§ 5-602.1

Maryland § 5-602.1

• Jurisdiction: Maryland
• Article gfi: Financial Institutions
• Title: 5

Text

(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.