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§ 10-120. Accrual of specified rights

West's Annotated Code of MarylandFinancial InstitutionsEffective: July 1, 2019

West's Annotated Code of Maryland
Financial Institutions
Title 10. State of Maryland Deposit Insurance Fund Corporation (Refs & Annos)
Effective: July 1, 2019
MD Code, Financial Institutions, § 10-120
§ 10-120. Accrual of specified rights
Currentness
Rights of former Maryland Savings-Share Insurance Corporation
(a) In addition to any other remedies available at law or equity, the Fund is vested with all claims and rights of the former Maryland Savings-Share Insurance Corporation against any person.
Judgments obtained by Fund
(b) Notwithstanding any other provision of law, in any action of the Fund as insurer, subrogee, conservator, or receiver against a shareholder, director, officer, employee, agent, or other person contributing to a loss at a member association or to enforce the terms of a net worth certificate or similar obligation:
(1) A judgment obtained by the Fund shall have priority over any other judgment lien on a defendant's real or personal property without need for further perfection or execution thereon;
(2) All attorneys' fees, costs, and expenses of the Fund for the litigation shall be assessed as part of any judgment in favor of the Fund; and
(3) All money recovered by the Fund as insurer or subrogee shall be first applied to repay any monetary advance by the State to the Fund, including any and all fees, costs, and expenses, to further the purposes of this title. Money so recovered shall be placed in a separate account and shall be transferred as specified under § 10-110.2 of this subtitle. The separate account is not subject to attachment or other judicial process by any person.
Successor entities
(c) All rights, claims, and liabilities of the Fund accrue to any successor entity and, if a successor entity is not created by law, to the Maryland Department of Labor.

Credits

Added by Acts 1986, c. 12, § 2, eff. April 3, 1986. Amended by Acts 1990, c. 572; Acts 1995, c. 120, § 19, eff. July 1, 1995; Acts 2019, c. 8, § 5.
MD Code, Financial Institutions, § 10-120, MD FIN INST § 10-120
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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