§ 5-1107. Indemnification of claims
West's Annotated Code of MarylandFinancial Institutions
MD Code, Financial Institutions, § 5-1107
§ 5-1107. Indemnification of claims
Upon and after the acquisition of each savings and loan association or commercial bank successor to a savings and loan association to be acquired under this subtitle, the out-of-state bank holding company and the acquired institution shall, unless otherwise determined in writing by the Fund Director to be in the best financial interest of the Fund:
(ii) Parties to loan agreements, loan commitments, lines of credit, or letters of credit of that savings and loan association arising solely out of the failure of the commercial bank to honor within a reasonable period of time after its acquisition by the out-of-state bank holding company the terms of a legally binding written commitment entered into by that savings and loan association;
Credits
Added by Acts 1985, 2nd Sp. Sess., c. 3, § 1, eff. Oct. 25, 1985. Amended by Acts 1986, c. 11, § 2, eff. April 3, 1986.
MD Code, Financial Institutions, § 5-1107, MD FIN INST § 5-1107
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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