Maryland § 5-604.1
Full text of Maryland Maryland Code § 5-604.1, with citation guidance and answers to common questions.
§ 5-604.1.
(a) All necessary and reasonable expenses of the Commissioner that are court approved and related to the Commissioner’s possession of a nondepository trust company, including costs associated with the receivership, reorganization, or liquidation of the nondepository trust company, shall be paid from the assets of the nondepository trust company, the proceeds of the sale of securities pledged under § 3–211.1 of this article, or recovery against a surety bond delivered under § 3–211.1 of this article.
(b) Any proceeds of a sale of pledged securities that remain after making the payments required under subsection (a) of this section and § 5–606(b)(2) of this subtitle shall be an asset of the nondepository trust company.
Frequently Asked Questions About Maryland § 5-604.1
What does Maryland Code § 5-604.1 cover?
Section 5-604.1 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 § 5-604.1?
A common citation format is "Maryland Code § 5-604.1" (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 § 5-604.1 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.