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Session Laws, 1963
Volume 671, Page 1042   View pdf image (33K)
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1044                           LAWS OF MARYLAND                      [CH. 553

domicile have become liens upon specific assets by reason of judicial
process.

(13) "Receiver" means receiver, liquidator, rehabilitator or con-
servator as the context may require.

133.    Jurisdiction of Delinquency Proceedings—Venue—Exclusive-
ness of Remedy—Appeal.

(1)   The Circuit Courts of the counties and the Circuit Court of
Baltimore City are vested in equity with exclusive original jurisdic-
tion of delinquency proceedings under this subtitle, and are author-
ized to make all necessary and proper orders to carry out the pur-
poses of this subtitle.

(2)   The venue of delinquency proceedings against a domestic
insurer shall be in the county of the insurer's principal place of
business. The venue of such proceedings against foreign and alien
insurers shall be in Baltimore City.

(3)   Delinquency proceedings pursuant to this subtitle shall con-
stitute the sole and exclusive method of liquidating, rehabilitating,
reorganizing or conserving an insurer, and no court shall entertain
a petition for the commencement of such proceedings unless the
same has been filed in the name of the state at the instance of the
Commissioner.

(4)   An appeal shall lie to the Court of Appeals of Maryland from
an order granting or refusing rehabilitation, liquidation, or conser-
vation, and from every other order in delinquency proceedings hav-
ing the character of a final order as to the particular portion of the
proceedings embraced therein.

134.    Commencement of Delinquency Proceedings.

The Commissioner shall commence any such proceedings by appli-
cation to the court for an order directing the insurer to show cause
why the relief prayed for should not be granted. After a full hear-
ing pursuant to the terms of such show cause order, the court shall
either deny the application or grant the application, together with
such other relief as the nature of the case and the interests of the
policyholders, creditors, stockholders, members, subscribers or the
public may require.

135.    Injunctions.

(1)   Upon application by the Commissioner for such an order to
show cause, or at any time thereafter, the Court may without notice
issue an injunction restraining the insurer, its officers, directors,
stockholders, members, subscribers, agents and all other persons
from the transaction of its business or the waste or disposition of
its property until the further order of the Court.

(2)   The Court may at any time during a proceeding under this
subtitle issue such injunctions or orders as may be deemed necessary
to prevent interference with the Commissioner or the proceeding, or
waste of the assets of the insurer, or the commencement or prosecu-
tion of any actions, or the obtaining of preferences, judgments,
attachments or other liens, or the making of any levy against the
insurer or against its assets or any part thereof.

 

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Session Laws, 1963
Volume 671, Page 1042   View pdf image (33K)
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