Section 5-501 - Definitions. - Maryland Statutes

§ 5-501. Definitions.
 

(a)  In general.- In this subtitle the following words have the meanings indicated. 
   
Revisor's Note.

This subsection formerly was Art. 83A, § 5-1001(a). 
 

No changes are made. 

(b)  Authority.- "Authority" means the Maryland Small Business Development Financing Authority. 
   
Revisor's Note.

This subsection formerly was Art. 83A, § 5-1001(b). 
 

No changes are made. 

(c)  Financial institution.- "Financial institution" means: 

(1) a financial institution, as defined in § 1-101 of the Financial Institutions Article; and 

(2) any other lender that the Authority approves. 
   
Revisor's Note.

This subsection is new language derived without substantive change from former Art. 83A, § 5-1001(e). 
 

The term "and" is substituted for the former phrase "as well as" for brevity. 

(d)  Loan document.-  

(1) "Loan document" means an instrument or agreement that evidences, secures, or guarantees a loan. 

(2) "Loan document" includes a note, financing statement, mortgage, pledge, assignment, loan and security agreement, or guaranty. 
   
Revisor's Note.

This subsection is new language derived without substantive change from former Art. 83A, § 5-1001(g). 
 

In paragraph (2) of this subsection, the word "guaranty" is substituted for the former word "guarantee" for consistency within this subtitle. 
 

The former phrase "by way of example" is deleted as surplusage. 

(e)  Working capital.-  

(1) "Working capital" means money used to meet the cash needs of an operating business entity. 

(2) "Working capital" does not include money used for a capital purchase. 
   
Revisor's Note.

This subsection is new language derived without substantive change from former Art. 83A, § 5-1001(j). 
 

The term "money" is substituted for the former term "funds" for clarity and consistency. 
 

[An. Code 1957, art. 83A, § 5-1001(a), (b), (e), (g), (j); 2008, ch. 306, § 2.]