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§ 5-605. Appointment of receiver

MD Fin Inst Code § 5-605 (2019) (N/A)
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(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.

(b)    (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.

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§ 5-606. Powers and duties of receiver