Section 9-425 - Depository. - Maryland Statutes

§ 9-425. Depository.
 

(a)  Authority to act as depository.- A savings and loan association may: 

(1) Act as a depository of funds of: 

(i) The federal government and its agencies; and 

(ii) This State and any of its political subdivisions; 

(2) Pledge collateral to secure deposits; and 

(3) Comply with the terms required by the depositor. 

(b)  Claim priority.- Depositors under this section are general creditors under § 9-329 of this title ("Priority of claims"). 
 

[CA § 6-212; 1980, ch. 856; 1986, ch. 282.]