Maryland Code, COURTS AND JUDICIAL PROCEEDINGS 5-102
Terms Used In Maryland Code, COURTS AND JUDICIAL PROCEEDINGS 5-102
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(1) Promissory note or other instrument under seal;
(2) Bond except a public officer’s bond;
(3) Judgment;
(4) Recognizance;
(5) Contract under seal; or
(6) Any other specialty.
(b) A payment of principal or interest on a specialty suspends the operation of this section as to the specialty for three years after the date of payment.
(c) This section does not apply to:
(1) A specialty taken for the use of the State; or
(2) A deed of trust, mortgage, or promissory note that has been signed under seal and secures or is secured by owner-occupied residential property, as defined in § 7-105.1 of the Real Property Article.