§ 5–605
Statutes in effect as of October 1, 2026.
Md. Code Ann., Fin. Inst. § 5-605 (2026)
Title 5. Banking Institutions -- General Provisions
Subtitle 6. Reorganizations
§ 5–605LinkCopy Citation
(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.