168

LAWS OF MARYLAND

Ch. 11

(F) IN ANY DISTRIBUTION OF ASSETS ON LIQUIDATION OF A
SAVINGS AND LOAN ASSOCIATION FOR WHICH A RECEIVER HAS BEEN
APPOINTED UNDER § 9-708 OF THIS PART III:

(1)  ALL UNSECURED CLAIMS OF ANY CLASS OF PRIORITY
SHALL BE PAID IN FULL, OR PROVISION MADE FOR PAYMENT, BEFORE ANY
CLAIMS OF LESSER PRIORITY ARE PAID, AND IF THERE ARE INSUFFICIENT
FUNDS TO PAY ANY CLASS OF CLAIMS OF ONE PRIORITY IN FULL,
DISTRIBUTION TO CLAIMANTS IN SUCH CLASS SHALL BE MADE PRO RATA;

(2)  NOTWITHSTANDING THE PROVISIONS OF SUBSECTION
(F)(1) OF THIS SECTION, AND SUBJECT TO APPROVAL OF THE COURT
ADMINISTERING THE RECEIVERSHIP OF THE SAVINGS AND LOAN
ASSOCIATION, THE RECEIVER MAY AT ANY TIME PRIOR TO THE PAYMENT IN
FULL OF ALL CLAIMS OF A CLASS WITH HIGHER PRIORITY, MAKE
DISTRIBUTIONS TO SOME OR ALL CLAIMANTS OF A CLASS WITH A LOWER
PRIORITY, IF A DETERMINATION IS MADE THAT AT THE TIME OF THE
DISTRIBUTION, ADEQUATE FUNDS EXIST OR WILL BE RECOVERED DURING
THE RECEIVERSHIP TO PAY IN FULL ALL CLAIMS OF ANY CLASS WITH A
HIGHER PRIORITY; AND

(3)  THE COURT ADMINISTERING THE RECEIVERSHIP OF THE
SAVINGS AND LOAN ASSOCIATION MAY, AFTER NOTICE AND A HEARING;

(I)  UNDER PRINCIPLES OF EQUITABLE
SUBORDINATION, SUBORDINATE FOR PURPOSES OF DISTRIBUTION ALL OR
PART OF AN ALLOWED CLAIM TO ALL OR PART OF ANOTHER ALLOWED CLAIM
OR CLAIMS; OR

(II)  ORDER THAT ANY LIEN SECURING THE
SUBORDINATED CLAIM BE TRANSFERRED TO THE RECEIVERSHIP ESTATE.

10-101.

(H) "INSURED INSTITUTION" MEANS:

(1)  A NATIONAL BANKING ASSOCIATION, A FEDERAL SAVINGS
BANK, OR A BANKING INSTITUTION INCORPORATED AS A STATE BANK,
TRUST COMPANY, SAVINGS BANK, OR OTHER SIMILAR INSTITUTION,
WHETHER UNDER THE LAWS OF THIS OR ANY OTHER STATE, THE DEPOSITS
OF WHICH ARE INSURED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION; OR

(2)  A FEDERAL SAVINGS AND LOAN ASSOCIATION, A FEDERAL
SAVINGS BANK, A SAVINGS AND LOAN ASSOCIATION, A BUILDING AND LOAN
ASSOCIATION OR A SIMILAR INSTITUTION INCORPORATED UNDER THE LAWS
OF THIS OR ANY OTHER STATE, THE DEPOSITS OF WHICH ARE INSURED BY
THE FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION.

10-110.

(a) (1) (i) The moneys of the STATE OF Maryland Deposit

Insurance Fund Corporation shall be maintained in a special

nonlapsing fund, to be called the "Maryland Deposit Insurance
Fund".