Maryland § 12-308
Full text of Maryland Maryland Code § 12-308, with citation guidance and answers to common questions.
§ 12-308.
(a) A bond:
(1) may be in bearer form;
(2) may be registrable as to principal alone or as to both principal and interest; and
(3) is a “security” under § 8-102 of the Commercial Law Article, whether or not the bond is one of a class or series or is divisible into a class or series of instruments.
(b) (1) A bond shall be signed manually or in facsimile by the chief executive of the political subdivision.
(2) An officer’s signature or facsimile signature on a bond remains valid even if the officer leaves office before the bond is delivered.
(3) The seal of the political subdivision shall be affixed to the bond and attested by the clerk or other similar administrative officer of the political subdivision.
(c) (1) A bond shall mature not later than 40 years after the date of issue.
(2) Bonds may be issued as serial bonds or term bonds with provisions for a mandatory sinking fund or other annual principal redemption beginning not later than 3 years after the date of issue.
(d) (1) A bond shall be sold in the manner, at public or private (negotiated) sale, and on the terms at, above, or below par, as the political subdivision considers best.
(2) A contract to acquire property may provide that payments shall be made in bonds.
(3) A bond is not subject to §§ 19–205 and 19–206 of the Local Government Article.
Frequently Asked Questions About Maryland § 12-308
What does Maryland Code § 12-308 cover?
Section 12-308 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 12-308?
A common citation format is "Maryland Code § 12-308" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 12-308 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.