Title 15. Debt Collection -- Special Provisions — Subtitle 4. Assignment of Debts
Statutes in effect as of October 1, 2026.
Md. Code Ann., Com. Law § 15-401 (2026)
Title 15. Debt Collection -- Special Provisions
Subtitle 4. Assignment of Debts
§ 15–401LinkCopy Citation
If a surety in any bond or other obligation for the payment of money or a promissory note, or the endorser of a protested draft, pays or tenders the money due on it in full, he is entitled to an assignment of it and, by virtue of the assignment, may maintain an action in his name against the principal debtor.
Md. Code Ann., Com. Law § 15-402 (2026)
Title 15. Debt Collection -- Special Provisions
Subtitle 4. Assignment of Debts
§ 15–402LinkCopy Citation
(a)
Subject to the provisions of subsection (d) of this section, the assignee of a bond or other obligation under seal which was assigned under the assignor’s signature and seal, may maintain an action in his name against the obligor named in the bond or other obligation.
(b)
Except as provided in subsection (c) of this section, if the assignee cannot recover the debt from the obligor because the obligor is unable to pay it or cannot be found, or for any other reason, the assignee may maintain an action against the obligee, unless the assignee is a surety in the bond or other obligation.
(c)
If because of the negligence or default of the assignee, he cannot recover the debt from the obligor, the assignee may not maintain an action against the obligee.
(d)
An action may not be maintained by the assignee against the obligor unless the obligee certifies before a notary public, in writing on the bond or other obligation, that at the time of the assignment the obligor still owed the amount for which the action is filed.