Maryland Code, COMMERCIAL LAW 12-507
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Terms Used In Maryland Code, COMMERCIAL LAW 12-507
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
(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.