§ 5–602.1
Statutes in effect as of October 1, 2026.
Md. Code Ann., Fin. Inst. § 5-602.1 (2026)
Title 5. Banking Institutions -- General Provisions
Subtitle 6. Reorganizations
§ 5–602.1LinkCopy Citation
(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.