Maryland § 7-217
Full text of Maryland Maryland Code § 7-217, with citation guidance and answers to common questions.
§ 7-217.
(a) (1) A credit union share guaranty corporation shall establish reserves for guaranty losses on an incurred basis in accordance with generally accepted accounting principles during the period in which the losses become evident.
(2) The reserves shall provide for:
(i) Losses reported to the credit union share guaranty corporation;
(ii) Losses incurred but not previously reported; and
(iii) Estimated losses on the collection of notes and other guarantees to participating credit unions.
(b) The reserves shall be maintained until the losses for which the reserves were established have been satisfied.
Frequently Asked Questions About Maryland § 7-217
What does Maryland Code § 7-217 cover?
Section 7-217 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 § 7-217?
A common citation format is "Maryland Code § 7-217" (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 § 7-217 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.