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Maryland Code, Transportation § 13-204

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) A secured party may assign, absolutely or otherwise, any part of his security interest in a vehicle to a person other than its owner, without affecting the interest of the owner or the validity of the security interest. However, any person without notice of the assignment is protected in dealing with the secured party as the holder of the security interest, and the secured party remains liable for any obligations as secured party until the assignee is named as secured party on the certificate of title.

(b)(1) The assignee shall deliver to the Administration the certificate of title, if available, and an assignment by the secured party named in the certificate of title in the form that the Administration requires, accompanied by the same filing fee as is required for perfection of the security interest under § 13-202 of this subtitle.

(2) The assignee's security interest is perfected at the time of its creation, if the delivery and payment to the Administration are completed within 10 days of the date of its creation. Otherwise, the security interest is perfected at the time of the delivery and payment.

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Cite this article: FindLaw.com - Maryland Code, Transportation § 13-204 - last updated January 01, 2025 | https://codes.findlaw.com/md/transportation/md-code-trans-sect-13-204/

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