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Ch. 5 2006 LAWS OF MARYLAND
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(E) (1) THE PRIORITY OF A LIEN AND SECURITY INTEREST PERFECTED
UNDER THIS SECTION IS NOT IMPAIRED BY:
(I) ANY LATER MODIFICATION OF THE QUALIFIED RATE ORDER
UNDER § 7-531, § 7-533, OR § 7-534 OF THIS SUBTITLE; OR
(II) THE COMMINGLING OF FUNDS ARISING FROM QUALIFIED RATE
STABILIZATION CHARGES WITH OTHER FUNDS.
(2) ANY OTHER SECURITY INTEREST THAT MAY APPLY TO THOSE FUNDS
SHALL BE TERMINATED WHEN THEY ARE TRANSFERRED TO A SEGREGATED
ACCOUNT FOR THE ASSIGNEE OR A FINANCING PARTY.
(3) IF RATE STABILIZATION PROPERTY HAS BEEN TRANSFERRED TO AN
ASSIGNEE, ANY PROCEEDS OF THAT PROPERTY SHALL BE HELD IN TRUST FOR THE
ASSIGNEE.
(F) IF A DEFAULT OR TERMINATION OCCURS UNDER THE RATE
STABILIZATION BONDS:
(1) THE FINANCING PARTIES OR THEIR REPRESENTATIVES MAY
FORECLOSE ON OR OTHERWISE ENFORCE THEIR LIEN AND SECURITY INTEREST IN
ANY INTANGIBLE RATE STABILIZATION PROPERTY AS IF THEY WERE SECURED
PARTIES UNDER TITLE 9 OF THE MARYLAND UNIFORM COMMERCIAL CODE;
(2) THE COMMISSION MAY ORDER THAT AMOUNTS ARISING FROM
QUALIFIED RATE STABILIZATION CHARGES BE TRANSFERRED TO A SEPARATE
ACCOUNT FOR THE FINANCING PARTIES* BENEFIT, TO WHICH THEIR LIEN AND
SECURITY INTEREST SHALL APPLY; AND
(3) ON APPLICATION BY OR ON BEHALF OF THE FINANCING PARTIES,
THE CIRCUIT COURT FOR BALTIMORE CITY, BUSINESS AND TECHNOLOGY CASE
MANAGEMENT PROGRAM, SHALL ORDER THE SEQUESTRATION AND PAYMENT TO
THE FINANCING PARTIES OF REVENUES ARISING FROM THE QUALIFIED RATE
STABILIZATION CHARGES.
(G) THE COURT ORDER UNDER SUBSECTION (F) OF THIS SECTION SHALL
REMAIN IN FULL FORCE AND EFFECT NOTWITHSTANDING ANY REORGANIZATION,
BANKRUPTCY, OR OTHER INSOLVENCY PROCEEDINGS WITH RESPECT TO THE
ELECTRIC COMPANY OR ITS SUCCESSORS OR ASSIGNEES.
(H) THIS SECTION DOES NOT LIMIT ANY OTHER REMEDIES AVAILABLE TO THE
APPLYING PARTY.
7-543.
(A) THIS SECTION APPLIES TO A PERSON THAT IS A SUCCESSOR TO AN
ELECTRIC COMPANY, WHETHER THROUGH:
(1) A REORGANIZATION, BANKRUPTCY, OR OTHER INSOLVENCY
PROCEEDING;
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