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§ 15-502. Liability of creditor for assigned debt

West's Annotated Code of MarylandCommercial Law

West's Annotated Code of Maryland
Commercial Law
Title 15. Debt Collection--Special Provisions
Subtitle 5. Assignment of Claims to Nonresidents (Refs & Annos)
MD Code, Commercial Law, § 15-502
§ 15-502. Liability of creditor for assigned debt
(a) If the creditor assigns or transfers the debt to a nonresident in violation of § 15-501 of this subtitle and the debt is collected by the assignee outside the State, the creditor is liable to the debtor for the full amount of the debt including collected interest and costs. In addition, the creditor forfeits his right to exempt his own wages or property from execution if a writ of execution is issued against him for collection of these amounts.
(b) Proof of the fact of the assignment or transfer, whether or not for value, to a nonresident assignee is prima facie evidence of the creditor's intent to deprive the debtor of his rights under the laws of the State which exempt his wages or property from execution.

Credits

Added by Acts 1975, c. 49, § 3, eff. July 1, 1975.
Formerly Art. 83, §§ 15, 16.
MD Code, Commercial Law, § 15-502, MD COML § 15-502
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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