Maryland Code, Financial Institutions § 9-710

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

(a)(1) Notwithstanding any other provision of law and to the maximum extent permitted under the federal and State constitutions, the circuit court administering a conservatorship or receivership under this title shall have exclusive and plenary jurisdiction over all claims, actions, and proceedings that are brought by any person and that are related to the assets, property, powers, rights, privileges, duties, and liabilities of:

(i) The savings and loan association and its subsidiaries, affiliates, or holding company;

(ii) The receivership or conservatorship estate; and

(iii) The State of Maryland Deposit Insurance Fund Corporation in its capacity as receiver or conservator of the savings and loan association.

(2) A court other than a court administering a conservatorship or receivership under this title may exercise jurisdiction over claims and actions if:

(i) The court would have jurisdiction over the claims or actions but for this section; and

(ii) The court administering the conservatorship or receivership approves:

1. The initiation and prosecution, or the continued prosecution, of the claims or actions in the other court by the conservator or receiver; or

2. The continued prosecution of claims or actions in the other court by any person other than the conservator or receiver.

(b) Except as otherwise ordered by the court administering the conservatorship or receivership, any action or proceeding described in subsection (a)(1) of this section that is pending at the time the conservatorship or receivership is established under this title shall be transferred to the circuit court administering the conservatorship or receivership.

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Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 9-710 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-9-710/

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