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§ 12-409. Instruments evidencing or securing loans

West's Annotated Code of MarylandCommercial Law

West's Annotated Code of Maryland
Commercial Law
Title 12. Credit Regulations
Subtitle 4. Secondary Mortgage Loans--Credit Provisions (Refs & Annos)
MD Code, Commercial Law, § 12-409
§ 12-409. Instruments evidencing or securing loans
Currentness
An instrument which evidences or secures a loan may not contain any:
(1) Acceleration clause under which any part or all of the unpaid balance of the loan not yet matured may be declared due and payable for any reason other than default by the debtor in the payment or in another required term of the instrument;
(2) Provision by which the debtor waives any right accruing to him under the provisions of this subtitle; or
(3) Assignment or order for the payment of wages, whether earned or to be earned.

Credits

Added by Acts 1975, c. 49, § 3, eff. July 1, 1975.
Formerly Art. 66, § 63.
MD Code, Commercial Law, § 12-409, MD COML § 12-409
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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