Section 5-605 - Appointment of receiver. - Maryland Statutes

§ 5-605. Appointment of receiver.
 

(a)  Petition to court.- 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)  Limitation on appointments.-  

(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)  Bond.- A receiver shall provide any bond that the court requires. 

(d)  Reimbursement for expenses.- 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. 
 

[An. Code 1957, art. 11, §§ 15, 17A; 1980, ch. 33, § 2; 1996, ch. 326, § 2.]