Section 10-492 - Offsets. - Maryland Statutes

§ 10-492. Offsets.
 

(a)  Required.- Except as provided in subsection (b) of this section, in all cases of mutual debts and credits between a provider and another person in connection with a delinquency proceeding, the debts and credits shall be offset and the balance only shall be allowed or paid. 

(b)  Exception.- An offset may not be allowed in favor of another person if: 

(1) on the date of issuance of a liquidation order or otherwise, as specified in § 10-491(c) of this subtitle, the obligation of the provider to the person would not entitle the person to share as a claimant in the assets of the provider; or 

(2) the obligation of the provider to the person was purchased by or transferred to the person for use as an offset. 
 

[An. Code 1957, art. 70B, § 20T; 2007, ch. 3, § 2.]