> Wouldn't READ COMMITTED do the trick? ...will never read data that another 
> application has changed and not yet committed 

No.  Another process could insert a record into the table and commit its
change before you select out the max.  The ONLY way for the max() record
to be yours is to prevent ALL OTHER processes from touching the table. 
Or, just make life easy on yourself and use scope_identity().  

~Brad



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