Maryland Code, FINANCIAL INSTITUTIONS 7-218
Terms Used In Maryland Code, FINANCIAL INSTITUTIONS 7-218
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
(1) Takes possession of the property and assets of a participating credit union; and
(2) Determines to liquidate the property and assets of a participating credit union.
(b) Notwithstanding the provisions of §§ 5-605 and 6-905(d) of this article, the Commissioner may petition a court of competent jurisdiction to appoint the applicable credit union share guaranty corporation as receiver of the participating credit union.
(c) When the property and business of a participating credit union has been liquidated or is in the process of liquidation and the proceeds of liquidation distributed are insufficient to pay the full guaranteed amount of each credit union share or deposit account, the credit union share guaranty corporation shall pay each deficiency up to the guaranteed amount within 30 days after the date the credit union share or deposit account balance is verified.
(d) When any participating credit union share or deposit account is paid, the credit union share guaranty corporation shall be subrogated to all rights of the member or depositor, up to the amount paid by the credit union share guaranty corporation to the member or depositor.