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§ 10-487. Voidable transfers

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, § 10-487
§ 10-487. Voidable transfers
Currentness
In general
(a) A transfer of or lien on the property of a provider is voidable if the transfer or lien is:
(1) made or created within 4 months before the issuance of a show-cause order under this subtitle;
(2) made or created with the intent to give a creditor a preference or to enable the creditor to obtain a greater percentage of the debt than another creditor of the same class; and
(3) accepted by the creditor having reasonable cause to believe that the preference will occur.
Personal liability
(b) Each director, officer, employee, stockholder, member, subscriber, and any other person acting on behalf of a provider that is concerned in a voidable transfer under subsection (a) of this section and each person that, as a result of the voidable transfer, receives any property of the provider or benefits from the voidable transfer:
(1) is personally liable; and
(2) shall account to the Secretary.
Other transfers
(c) The Secretary as receiver in a delinquency proceeding may:
(1) avoid a transfer of or lien on the property of a provider that a creditor, stockholder, subscriber, or member of the provider might have avoided; and
(2) recover the transferred property or its value from the person that received it unless that person was a bona fide holder for value before the date of issuance of a show-cause order under this subtitle.

Credits

Added by Acts 2007, c. 3, § 2, eff. Oct. 1, 2007.
MD Code, Human Services, § 10-487, MD HUMAN SERV § 10-487
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.
End of Document