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10 LAWS OF MARYLAND Ch. 3
Savings and Loan Associations -
Priority of Collateral - Priority of Claims
FOR the purpose of providing that any grant of a security
interest in or assignment of collateral to a state or
federal government agency or instrumentality by any savings
and loan association is fully perfected and takes priority
over all other claims and creditors under certain
circumstances; requiring a State or federal government
agency or instrumentality receiving a grant of a security
interest or assignment of a mortgage by a savings and loan
association to give certain notification to the State or
federal agency that issued the charter to the association;
providing an exception to a provision of law requiring a
savings and loan association to take title to all its
investments in its own name; exempting from altering the
priority of claims upon the liquidation of a capital stock
savings and loan association of those general creditors who
are capital stockholders; relating generally to savings and
loan associations; and making this Act an emergency measure.
BY adding to
Article - Real Property
Section 7-110
Annotated Code of Maryland
(1981 Replacement Volume and 1984 Supplement)
BY repealing and reenacting, with amendments,
Article - Financial Institutions
Section 9-329 and 9-422
Annotated Code of Maryland
(1980 Volume and 1984 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Real Property
7-110.
(A) NOTWITHSTANDING ANY OTHER PROVISION OF LAW, INCLUDING
TITLE 7 OF THIS ARTICLE, ANY GRANT OF A SECURITY INTEREST IN OR
ASSIGNMENT OF COLLATERAL A MORTGAGE TO ANY STATE OR FEDERAL
GOVERNMENT AGENCY OR INSTRUMENTALITY, INCLUDING THE MARYLAND
DEPOSIT INSURANCE FUND CORPORATION, A FEDERAL RESERVE BANK, OR
THE A FEDERAL HOME LOAN BANK, BY ANY SAVINGS AND LOAN ASSOCIATION
IS FULLY PERFECTED AND TAKES PRIORITY TO THE EXTENT OF THE
ASSOCIATION'S INTEREST IN THE MORTGAGE OVER ALL OTHER CLAIMS AND
CREDITORS WITH RESPECT TO ANY SUCH COLLATERAL MORTGAGE IN THE
POSSESSION OR CONTROL OF THAT STATE OR FEDERAL GOVERNMENT AGENCY
OR INSTRUMENTALITY.
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