|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ROBERT L. EHRLICH, JR., Governor
|
|
|
|
|
|
S.B. 580
|
|
|
|
|
|
|
|
|
|
|
|
|
(I) ALL RIGHTS AND OBLIGATIONS OF EACH PARTY UNDER EACH
NETTING AGREEMENT AND QUALIFIED FINANCIAL CONTRACT; AND
(II) ALL PROPERTY, INCLUDING ANY GUARANTEES OR CREDIT
SUPPORT DOCUMENTS, SECURING ANY CLAIMS OF EACH PARTY UNDER EACH
NETTING AGREEMENT AND QUALIFIED FINANCIAL CONTRACT; OR
(2) TRANSFER NONE OF THE NETTING AGREEMENTS, QUALIFIED
FINANCIAL CONTRACTS, RIGHTS, OBLIGATIONS, OR PROPERTY REFERRED TO IN
ITEM (1) OF THIS SUBSECTION, WITH RESPECT TO THE COUNTERPARTY AND ANY
AFFILIATE OF THE COUNTERPARTY.
(E) (1) IF A RECEIVER FOR AN INSURER MAKES A TRANSFER OF ONE OR
MORE NETTING AGREEMENTS OR QUALIFIED FINANCIAL CONTRACTS, THE
RECEIVER SHALL USE ITS BEST EFFORTS TO NOTIFY ANY PERSON WHO IS PARTY TO
THE NETTING AGREEMENTS OR QUALIFIED FINANCIAL CONTRACTS OF THE
TRANSFER BY 12:00 P.M., THE RECEIVER'S LOCAL TIME, ON THE BUSINESS DAY
FOLLOWING THE TRANSFER
(2) IN THIS SUBSECTION, "BUSINESS DAY' MEANS A DAY OTHER THAN A
SATURDAY, A SUNDAY, OR ANY DAY ON WHICH EITHER THE NEW YORK STOCK
EXCHANGE OR THE FEDERAL RESERVE BANK OF NEW YORK IS CLOSED.
(F) (1) NOTWITHSTANDING ANY PROVISION OF THIS SUBTITLE OTHER
THAN PARAGRAPH (2) OF THIS SUBSECTION, A RECEIVER MAY NOT AVOID A
TRANSFER OF MONEY OR OTHER PROPERTY ARISING UNDER OR IN CONNECTION
WITH A NETTING AGREEMENT OR QUALIFIED FINANCIAL CONTRACT, OR ANY
PLEDGE, SECURITY, COLLATERAL, OR GUARANTEE AGREEMENT OR ANY OTHER
SIMILAR SECURITY ARRANGEMENT OR CREDIT SUPPORT DOCUMENT RELATING TO A
NETTING AGREEMENT OR QUALIFIED FINANCIAL CONTRACT, THAT IS MADE BEFORE
THE COMMENCEMENT OF A DELINQUENCY PROCEEDING UNDER THIS SUBTITLE.
(2) A TRANSFER MAY BE AVOIDED UNDER § 9-221 OF THIS SUBTITLE IF
THE TRANSFER WAS MADE WITH ACTUAL INTENT TO HINDER, DELAY, OR DEFRAUD
THE INSURER, A RECEIVER APPOINTED FOR THE INSURER, OR EXISTING OR FUTURE
CREDITORS.
(G) (1) IN EXERCISING ANY OF ITS POWER UNDER THIS SUBTITLE TO
DISAFFIRM OR REPUDIATE A NETTING AGREEMENT OR QUALIFIED FINANCIAL
CONTRACT, A RECEIVER SHALL TAKE ACTION WITH RESPECT TO EACH NETTING
AGREEMENT OR QUALIFIED FINANCIAL CONTRACT AND ALL TRANSACTIONS
ENTERED INTO IN CONNECTION WITH EACH NETTING AGREEMENT OR QUALIFIED
FINANCIAL CONTRACT, IN ITS ENTIRETY.
(2) NOTWITHSTANDING ANY OTHER PROVISION OF THIS SUBTITLE, ANY
CLAIM OF A COUNTERPARTY AGAINST THE ESTATE ARISING FROM A RECEIVER'S
DISAFFIRMANCE OR REPUDIATION OF A NETTING AGREEMENT OR QUALIFIED
FINANCIAL CONTRACT THAT HAS NOT BEEN PREVIOUSLY AFFIRMED IN THE
LIQUIDATION OR IMMEDIATELY PRECEDING REHABILITATION PROCEEDING SHALL
BE DETERMINED AND SHALL BE ALLOWED OR DISALLOWED:
- 3735 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
