2004

LAWS OF MARYLAND

Ch. 494

(A) BONDS ISSUED OR LOANS APPROVED UNDER THIS SUBTITLE
ARE SECURITIES IN WHICH ALL PUBLIC OFFICERS OR PUBLIC UNITS
OF THE STATE, ITS POLITICAL SUBDIVISIONS, ALL BANKS, TRUST
COMPANIES, SAVINGS AND LOAN ASSOCIATIONS, INVESTMENT
COMPANIES, OR OTHERS CARRYING ON A BANKING BUSINESS, ALL
INSURANCE COMPANIES, INSURANCE ASSOCIATIONS, OR OTHERS
CARRYING ON AN INSURANCE BUSINESS, ALL PERSONAL
REPRESENTATIVES, GUARDIANS, TRUSTEES, OR OTHER FIDUCIARIES,
OR ANY OTHER PERSON MAY LEGALLY AND PROPERLY INVEST FUNDS,
INCLUDING CAPITAL IN THE PERSON'S CONTROL OR BELONGING TO
THE PERSON. THE BONDS ARE SECURITIES WHICH MAY BE PROPERLY
AND LEGALLY DEPOSITED WITH AND RECEIVED BY ANY STATE OR
MUNICIPAL OFFICER OR ANY UNIT OR POLITICAL SUBDIVISION OF
THE STATE FOR ANY PURPOSE FOR WHICH THE DEPOSIT OF BONDS OR
OTHER OBLIGATIONS OF THE STATE IS AUTHORIZED BY LAW.

(b) As to a [mortgage] LOAN OR BONDS insured by the
Authority, the insurance agreement between the Authority and
the [mortgagee] LENDER inures to the benefit of any buyer,
assignee, or other holder to whom the [mortgage] LOAN OR
BONDS is negotiated under this section.

13-154.

The provisions of this subtitle do not relieve any
[mortgagor] BORROWER of the obligation to make payments in
lieu of taxes or assessments for services provided by any
political subdivision or special taxing district.

SECTION 2. AND BE IT FURTHER ENACTED, That Section(s)
13-155 of Article - Financial Institutions, of the Annotated
Code of Maryland be renumbered to be Section(s) 13-156.

SECTION 3. AND BE IT FURTHER ENACTED, That section(s)
of the Annotated Code of Maryland be repealed, amended, or
enacted to read as follows:

Article - Financial Institutions

13-155.

UPON DISSOLUTION OF THE AUTHORITY, TITLE TO ALL
PROPERTY OWNED BY THE AUTHORITY SHALL VEST IN THE STATE.

SECTION 4. AND BE IT FURTHER ENACTED, That the
validity of all loans made or bonds heretofore issued
thereunder and outstanding on the effective date of this Act
be and it is hereby validated, ratified and confirmed, and
except as expressly provided to the contrary in this Act,
any transaction affected by or flowing from the provisions
of law hereby repealed, and entered into before the
effective date of this Act, and every right, duty, or
interest flowing from it remains valid after the effective
date and may be completed, consummated, enforced, or
terminated as permitted or required by any provision of law
hereby repealed as though the repeal had not occurred.