
security interest in this State is to be determined by the
law of this State. If the security interest was already
perfected under the law of the jurisdiction where the
property was when the security interest attached and before
being brought into this State, the security interest
continues perfected in this State for four months and also
thereafter if within the four months period it is perfected
in this State. The security interest may also be perfected
in this State after the expiration of the four month period;
in such case perfection dates from the time of perfection in
this State. If the security interest was not perfected under
the law of the jurisdiction where the property was when the
security interest attached and before being brought into
this State, it may be perfected in this State; in such case
perfection dates from the time of perfection in this State.]

[(4) Notwithstanding subsections (2) and (3), if
personal property is covered by a certificate of title
issued under a statute of this State or any other
jurisdiction which requires indication on a certificate of
title of any security interest in the property as a
condition of perfection, then the perfection is governed by
the law of the jurisdiction which issued the certificate.]

[(5) Notwithstanding subsection (1) and § 9-302, if
the office where the assignor of accounts or contract rights
keeps his records concerning them is not located in a
jurisdiction which is a part of the United States, its
territories or possessions, and the accounts or contract
rights are within the jurisdiction of this State or the
transaction which creates the security interest otherwise
bears an appropriate relation to this State, this title
governs the validity and perfection of the security interest
and the security interest may only be perfected by
notification to the account debtor.]

(1) DOCUMENTS, INSTRUMENTS AND ORDINARY GOODS.

(A) THIS SUBSECTION APPLIES TO DOCUMENTS AND
INSTRUMENTS AND TO GOODS OTHER THAN THOSE COVERED BY A
CERTIFICATE OF TITLE DESCRIBED IN SUBSECTION (2), MOBILE
GOODS DESCRIBED IN SUBSECTION (3), AND MINERALS DESCRIBED IN
SUBSECTION (5).