Maryland § 3-607
Full text of Maryland Maryland Code § 3-607, with citation guidance and answers to common questions.
§ 3-607.
(a) The bonds, notes, and other evidences of obligation issued under this subtitle, their transfer, the interest payable on them, and any income derived from them, including any profit realized in their sale or exchange, shall be exempt from taxation by this State or by any of its political subdivisions, municipal corporations, or public agencies.
(b) The bonds, notes, and other evidences of obligation issued under this subtitle are not and may not be considered to constitute a debt or a pledge of the faith and credit of the State of Maryland, but shall be payable, as to both principal and interest, only from the proceeds of the revenues pledged or made available under this subtitle for this purpose.
(c) The Department’s pledge of revenues and funds to secure its bonds, notes, and other evidences of obligation issued under this subtitle, shall be valid and binding against any person having a claim against the Department, and shall have priority over any such claim, regardless of whether the person has notice of the Department’s pledge.
(d) Notwithstanding any other provision of law, the Department is only required to file or record in the records of the Department any resolution, trust agreement, or other instrument that creates a lien on, a security interest in, or an assignment of:
(1) Any revenues;
(2) Any rights to receive revenues; or
(3) Any moneys or securities in the funds and accounts pledged to the bonds, notes, or other evidence of obligation of the Department.
Frequently Asked Questions About Maryland § 3-607
What does Maryland Code § 3-607 cover?
Section 3-607 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 § 3-607?
A common citation format is "Maryland Code § 3-607" (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 § 3-607 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.