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§ 12-507. Promissory notes

West's Annotated Code of MarylandCommercial Law

West's Annotated Code of Maryland
Commercial Law
Title 12. Credit Regulations
Subtitle 5. Retail Credit Accounts (Refs & Annos)
MD Code, Commercial Law, § 12-507
§ 12-507. Promissory notes
Currentness
(a) If, as part of a retail credit account, a promissory note is taken by the seller or financial institution, the note shall refer to the account out of which it arises.
(b) The note may not contain a confession of judgment or any power of attorney to appear for the buyer or for any surety or guarantor for the buyer to confess judgment.
(c) If the note is assigned, it is subject to all defenses which the buyer might have asserted against the seller or financial institution.

Credits

Added by Acts 1975, c. 49, § 3, eff. July 1, 1975.
Formerly Art. 83, § 153D.
MD Code, Commercial Law, § 12-507, MD COML § 12-507
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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