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Session Laws, 1963
Volume 671, Page 1050   View pdf image (33K)
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1052                           LAWS OF MARYLAND                      [CH. 553

this subtitle shall be from time to time deposited in one or pore state
or national banks, savings banks or trust companies, and in the case
of the insolvency or voluntary or involuntary liquidation of any such
depository which is an institution organized and supervised under
the laws of this State, such deposits shall be entitled to priority of
payment on an equality with any other priority given by the banking
laws of this State. The Commissioner may in his discretion deposit
such moneys or any part thereof in a national bank or trust com-
pany as a trust fund.

154.    Exemption from Fees.

The Commissioner shall not be required to pay any fee to any
public officer in this State for filing, recording, issuing a transcript
or certificate or authenticating any paper or instrument pertaining
to the exercise by the Commissioner of any of the powers or duties
conferred upon him under this subtitle, whether or not such paper
or instrument be executed by the Commissioner or his deputies,
employees or attorneys of record and whether or not it is connected
with the commencement of any action or proceeding by or against
the Commissioner, or with the subsequent conduct of such action or
proceeding.

155.    Borrowing on Pledge of Assets.

For the purpose of facilitating the rehabilitation, liquidation, con-
servation or dissolution of an insurer pursuant to this subtitle, the
Commissioner may, subject to the approval of the court, borrow
money and execute, acknowledge and deliver the notes or other evi-
dences of indebtedness therefor and secure the repayment of the
same by the mortgage, pledge, assignment, transfer in trust, or
hypothecation of any or all of the property, whether real, personal
or mixed, of such insurer, and the Commissioner subject to the
approval of the court shall have power to take any and all other
action necessary and proper to consummate any such loan and to
provide for the repayment thereof. The Commissioner shall be under
no obligation personally or in his official capacity to repay any loan
made pursuant to this section.

156.    Date Rights Fixed on Liquidation.

The rights and liabilities of the insurer and of its creditors, policy-
holders, stockholders, members, subscribers and all other persons
interested in its estate shall, unless otherwise directed by the court,
be fixed as of the date on which the order directing the liquidation
of the insurer is filed in the office of the clerk of the court which
made the order, subject to the provisions of this subtitle with respect
to the rights of claimants holding contingent claims.

157.    Voidable Transfers.

(1) Any transfer of, or lien upon, the property of an insurer
which is made or created within four months prior to the granting
of an order to show cause under this subtitle with the intent of
giving to any creditor a preference or of enabling him to obtain a
greater percentage of his debt than any other creditor of the same
class and which is accepted by such creditor having reasonable cause
to believe that such preference will occur, shall be voidable.

 

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Session Laws, 1963
Volume 671, Page 1050   View pdf image (33K)
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