Maryland § 24-403

Full text of Maryland Maryland Code § 24-403, with citation guidance and answers to common questions.

§ 24-403.

    (a)    Except as provided by court order, an owner shall:

        (1)    Assist and cooperate with the receiver in administering the receivership and discharging the receiver’s duties;

        (2)    Preserve and turn over to the receiver all receivership property in the owner’s possession, custody, or control, including all depository and investment accounts;

        (3)    Identify and turn over all records and other information relating to receivership property, including all passwords, keys, alarm codes, authorizations, or other information needed to obtain or maintain access to or control of receivership property;

        (4)    Make available and turn over to the receiver the records and information in the owner’s possession, custody, or control, including all financial records, accounting records, bank statements, leases, and contracts;

        (5)    After being issued a subpoena, submit to examination by the receiver that is under oath regarding the acts, conduct, property, liabilities, and financial condition of the owner or any matter relating to receivership property or the receivership;

        (6)    Refrain from entering the receivership property at any time without the prior express written consent of the receiver;

        (7)    Refrain from interfering with, obstructing, or preventing in any way the receiver’s actions regarding the receivership property; and

        (8)    Perform any duty imposed by court order, this title, or a law of the State other than this title.

    (b)    If an owner is a person other than an individual, this section applies to:

        (1)    Any person acting in concert with the owner and the owner’s agents; and

        (2)    Each officer, director, manager, member, partner, trustee, affiliate, subsidiary, or other person exercising or having the power to exercise control over the affairs of the owner.

    (c)    If a person knowingly fails to perform a duty imposed by this section, the court may:

        (1)    Award the receiver:

            (i)    Actual damages caused by the person’s failure;

            (ii)    Reasonable attorney’s fees; and

            (iii)    Costs; or

        (2)    Sanction the failure as civil contempt.

Frequently Asked Questions About Maryland § 24-403

What does Maryland Code § 24-403 cover?

Section 24-403 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Maryland § 24-403?

A common citation format is "Maryland Code § 24-403" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Maryland law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.

How does Maryland § 24-403 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.