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§ 10-488. Deposits

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, § 10-488
§ 10-488. Deposits
In general
(a)(1) The Secretary shall deposit money collected in a delinquency proceeding in a State or national bank, savings bank, or trust company.
(2) Deposits made by the Secretary under paragraph (1) of this subsection have priority of payment equal to any other priority specified by the banking laws of this State if the depository:
(i) is an institution organized and supervised under the laws of this State; and
(ii) becomes insolvent or liquidates voluntarily or involuntarily.
(3) The Secretary may deposit all or part of the money collected in a national bank or trust company as a trust fund.
Savings and loan or building and loan association
(b) To the extent that an investment or account is insured by the Federal Deposit Insurance Corporation, the Secretary may invest in shares of or deposits in a savings and loan association or building and loan association.

Credits

Added by Acts 2007, c. 3, § 2, eff. Oct. 1, 2007.
MD Code, Human Services, § 10-488, MD HUMAN SERV § 10-488
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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