§ 5-605

Maryland § 5-605

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

Text

(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.