Md. Code, Financial Institutions § 5-605
This is the official text of Md. Code, Financial Institutions § 5-605, part of Maryland’s Code, Financial Institutions — regulates banks and lenders.
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§5–605.
Official statutory 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.
(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.
Status: in_force · Read it on the official government site
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