§ 7-218. Receivership and payment of deficiencies
West's Annotated Code of MarylandFinancial Institutions
MD Code, Financial Institutions, § 7-218
§ 7-218. Receivership and payment of deficiencies
(a) The Commissioner shall give prompt notice to the applicable credit union share guaranty corporation whenever the Commissioner:
(b) Notwithstanding the provisions of §§ 5-605 and 6-905(d) of this article, the Commissioner may petition a court of competent jurisdiction to appoint the applicable credit union share guaranty corporation as receiver of the participating credit union.
(c) When the property and business of a participating credit union has been liquidated or is in the process of liquidation and the proceeds of liquidation distributed are insufficient to pay the full guaranteed amount of each credit union share or deposit account, the credit union share guaranty corporation shall pay each deficiency up to the guaranteed amount within 30 days after the date the credit union share or deposit account balance is verified.
(d) When any participating credit union share or deposit account is paid, the credit union share guaranty corporation shall be subrogated to all rights of the member or depositor, up to the amount paid by the credit union share guaranty corporation to the member or depositor.
Credits
Added by Acts 2002, c. 540, § 1, eff. July 1, 2002.
MD Code, Financial Institutions, § 7-218, MD FIN INST § 7-218
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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