2013 Maryland Code
FINANCIAL INSTITUTIONS
§ 5-604 - Notice of possession by Commissioner
§5-604.
After the Commissioner takes possession of a banking institution, the Commissioner promptly shall give notice of that fact to:
(1) Each person who has any asset of the institution; and
(2) The general public, by notice published in an appropriate newspaper.
§ 5-604 - 1. Payment of expenses related to possession of nondepository trust company
(a) In general. -- All necessary and reasonable expenses of the Commissioner that are court approved and related to the Commissioner's possession of a nondepository trust company, including costs associated with the receivership, reorganization, or liquidation of the nondepository trust company, shall be paid from the assets of the nondepository trust company, the proceeds of the sale of securities pledged under § 3-211.1 of this article, or recovery against a surety bond delivered under § 3-211.1 of this article.
(b) Proceeds remaining after payment of expenses. -- Any proceeds of a sale of pledged securities that remain after making the payments required under subsection (a) of this section and § 5-606(b)(2) of this subtitle shall be an asset of the nondepository trust company.
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