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§ 5-602.1. Insolvent nondepository trust companies

West's Annotated Code of MarylandFinancial InstitutionsEffective: October 1, 2010

West's Annotated Code of Maryland
Financial Institutions
Title 5. Banking Institutions--General Provisions
Subtitle 6. Reorganizations (Refs & Annos)
Effective: October 1, 2010
MD Code, Financial Institutions, § 5-602.1
§ 5-602.1. Insolvent nondepository trust companies
Currentness
Insolvent defined
(a) In this section, “insolvent” means:
(1) Incapable of meeting the demands of creditors; or
(2) Having liabilities that exceed assets.
Possession by Commissioner
(b) Notwithstanding the notice and timing requirements in § 5-602 of this subtitle, if the Commissioner determines that a nondepository trust company is insolvent, the Commissioner may take immediate possession of the nondepository trust company, including its property, records, and business, by:
(1) Posting on the front door of each banking office of the nondepository trust company a notice that states: “This institution is in the hands of the Maryland Commissioner of Financial Regulation”; and
(2) Immediately delivering written notice to the board of directors of the nondepository trust company that the Commissioner has taken possession of the nondepository trust company.

Credits

Added by Acts 2010, c. 457, § 1, eff. Oct. 1, 2010.
MD Code, Financial Institutions, § 5-602.1, MD FIN INST § 5-602.1
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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