§ 5-208. Remedies

West's Annotated Code of MarylandEconomic DevelopmentEffective: October 1, 2008

West's Annotated Code of Maryland
Economic Development (Refs & Annos)
Division I. Secretary of Commerce and Department of Commerce [Titles 1-8] (Refs & Annos)
Title 5. Economic Development and Financial Assistance Programs (Refs & Annos)
Subtitle 2. Maryland Economic Adjustment Fund (Refs & Annos)
Effective: October 1, 2008
MD Code, Economic Development, § 5-208
§ 5-208. Remedies
Currentness
In general
(a) If a recipient of a loan under this subtitle violates any provision of the loan documents or ceases to meet the requirements of this subtitle, the Department may, on reasonable notice to the loan recipient:
(1) withhold further advances of loan proceeds until the loan recipient complies with the agreement or requirements; or
(2) exercise any other remedy provided in the loan documents.
Foreclosure of security
(b)(1) If a loan made under this subtitle is in default, the Department may foreclose on a mortgage or deed of trust held as security for the loan in the manner provided under the Maryland Rules for foreclosures in private transactions.
(2) The Department may take title in the Department's name to any property foreclosed and convey title to a bona fide purchaser.

Credits

Added by Acts 2008, c. 306, § 2, eff. Oct. 1, 2008.
MD Code, Economic Development, § 5-208, MD ECON DEV § 5-208
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document