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LAWS OF MARYLAND

Ch. 33

SHALL BE CERTIFIED UNDER THE CORPORATE SEAL OF THE
COMMERCIAL BANK BY ITS PRESIDENT AND BY ITS CASHIER OR
TREASURER.

(3) THE BOARD ALSO SHALL GIVE NOTICE TO
CREDITORS OF THE COMMERCIAL BANK TO PRESENT FOR PAYMENT ANY
CLAIM AGAINST IT. THIS NOTICE SHALL BE PUBLISHED ONCE EACH
WEEK FOR 8 CONSECUTIVE WEEKS IN A NEWSPAPER PUBLISHED IN THE
COUNTY WHERE THE COMMERCIAL BANK HAS ITS PRINCIPAL BANKING
OFFICE.

(D) DETERMINATION OF BANK COMMISSIONER.

THE BANK COMMISSIONER MAY APPROVE THE INTENDED
DISSOLUTION ONLY IF THE BANK COMMISSIONER DETERMINES THAT
THE COMMERCIAL BANK IS SOLVENT.

REVISOR'S NOTE: This section is new language that
combines without substantive change the identical
provisions of CA §§ 6-131 and 6—150.

This section is revised to provide for the
voluntary "dissolution" of a commercial bank, of
which the presently referenced "liquidation" is
but a part, to conform to the provisions for
voluntary dissolution of a general corporation.

In subsection (c)(3) of this section, the
reference to the "principal banking office" is
added to clarify the county where publication is
required.

3-804. SAME — PREFERENCE FOR PROPERTY HELD IN FIDUCIARY
CAPACITY.

IN THE DISTRIBUTION OF THE GENERAL ASSETS OF A TRUST
COMPANY THAT DISSOLVES VOLUNTARILY, THE PERSON WHO SUCCEEDS
THE TRUST COMPANY AS A PERSONAL REPRESENTATIVE, GUARDIAN,
TRUSTEE, RECEIVER, OR OTHER FIDUCIARY HAS A PREFERENCE FOR
ALL DEBTS AND ACCOUNTS THAT ARE DUE TO OR HELD BY IT AS
FIDUCIARY OVER ALL OTHER DEBTS AND LIABILITIES, INCLUDING
SALARIES AND WAGES OF EMPLOYEES.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 11, § 86,
as it applies to voluntary dissolutions.

This section is revised to apply only to
distributions of the assets of trust companies
since other banking institutions do not have
authority to act as fiduciaries. See Bostetter
v. Fahrney-Keedy Memorial Home. 20 Md. App. 234,
cert. denied 277 Md. 736 (1974).

The present reference to a "committee" is deleted
as obsolete.