Md. Code, FI § 11-401 - Definitions
|Cite as:||Md. Code, FI § 11-401|
|Currency:||Current with changes from the 2020 Legislative Session|
(a) In this subtitle the following words have the meanings indicated.
(b) "Agreement" means an installment sale agreement, a renewed or extended installment sale agreement, and any renewal, extension, or refund agreement made in connection with an installment sale agreement.
(1) "Buyer" means a person who buys or leases goods under an installment sale agreement, even though the person has entered into one or more renewal, extension, or refund agreements.
(2) "Buyer" includes a prospective buyer.
(1) "Collateral security" means any security interest in, encumbrance on, or pledge of property or goods that is given to secure performance of an obligation of a buyer or a surety for a buyer under an agreement.
(2) "Collateral security" includes the undertaking of a surety for a buyer.
(3) "Collateral security" does not include any goods or interest in goods that are the subject of an installment sale agreement.
(1) "Goods" means all tangible personal property that has a cash price of $25,000 or less.
(2) "Goods" does not include money or things in action.
(1) "Installment sale agreement" means a contract for the retail sale of consumer goods, negotiated or entered into in this State, under which:
(i) Part or all of the price is payable in one or more payments after the making of the contract; and
(ii) The seller takes collateral security or keeps a security interest in the goods sold.
(2) "Installment sale agreement" includes:
(i) A prospective installment sale agreement;
(ii) A purchase money security agreement; and
(iii) A contract for the bailment or leasing of consumer goods under which the bailee or lessee contracts to pay as compensation a sum that is substantially equal to or is more than the value of the goods.
(3) "Installment sale agreement" does not include:
To continue readingFREE SIGN UP