MD HB1353

Adds new Title 10A to Maryland's Uniform Commercial Code establishing rules for property rights in "controllable electronic records" - digital records stored electronically that can be subjected to control, including controllable accounts and controllable payment intangibles

Defines "control" of a controllable electronic record as having exclusive power to obtain benefits from the record, prevent others from obtaining benefits, and transfer control to another person, with the ability to be identified as having such powers

Creates "qualifying purchaser" protections allowing buyers who obtain control in good faith, for value, and without notice of competing claims to acquire rights free of property claims - similar to existing protections for negotiable instruments

Establishes rules for account debtors to discharge payment obligations by paying the person with control of the electronic record, with notification requirements when control is transferred

Takes effect October 1, 2025