Maryland Code, Economic Development § 10-849

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) The Center shall convey title to a project and release collateral in accordance with this section when the following conditions are met:

(1)(i) the principal of and interest on bonds issued to finance the project, including any refunding bonds, have been fully paid and retired; or

(ii) adequate provision has been made to fully pay and retire the bonds;

(2) all other conditions of the trust agreement have been satisfied; and

(3) the lien of the trust agreement has been released.

(b) On satisfaction of the conditions under subsection (a) of this section, the Center promptly shall execute any deeds, conveyances, releases, and documents and take any other action necessary to convey title to the project to the participating institution and release collateral free of all liens and encumbrances created through the Center.

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Cite this article: FindLaw.com - Maryland Code, Economic Development § 10-849 - last updated January 01, 2025 | https://codes.findlaw.com/md/economic-development/md-code-econ-dev-sect-10-849/

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