HARRY HUGHES, Governor

175

IN EXCESS OF THAT ORDERED BY THE COURT ADMINISTERING THE
CONSERVATORSHIP OR RECEIVERSHIP AND THAT:

(I) WAS LEGALLY INSURED BY THE FORMER MARYLAND
SAVINGS SHARE INSURANCE CORPORATION UNDER THE LAW IN EFFECT PRIOR
TO MAY 18, 1985 FOR ACCOUNTS OPENED BEFORE THAT DATE; OR

(II) FOR A LEGALLY INSURED ACCOUNT OPENED ON OR
AFTER MAY 18, 1985; OR

(2) A PARTY TO ENFORCE AN OBLIGATION ARISING OUT OF A
WRITTEN CONTRACT ENTERED INTO BY THE FUND ON OR AFTER MAY 18,
1985.

(C) A CLAIM UNDER THIS SECTION IS BARRED UNLESS THE
CLAIMANT FILES SUIT:

(1) WITHIN 1 YEAR AFTER A LOSS THAT IS INSURED BY THE
FUND IS FINALLY DETERMINED TO HAVE BEEN INCURRED; OR

(2) WITHIN 1 YEAR AFTER THE COMPLETION OF THE

CONTRACT THAT GIVES RISE TO THE CLAIM.

(D) AN ADVANCE PAYMENT BY THE FUND TO A DEPOSITOR UNDER §
10-110.1 OF THIS TITLE DOES NOT GIVE RISE TO A CLAIM UNDER THIS
SECTION.

(B) OBLIGATIONS ARISING OUT OF A WRITTEN CONTRACT EXECUTED
BY THE FUND ON OR AFTER MAY 18, 1985 MAY BE ENFORCED IN
ACCORDANCE WITH TITLE 12, SUBTITLE 2 OF THE STATE GOVERNMENT
ARTICLE.

Chapter 6 of the Acts of the First Special Session of 1985

SECTION 4. AND BE IT FURTHER ENACTED, That upon the
effective date of this Act: (i) the Maryland Savings-Share
Insurance Corporation shall be and is hereby merged into the
State of Maryland Deposit Insurance Fund Corporation with the
State of Maryland Deposit Insurance Fund Corporation as the
surviving corporation, without need of the execution or filing of
any confirmatory or other articles or instruments; and (ii) all
of the assets, including but not limited to capital deposits,
reserves, and other tax attributes, all of the liabilities,
including but not limited to taxes, incurred losses, and other
insurance liabilities, and all of the rights, powers, duties,
obligations, and functions of the Maryland Savings-Share
Insurance Corporation are hereby transferred to the State of
Maryland Deposit Insurance Fund Corporation, to the extent
consistent with this Act, on the effective date of this Act.
HOWEVER, THE FUND DOES NOT ASSUME FROM MSSIC ANY OBLIGATION, IF
ONE EXISTS, TO INDEMNIFY ANY OFFICER, DIRECTOR, EMPLOYEE, AGENT,
OR COMMITTEE MEMBER OF MSSIC OR ANY ENTITY. [Wherever] UNLESS THE
CONTEXT CLEARLY INDICATES THE CONTRARY, WHEREVER in the Code the
terms "Maryland Savings-Share Insurance Corporation" or "MSSIC"