176

LAWS OF MARYLAND

Ch. 12

appear, they shall be construed to mean the State of Maryland
Deposit Insurance Fund Corporation.

SECTION 9. AND BE IT FURTHER ENACTED, That no claim of any
nature whatsoever shall arise against, and no liability shall be
imposed upon, the Fund Director or any officer, director, AGENT,
or employee of the Fund or of this State for any statement made
or actions taken in good faith exercise of the powers granted and
duties imposed under this Act. THIS SECTION DOES NOT APPLY TO ANY
DIRECTOR, OFFICER, EMPLOYEE, OR AGENT OF THE FORMER MARYLAND
SAVINGS-SHARE INSURANCE CORPORATION.

SECTION 3. AND BE IT FURTHER ENACTED, That § 10-120 and §
10-121 of the Financial Institutions Article, as added by Section
2 of this Act, are intended to clarify the right to legal
subrogation as it applies to the State of Maryland Deposit
Insurance Fund Corporation and the Fund's exercise of the defense
of sovereign immunity. The General Assembly did not intend
waiver of immunity by any of the Acts of the First Special
Session of 1985. This Act confirms and shall be interpreted to
confirm the existence of such rights and defenses in any action
pending on the date of enactment of this Act. In addition, the
remedies remedy established under § 10-120(b)(1) of Section 2 of
this Act may not apply to or otherwise adversely affect any
perfected and vested right or lien in existence on the date of
enactment of this Act or appointment of receivership, whichever
is earlier. Further, because of the benefits inuring to
depositors, creditors, and other customers of member associations
of the former Maryland Savings-Share Insurance Corporation as a
result of the emergency Acts of the First and Second
Extraordinary Sessions of 1985, the General Assembly expressly
confirms and reserves, from the effect of a statutory
receivership, the State's right to enforce its common law
priority as sovereign to the maximum extent permitted under the
federal and State constitutions. This Act and other applicable
law shall be interpreted accordingly.

SECTION 4. AND BE IT FURTHER ENACTED, That this Act is
hereby declared to be an emergency measure and necessary for the
immediate preservation of the public health and safety and having
been passed by a yea and nay vote supported by three-fifths of
all the members elected to each of the two Houses of the General
Assembly, the same shall take effect from the date of its
passage.

Approved April 3, 1986.