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§ 24-101. Definitions

West's Annotated Code of MarylandCommercial LawEffective: October 1, 2019

West's Annotated Code of Maryland
Commercial Law
Title 24. Maryland Commercial Receivership Act (Refs & Annos)
Subtitle 1. Definitions; General Provisions (Refs & Annos)
Effective: October 1, 2019
MD Code, Commercial Law, § 24-101
§ 24-101. Definitions
Currentness
(a) In this title the following words have the meanings indicated.
(b) “Affiliate” means:
(1) With respect to an individual:
(i) The spouse of the individual;
(ii) A lineal ancestor or descendant, whether by blood or adoption, of:
1. The individual; or
2. The spouse of the individual;
(iii) The spouse of an ancestor or a descendant described in item (ii) of this item;
(iv) A sibling, an aunt, an uncle, a great aunt, a great uncle, a first cousin, a niece, a nephew, a grandniece, or a grandnephew of the individual, whether related by the whole or the half blood or adoption, or a spouse of any of the listed individuals; or
(v) Any other individual occupying the residence of the individual; or
(2) With respect to a person other than an individual:
(i) Another person that, directly or indirectly, controls, is controlled by, or is under common control with the person;
(ii) An officer, a director, a manager, a member, a partner, an employee, or a trustee or any other fiduciary of the person; or
(iii) A spouse of, or an individual occupying the residence of, an individual described in item (i) or (ii) of this item.
(c) “Counterparty” means any other party to an executory contract or unexpired lease with the owner.
(d) “Court” means the court in which a receivership is filed.
(e) “Executory contract” means a contract, including a lease, under which:
(1) The obligations of all parties are not fully performed; and
(2) The failure of a party to complete performance of the party's obligations would constitute a material breach.
(f) “Governmental unit” means an office, a department, a division, a bureau, a board, a commission, or any other unit of the State or subdivision of the State.
(g) “Intellectual property” means, to the extent protected by applicable law:
(1) A trade secret;
(2) An invention, process, design, or plant;
(3) A patent application;
(4) A plant variety;
(5) A work of authorship;
(6) A mask work; or
(7) A trademark or service mark.
(h) “Lien” means an interest in property that secures payment or performance of an obligation.
(i) “Master service list” means the list a receiver is required to file with the court under § 24-501(c) of this title.
(j)(1) “Mortgage” means a record, by any title, that creates or provides for a consensual lien on real property or rent, even if the record also creates or provides for a lien on personal property.
(2) “Mortgage” includes:
(i) An indemnity mortgage;
(ii) A deed of trust; and
(iii) An indemnity deed of trust.
(k) “Mortgagee” means a person entitled to enforce an obligation secured by a mortgage.
(l) “Mortgagor” means a person that grants a mortgage or a successor in ownership of the real property described in the mortgage.
(m) “Owner” means the person for whose property or business a receiver is appointed.
(n) “Person” includes an individual, an estate, a business, a nonprofit entity, a public corporation, a governmental unit, an instrumentality, and any other legal entity.
(o) “Proceeds” means:
(1) Whatever is acquired on the sale, lease, license, exchange, or other disposition of receivership property;
(2) Whatever is collected on, or distributed on account of, receivership property;
(3) Rights arising out of receivership property;
(4) To the extent of the value of receivership property, claims arising out of the loss, nonconformity, or interference with the use of, defects or infringement of rights in, or damage to the property; or
(5) To the extent of the value of receivership property and to the extent payable to the owner or mortgagee, insurance payable by reason of:
(i) The loss or nonconformity of the property;
(ii) Defects or infringement of rights in the property; or
(iii) Damage to the property.
(p)(1) “Property” means all of a person's right, title, and interest, both legal and equitable, in real and personal property, tangible and intangible, wherever located and however acquired.
(2) “Property” includes proceeds, products, offspring, rent, and profits of or from the property.
(3) “Property” does not include:
(i) Any power that the owner may exercise solely for the benefit of another person; or
(ii) Property impressed with a trust, except to the extent that the owner has a residual interest.
(q) “Receiver” means a person appointed by the court under § 24-201(a) of this title, and subject to the court's authority, to take possession of, manage, and, if authorized by this title or court order, transfer, sell, lease, license, exchange, collect, or otherwise dispose of receivership property.
(r) “Receivership” means a proceeding in which a receiver is appointed.
(s)(1) “Receivership property” means the property or business of an owner that is described in the order appointing a receiver or a subsequent order.
(2) “Receivership property” includes any products, offspring, profits, and proceeds of the property.
(t) “Record” means information that is:
(1)(i) Written on a tangible medium; or
(ii) Stored on an electronic or any other medium; and
(2) Retrievable in perceivable form.
(u) “Rent” means:
(1) A sum payable for the right to possess or occupy, or for the actual possession or occupation of, real property of another person;
(2) A sum payable to a mortgagor or an owner under a policy of rental-interruption insurance covering real property;
(3) A claim arising out of a default in the payment of a sum payable for the right to possess or occupy real property of another person;
(4) A sum payable to terminate an agreement to possess or occupy real property of another person;
(5) A sum payable to a mortgagor or an owner for payment or reimbursement of expenses incurred in owning, operating, and maintaining real property, or constructing or installing improvements on real property; or
(6) Another sum payable under an agreement relating to the real property of another person that constitutes rent under State law.
(v) “Secured obligation” means an obligation the payment or performance of which is secured by a security agreement.
(w) “Security agreement” means an agreement that creates or provides for a lien on real or personal property.
(x) “Sign” means, with present intent to authenticate or adopt a record:
(1) To execute or adopt a tangible symbol; or
(2) To attach to or logically associate with the record an electronic sound, a symbol, or a process.
(y)(1) Except as provided in paragraph (2) of this subsection, “state” means:
(i) A state, possession, territory, or commonwealth of the United States; or
(ii) The District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States.
(2) When capitalized, “State” means Maryland.
(z) “Timeshare interest” means an interest that:
(1) Has a duration of more than 3 years;
(2) Grants the holder of the interest the right to use and occupy an accommodation, a facility, or a recreational site, whether improved or not; and
(3) Endures for a specific period that is less than a full year during any given year.

Credits

Added by Acts 2019, c. 284, § 1, eff. Oct. 1, 2019.
MD Code, Commercial Law, § 24-101, MD COML § 24-101
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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