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§ 9-222. Deposit of moneys collected in delinquency proceedings

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 9. Impaired Entities
Subtitle 2. Liquidation, Rehabilitation, Reorganization, and Conservation (Refs & Annos)
MD Code, Insurance, § 9-222
§ 9-222. Deposit of moneys collected in delinquency proceedings
In general
(a)(1) The Commissioner shall deposit money collected in a delinquency proceeding in a State or national bank, savings bank, or trust company.
(2) Deposits made by the Commissioner under paragraph (1) of this subsection have priority of payment equal to any other priority specified by the banking laws of this State if the depository:
(i) is an institution organized and supervised under the laws of this State; and
(ii) becomes insolvent or liquidates voluntarily or involuntarily.
(3) The Commissioner may deposit all or part of the money collected in a national bank or trust company as a trust fund.
Investments
(b) To the extent that an investment or account is insured by the Federal Deposit Insurance Corporation, the Commissioner may invest in shares or deposits in a savings and loan association or building and loan association.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 153.
MD Code, Insurance, § 9-222, MD INSURANCE § 9-222
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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