§ 3-211.1. Pledge of securities or delivery of surety bond
West's Annotated Code of MarylandFinancial InstitutionsEffective: October 1, 2010
Effective: October 1, 2010
MD Code, Financial Institutions, § 3-211.1
§ 3-211.1. Pledge of securities or delivery of surety bond
(a) In this section, “receivership” means a proceeding in which:
(b)(1) A nondepository trust company shall pledge securities or deliver a surety bond to the Commissioner, for the benefit of the Commissioner, to defray the costs of a receivership.
(c) Subject to the provisions of Title 5, Subtitle 6 of this article, in the event of a receivership, the Commissioner or a receiver appointed under § 5-605 of this article may, without regard to any priorities, preferences, or adverse claims, reduce the pledged securities or the surety bond to cash and use the cash to defray the costs associated with the receivership.
(d)(1) If a nondepository trust company chooses to pledge securities to satisfy the requirement of subsection (b) of this section, the securities shall be held at a depository institution or a federal reserve bank approved by the Commissioner.
(e)(1) If a nondepository trust company chooses to purchase a surety bond to satisfy the requirement of subsection (b) of this section, the surety bond shall be issued by a bonding company that:
Credits
Added by Acts 2010, c. 457, § 1, eff. Oct. 1, 2010.
MD Code, Financial Institutions, § 3-211.1, MD FIN INST § 3-211.1
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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