Section 9-217 - Loans and pledges of assets. - Maryland Statutes

§ 9-217. Loans and pledges of assets.
 

(a)  In general.- To facilitate the rehabilitation, liquidation, conservation, or dissolution of an insurer under this subtitle, the Commissioner, subject to the approval of the court, may: 

(1) borrow money; 

(2) execute, acknowledge, and deliver notes or other evidences of indebtedness for the loan; 

(3) secure the repayment of the loan by the mortgage, pledge, assignment, or transfer in trust of all or part of the property of the insurer; and 

(4) take any other action necessary and proper to consummate the loan and to provide for its repayment. 

(b)  Obligation of Commissioner.- The Commissioner is not obligated personally or in an official capacity to repay a loan made under this subsection. 
 

[An. Code 1957, art. 48A, § 155; 1996, ch. 11.]