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§ 1-1430. Conveyance of title and release of collateral

West's Annotated Code of MarylandLocal GovernmentEffective: October 1, 2017

West's Annotated Code of Maryland
Local Government (Refs & Annos)
Division I. Definitions; General Provisions [Titles 1-3] (Refs & Annos)
Title 1. Definitions; General Provisions (Refs & Annos)
Subtitle 14. Establishment of Land Bank Authorities (Refs & Annos)
Effective: October 1, 2017
MD Code, Local Government, § 1-1430
Formerly cited as MD LOCAL GOVT § 5-430Formerly cited as MD CODE, Art. 23A, § 81
§ 1-1430. Conveyance of title and release of collateral
Currentness
Conditions
(a) An authority shall convey title to property relating to a project and release collateral in accordance with this section when:
(1)(i) the principal of and interest on bonds issued to finance or refinance the project, including any refunding bonds, have been fully paid and retired; or
(ii) adequate provision has been made to fully pay and retire the bonds;
(2) all other conditions of the trust agreement have been satisfied; and
(3) the lien of the trust agreement has been released.
Necessary actions
(b) On satisfaction of the conditions under subsection (a) of this section, an authority promptly shall execute any deed, conveyance, release, or document and take any other action necessary to convey title to the property and release collateral free of any lien or encumbrance created through the authority.

Credits

Added as Local Government § 5-430 by Acts 2013, c. 119, § 2, eff. Oct. 1, 2013. Renumbered as Local Government § 1-1430 by Acts 2017, c. 618, § 1, eff. Oct. 1, 2017; Acts 2017, c. 619, § 1, eff. Oct. 1, 2017.
MD Code, Local Government, § 1-1430, MD LOCAL GOVT § 1-1430
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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