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2019 Maryland Code
Financial Institutions
Title 10 - State of Maryland Deposit Insurance Fund Corporation
§ 10-120. Accrual of certain rights, claims, and liabilities of Fund to successor agency or Maryland Department of Labor

Universal Citation:
MD Fin Inst Code § 10-120 (2019)
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.

    (a)    In addition to any other remedies available at law or equity, the Fund is vested with all claims and rights of the former Maryland Savings–Share Insurance Corporation against any person.

    (b)    Notwithstanding any other provision of law, in any action of the Fund as insurer, subrogee, conservator, or receiver against a shareholder, director, officer, employee, agent, or other person contributing to a loss at a member association or to enforce the terms of a net worth certificate or similar obligation:

        (1)    A judgment obtained by the Fund shall have priority over any other judgment lien on a defendant’s real or personal property without need for further perfection or execution thereon;

        (2)    All attorneys’ fees, costs, and expenses of the Fund for the litigation shall be assessed as part of any judgment in favor of the Fund; and

        (3)    All moneys recovered by the Fund as insurer or subrogee shall be first applied to repay any monetary advance by the State to the Fund, including any and all fees, costs, and expenses, to further the purposes of this title. Moneys so recovered shall be placed in a separate account and shall be transferred as specified under § 10–110.2 of this subtitle. The separate account is not subject to attachment or other judicial process by any person.

    (c)    All rights, claims, and liabilities of the Fund accrue to any successor entity and, if a successor entity is not created by law, to the Maryland Department of Labor.

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