Maryland § 5-605
Full text of Maryland Maryland Code § 5-605, with citation guidance and answers to common questions.
§ 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.
(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.
Frequently Asked Questions About Maryland § 5-605
What does Maryland Code § 5-605 cover?
Section 5-605 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 § 5-605?
A common citation format is "Maryland Code § 5-605" (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 § 5-605 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.