§ 8–302
Statutes in effect as of October 1, 2026.
(a)
In this section, “bond” means an obligation of the State or of any of its units or instrumentalities.
(b)
If a bond otherwise complies with the requirements of the Commercial Law Article for investment securities, the bond shall be considered to be an investment security notwithstanding that:
(1)
the resolution or other authority under which the bond is issued subjects the bond to an indenture or agreement that is separate from the resolution or authority;
(2)
the resolution or other authority under which the bond is issued limits payment of principal and interest to:
(i)
the proceeds of limited sources of revenue; or
(ii)
a special fund established for that purpose;
(3)
any law limits payment of principal and interest to a certain amount or rate of tax that may be imposed; or
(4)
principal or interest are registrable.
(c)
A bond that is considered to be an investment security under subsection (b) of this section has all the attributes of an investment security that are possessed by a bond that is:
(1)
issued on the full faith and credit of the issuer;
(2)
payable to bearer; and
(3)
secured as to the payment of principal and interest by the unlimited taxing power of the issuer.