Maryland Code, ECONOMIC DEVELOPMENT 10-127
Terms Used In Maryland Code, ECONOMIC DEVELOPMENT 10-127
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
(1) any of its revenues;
(2) any of its rights to receive revenues;
(3) money and securities in accounts established to secure a bond; and
(4) a lien or security interest granted or assignment made to the Corporation.
(b) A pledge or assignment:
(1) is valid and binding against any person having a claim against the Corporation in tort, contract, or otherwise, regardless of whether the person has notice of the pledge or assignment; and
(2) has priority over the claim.
(c) A resolution, trust agreement, assignment, financing agreement or other instrument that creates a lien, security interest, assignment, or pledge under subsection (a) of this section:
(1) shall be filed in the records of the Corporation; but
(2) need not be filed or recorded elsewhere.