§ 5-605
171 words·~1 min read·
/md/financial-institutions/5-605·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§5–605.
(a)Within a reasonable time after the Commissioner takes possession of a banking institution, the Commissioner, in the name of this State, shall petition an equity court in the county where the banking institution has its principal banking office to:
(1)Take jurisdiction over the banking institution; and
(2)Subject to subsection
(b)of this section, appoint as receiver:
(i)An examiner; or
(ii)The Federal Deposit Insurance Corporation.
(1)The Commissioner may petition for appointment of the Federal Deposit Insurance Corporation as receiver only of a banking institution that the Corporation insures.
(2)Appointment of the Federal Deposit Insurance Corporation becomes effective when the Corporation files with the court and the court approves a certificate of acceptance.
(c)A receiver shall provide any bond that the court requires.
(d)If an examiner is appointed receiver, the examiner:
(1)May not receive further compensation for services as receiver; but
(2)Subject to order of the court, is entitled to reimbursement for expenses for legal and clerical help and travel.