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Maryland Code, Financial Institutions § 5-605

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

(a) Within a reasonable time after the Commissioner takes possession of a banking institution, the Commissioner, in the name of this State, shall petition an equity court in the county where the banking institution has its principal banking office to:

(1) Take jurisdiction over the banking institution; and

(2) Subject to subsection (b) of this section, appoint as receiver:

(i) An examiner; or

(ii) The Federal Deposit Insurance Corporation.

(b)(1) The Commissioner may petition for appointment of the Federal Deposit Insurance Corporation as receiver only of a banking institution that the Corporation insures.

(2) Appointment of the Federal Deposit Insurance Corporation becomes effective when the Corporation files with the court and the court approves a certificate of acceptance.

(c) A receiver shall provide any bond that the court requires.

(d) If an examiner is appointed receiver, the examiner:

(1) May not receive further compensation for services as receiver; but

(2) Subject to order of the court, is entitled to reimbursement for expenses for legal and clerical help and travel.

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Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 5-605 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-5-605/

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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