Maryland § 2-603
Full text of Maryland Maryland Code § 2-603, with citation guidance and answers to common questions.
§ 2-603.
(a) If an agreement entered into under § 2-602 of this subtitle is terminated, the value of motor vehicles, radios, and light bars paid for by a county or municipal corporation under the agreement shall be depreciated in accordance with subsection (b) of this section.
(b) The value of motor vehicles, radios, and light bars shall be depreciated over a 5-year period beginning on the date the equipment was put in service as follows:
(1) after 1 year, the equipment shall be valued at 80% of its initial cost;
(2) after 2 years, the equipment shall be valued at 60% of its initial cost;
(3) after 3 years, the equipment shall be valued at 40% of its initial cost;
(4) after 4 years, the equipment shall be valued at 20% of its initial cost; and
(5) after 5 years, the equipment shall be considered to have no remaining value for purposes of this section.
(c) The Department shall reimburse the county or municipal corporation for the depreciated value of the motor vehicles, radios, and light bars.
Frequently Asked Questions About Maryland § 2-603
What does Maryland Code § 2-603 cover?
Section 2-603 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 § 2-603?
A common citation format is "Maryland Code § 2-603" (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 § 2-603 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.