Section 10-849 - Title conveyance; release of security. - Maryland Statutes

§ 10-849. Title conveyance; release of security.
 

(a)  Conditions for conveyance and release.- The Center shall convey title to a project and release collateral in accordance with this section when the following conditions are met: 

(1) (i) the principal of and interest on bonds issued to finance the project, including any refunding bonds, have been fully paid and retired; or 

(ii) adequate provision has been made to fully pay and retire the bonds; 

(2) all other conditions of the trust agreement have been satisfied; and 

(3) the lien of the trust agreement has been released. 

(b)  Execution of documents.- On satisfaction of the conditions under subsection (a) of this section, the Center promptly shall execute any deeds, conveyances, releases, and documents and take any other action necessary to convey title to the project to the participating institution and release collateral free of all liens and encumbrances created through the Center. 
 

[2008, ch. 137.]