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Maryland Code, Financial Institutions § 5-602.1

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

(a) In this section, “insolvent” means:

(1) Incapable of meeting the demands of creditors; or

(2) Having liabilities that exceed assets.

(b) Notwithstanding the notice and timing requirements in § 5-602 of this subtitle, if the Commissioner determines that a nondepository trust company is insolvent, the Commissioner may take immediate possession of the nondepository trust company, including its property, records, and business, by:

(1) Posting on the front door of each banking office of the nondepository trust company a notice that states: “This institution is in the hands of the Maryland Commissioner of Financial Regulation”; and

(2) Immediately delivering written notice to the board of directors of the nondepository trust company that the Commissioner has taken possession of the nondepository trust company.

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Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 5-602.1 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-5-602-1/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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