If, while a security interest in goods is perfected by any method under the law of another jurisdiction, this State issues a certificate of title that does not show that the goods are subject to the security interest or contain a statement that they may be subject to security interests not shown on the certificate:
(1) A buyer of the goods, other than a person in the business of selling goods of that kind, takes free of the security interest if the buyer gives value and receives delivery of the goods after issuance of the certificate and without knowledge of the security interest; and
(2) The security interest is subordinate to a conflicting security interest in the goods that attaches, and is perfected under § 9-311(b), after issuance of the certificate and without the conflicting secured party’s knowledge of the security interest.
Structure Maryland Statutes
Title 9 - Secured Transactions
Subtitle 3 - Perfection and Priority
Section 9-301 - Law Governing Perfection and Priority of Security Interests
Section 9-302 - Law Governing Perfection and Priority of Agricultural Liens
Section 9-304 - Law Governing Perfection and Priority of Security Interests in Deposit Accounts
Section 9-305 - Law Governing Perfection and Priority of Security Interests in Investment Property
Section 9-307 - Location of Debtor
Section 9-308 - When Security Interest or Agricultural Lien Is Perfected; Continuity of Perfection
Section 9-309 - Security Interest Perfected Upon Attachment
Section 9-314 - Perfection by Control
Section 9-315 - Secured Party's Rights on Disposition of Collateral and in Proceeds
Section 9-316 - Continued Perfection of Security Interest Following Change in Governing Law
Section 9-319 - Rights and Title of Consignee With Respect to Creditors and Purchasers
Section 9-320 - Buyer of Goods
Section 9-321 - Licensee of General Intangible and Lessee of Goods in Ordinary Course of Business
Section 9-323 - Future Advances
Section 9-324 - Priority of Purchase-Money Security Interests
Section 9-325 - Priority of Security Interests in Transferred Collateral
Section 9-326 - Priority of Security Interests Created by New Debtor
Section 9-327 - Priority of Security Interests in Deposit Account
Section 9-328 - Priority of Security Interests in Investment Property
Section 9-329 - Priority of Security Interests in Letter-of-Credit
Section 9-330 - Priority of Purchaser of Chattel Paper or Instrument
Section 9-332 - Transfer of Money; Transfer of Funds From Deposit Account
Section 9-333 - Priority of Certain Liens Arising by Operation of Law
Section 9-334 - Priority of Security Interests in Fixtures and Crops
Section 9-336 - Commingled Goods
Section 9-337 - Priority of Security Interests in Goods Covered by Certificate of Title
Section 9-339 - Priority Subject to Subordination
Section 9-340 - Effectiveness of Right of Recoupment or Set-Off Against Deposit Account
Section 9-341 - Bank's Rights and Duties With Respect to Deposit Account
Section 9-342 - Bank's Right to Refuse to Enter Into or Disclose Existence of Control Agreement