Every recorded deed or other instrument takes effect from its effective date as against the grantee of any deed executed and delivered subsequent to the effective date, unless the grantee of the subsequent deed has:

            (1)      Accepted delivery of the deed or other instrument:

                  (i)      In good faith;

                  (ii)      Without constructive notice under § 3-202; and

                  (iii)      For a good and valuable consideration; and

            (2)      Recorded the deed first.