174

LAWS OF MARYLAND

Ch. 12

ANY MONEYS ADVANCED BY THE STATE TO THE FUND FROM GENERAL OR
SPECIAL FUNDS OR FROM THE PROCEEDS OF GENERAL OBLIGATION BONDS
SHALL BE MAINTAINED IN A SEPARATE ACCOUNT AND MAY NOT BE SUBJECT
TO ATTACHMENT OR ANY OTHER JUDICIAL PROCESS BY ANY PERSON.

10-120.

(A)  IN ADDITION TO ANY OTHER REMEDIES AVAILABLE AT LAW OR
EQUITY, THE FUND IS VESTED WITH ALL CLAIMS AND RIGHTS OF THE
FORMER MARYLAND SAVINGS-SHARE INSURANCE CORPORATION AGAINST ANY
PERSON OR ENTITY.

(B)  NOTWITHSTANDING ANY OTHER PROVISION OF LAW, IN ANY
ACTION OF THE FUND AS INSURER, SUBROGEE, CONSERVATOR, OR RECEIVER
AGAINST A SHAREHOLDER, DIRECTOR, OFFICER, EMPLOYEE, AGENT, OR
OTHER PERSON CONTRIBUTING TO A LOSS AT A MEMBER ASSOCIATION OR TO
ENFORCE THE TERMS OF A NET WORTH CERTIFICATE OR SIMILAR
OBLIGATION:

(1)  A JUDGMENT OBTAINED BY THE FUND SHALL HAVE
PRIORITY OVER ANY OTHER JUDGMENT LIEN ON A DEFENDANT'S REAL OR
PERSONAL PROPERTY WITHOUT NEED FOR FURTHER PERFECTION OR
EXECUTION THEREON;

(2)  ALL ATTORNEYS FEES, COSTS, AND EXPENSES OF THE
FUND FOR THE LITIGATION SHALL BE ASSESSED AS PART OF ANY JUDGMENT
IN FAVOR OF THE FUND; AND

(3)  ALL MONEYS RECOVERED BY THE FUND AS INSURER OR
SUBROGEE SHALL BE FIRST APPLIED TO REPAY ANY MONETARY ADVANCE BY
THE STATE TO THE FUND, INCLUDING ANY AND ALL FEES, COSTS, AND
EXPENSES, TO FURTHER THE PURPOSES OF THIS TITLE. MONEYS SO
RECOVERED SHALL BE PLACED IN A SEPARATE ACCOUNT AND TRANSFERRED
TO THE GENERAL FUND OF THE STATE. THE SEPARATE ACCOUNT IS NOT
SUBJECT TO ATTACHMENT OR OTHER JUDICIAL PROCESS BY ANY PERSON.

(C) ALL RIGHTS, CLAIMS, AND LIABILITIES OF THE FUND ACCRUE
TO ANY SUCCESSOR ENTITY AND, IF A SUCCESSOR ENTITY IS NOT CREATED
BY LAW, TO THE DEPARTMENT OF LICENSING AND REGULATION.

10-121.

(A) NOTWITHSTANDING ANY OTHER PROVISION OF LAW, AND EXCEPT
AS OTHERWISE EXPRESSLY PROVIDED IN THIS SECTION, THE FUND RETAINS
AND MAY RAISE THE DEFENSE OF SOVEREIGN IMMUNITY IN ANY ACTION.

(B) TO THE EXTENT OF AVAILABLE FUNDS, THE FUND MAY NOT
RAISE THE DEFENSE OF SOVEREIGN IMMUNITY IN AN ACTION BROUGHT BY:

(1) A SAVINGS ACCOUNT HOLDER IF THE CAUSE OF ACTION
ARISES OUT OF THE FUND'S FAILURE TO PAY AN INSURANCE CLAIM ON A
LOSS THAT IS FINALLY DETERMINED TO HAVE BEEN INCURRED BY THE
FUND, IN ACCORDANCE WITH ITS RULES AND REGULATIONS, THAT DOES NOT
INCLUDE A CLAIM RELATING TO THE TIMING OF ANY PAYMENT OR INTEREST