Section 5-602.1 - When Commissioner may take charge - Nondepository trust company. - Maryland Statutes

§ 5-602.1. When Commissioner may take charge - Nondepository trust company.
 

(a)  "Insolvent" defined.- In this section, "insolvent" means: 

(1) Incapable of meeting the demands of creditors; or 

(2) Having liabilities that exceed assets. 

(b)  In general.- 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. 
 

[2010, ch. 457.]