Section 4-250 - Bond or note of Administration - Legal status. - Maryland Statutes

§ 4-250. Bond or note of Administration - Legal status.
 

(a)  Bond or note as legal investment.- A bond or note issued by the Administration under this part is a legal and proper investment for: 

(1) a public officer, a political subdivision, or a governmental unit; 

(2) a bank, trust company, savings and loan association, investment company, or other person doing a banking business; 

(3) an insurance company, insurance association, or other person doing an insurance business; 

(4) a personal representative, guardian, trustee, or other fiduciary; or 

(5) any other person. 

(b)  Bond as legal deposit security.- For any purpose for which the deposit of a bond or other obligation of the State is authorized by law, a bond issued by the Administration under this part is a security that may legally and properly be deposited with and received by a public officer, a political subdivision, or a governmental unit. 
 

[An. Code 1957, art. 83B, § 2-206(o); 2005, ch. 26, § 2.]