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§ 10-485. Administration of assets

West's Annotated Code of MarylandHuman ServicesEffective: October 1, 2007

West's Annotated Code of Maryland
Human Services (Refs & Annos)
Title 10. Department of Aging (Refs & Annos)
Subtitle 4. Continuing Care (Refs & Annos)
Part VIII. Delinquency Proceedings (Refs & Annos)
Effective: October 1, 2007
MD Code, Human Services, § 10-485
§ 10-485. Administration of assets
In general
(a) Whenever under this subtitle a receiver is to be appointed in a delinquency proceeding for a provider, the court shall:
(1) appoint the Secretary as receiver; and
(2) order the Secretary promptly to take possession of the assets of the provider and to administer the assets under the orders of the court.
Title to assets
(b) Beginning on the date of issuance of an order that directs the Secretary to rehabilitate or liquidate a provider, the Secretary as receiver is vested by operation of law with title to and may take possession of all of the property, contracts, rights of action, books, and records of the provider, wherever located.
Effect of filing order
(c) The filing of the order that directs possession to be taken, or a certified copy of the order, in an office where instruments affecting title to property are required to be filed provides the same notice as would be provided by a deed, bill of sale, or other evidence of title that is so filed.
Duties of Secretary as receiver
(d)(1) The Secretary as receiver shall administer properly all assets that come into the possession or control of the Secretary.
(2) If considered desirable to protect the assets, the court at any time may require a bond from the Secretary or deputy secretary.
(3) On taking possession of the assets of a provider and subject to the direction of the court, the Secretary immediately shall:
(i) conduct the business of the provider; or
(ii) take action authorized by this subtitle to rehabilitate, liquidate, or conserve the affairs or assets of the provider.

Credits

Added by Acts 2007, c. 3, § 2, eff. Oct. 1, 2007.
MD Code, Human Services, § 10-485, MD HUMAN SERV § 10-485
Current through legislation effective through June 1, 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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