458

LAWS OF MARYLAND

Ch. 33

9-101 of this title.

9-320. PRIORITY OF CLAIMS ON DISTRIBUTION.

IN ANY DISTRIBUTION OF ASSETS ON LIQUIDATION OF A
SAVINGS AND LOAN ASSOCIATION, THE CLAIM OF THE HOLDER OF A
FREE SHARE ACCOUNT IS:

(1) SUBORDINATE TO THE CLAIM OF:

(I) A GENERAL CREDITOR OF THE ASSOCIATION;
AND

ACCOUNT;

(II) THE HOLDER OF A SAVINGS DEPOSIT

(2)   EQUAL TO, AND ENTITLED TO PARTICIPATE PRO
RATA WITH, THE CLAIM OF A HOLDER OF ANY:

(I)   OTHER FREE SHARE ACCOUNT;

(II)   CERTIFICATE OF DEPOSIT;

(III)   CHRISTMAS CLUB ACCOUNT;
(IT) VACATION CLUB ACCOUNT; OR
(V) OTHER TYPE OF ACCOUNT; AND

(3)   SUPERIOR TO THE CLAIM OF A GUARANTY
STOCKHOLDER.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 23, §
161X(c).

In this section, the phrase "distribution of
assets on liquidation" is substituted for "{i}n
the event of voluntary or involuntary
liquidation, dissolution, or winding up of the
affairs or ... any other situation in which the
priority of claims against an association is in
controversy".

In item (2)(ii) of this section, since a
certificate of deposit generally is considered to
be a form of savings deposit account, there does
not appear to be a reason for a certificate of
deposit to be treated differently on liquidation.

"Guaranty stock" and "savings and loan
association" are defined in § 9—101 of this
title.

9-321. RESERVED.

9-322. RESERVED.