Terms Used In Maryland Code, COURTS AND JUDICIAL PROCEEDINGS 5-520

  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • state: means :

    (1) a state, possession, territory, or commonwealth of the United States; or

    (2) the District of Columbia. See
(a) Notwithstanding any other provision of law, and except as otherwise expressly provided in this section, the State of Maryland Deposit Insurance Fund Corporation shall retain and may raise the defense of sovereign immunity in any action.

(b) Obligations arising out of a written contract executed by the State of Maryland Deposit Insurance Fund on or after May 18, 1985 may be enforced in accordance with Title 12, Subtitle 2 of the State Government Article.