Section 10-120 - Accrual of certain rights, claims, and liabilities of Fund to successor agency or Department of Labor, Licensing, and Regulation.

MARYLAND STATUTES AND CODES

Section 10-120 - Accrual of certain rights, claims, and liabilities of Fund to successor agency or Department of Labor, Licensing, and Regulation.

§ 10-120. Accrual of certain rights, claims, and liabilities of Fund to successor agency or Department of Labor, Licensing, and Regulation.

(a) In general.- In addition to any other remedies available at law or equity, the Fund is vested with all claims and rights of the former Maryland Savings-Share Insurance Corporation against any person.

(b) Priority of judgments obtained by Fund; expenses of litigation; application of moneys recovered by Fund.- Notwithstanding any other provision of law, in any action of the Fund as insurer, subrogee, conservator, or receiver against a shareholder, director, officer, employee, agent, or other person contributing to a loss at a member association or to enforce the terms of a net worth certificate or similar obligation:

(1) A judgment obtained by the Fund shall have priority over any other judgment lien on a defendant's real or personal property without need for further perfection or execution thereon;

(2) All attorneys' fees, costs, and expenses of the Fund for the litigation shall be assessed as part of any judgment in favor of the Fund; and

(3) All moneys recovered by the Fund as insurer or subrogee shall be first applied to repay any monetary advance by the State to the Fund, including any and all fees, costs, and expenses, to further the purposes of this title. Moneys so recovered shall be placed in a separate account and shall be transferred as specified under § 10-110.2 of this article. The separate account is not subject to attachment or other judicial process by any person.

(c) Accrual to successor agencies or Department of Labor, Licensing, and Regulation.- All rights, claims, and liabilities of the Fund accrue to any successor entity and, if a successor entity is not created by law, to the Department of Labor, Licensing, and Regulation.

[1986, ch. 12, § 2; 1990, ch. 572; 1995, ch. 120, § 19.]