Ch. 11

1996 LAWS OF MARYLAND

(2) ORDER THE COMMISSIONER PROMPTLY TO TAKE POSSESSION OF
THE ASSETS OF THE DOMESTIC INSURER OR ALIEN INSURER AND TO ADMINISTER
THE ASSETS UNDER THE ORDERS OF THE COURT.

(B)     TITLE TO AND POSSESSION OF ASSETS.

(1)      SUBJECT TO PARAGRAPH (2) OF THIS SUBSECTION, BEGINNING ON
THE DATE OF ISSUANCE OF AN ORDER THAT DIRECTS THE COMMISSIONER TO
REHABILITATE OR LIQUIDATE A DOMESTIC INSURER OR TO LIQUIDATE THE
UNITED STATES BRANCH OF AN ALIEN INSURER DOMICILED IN THE STATE, THE
COMMISSIONER AS DOMICILIARY RECEIVER IS VESTED BY OPERATION OF LAW
WITH TITLE TO AND MAY TAKE POSSESSION OF ALL OF THE PROPERTY, CONTRACTS,
RIGHTS OF ACTION, BOOKS, AND RECORDS OF THE DOMESTIC INSURER OR ALIEN
INSURER, WHEREVER LOCATED.

(2)      AN ANCILLARY RECEIVER IN A RECIPROCAL STATE HAS THE
RIGHTS AND POWERS AS TO ASSETS LOCATED IN THAT STATE THAT ARE SPECIFIED
IN THIS SUBTITLE FOR AN ANCILLARY RECEIVER APPOINTED IN THIS STATE.

(C)     EFFECT OF FILING ORDER.

THE FILING OF THE ORDER THAT DIRECTS POSSESSION TO BE TAKEN, OR A
CERTIFIED COPY OF THE ORDER, IN AN OFFICE WHERE INSTRUMENTS AFFECTING
TITLE TO PROPERTY ARE REQUIRED TO BE FILED PROVIDES THE SAME NOTICE AS
WOULD BE PROVIDED BY A DEED, BILL OF SALE, OR OTHER EVIDENCE OF TITLE
THAT IS SO FILED.

(D)     DUTIES OF COMMISSIONER AS DOMICILIARY RECEIVER.

(1)      THE COMMISSIONER AS DOMICILIARY RECEIVER SHALL
ADMINISTER PROPERLY ALL ASSETS THAT COME INTO THE POSSESSION OR
CONTROL OF THE COMMISSIONER.

(2)      IF CONSIDERED DESIRABLE TO PROTECT THE ASSETS, THE COURT
AT ANY TIME MAY REQUIRE A BOND FROM THE COMMISSIONER OR DEPUTY
COMMISSIONER.

(3)      ON TAKING POSSESSION OF THE ASSETS OF A DOMESTIC INSURER
OR ALIEN INSURER AND SUBJECT TO THE DIRECTION OF THE COURT, THE
COMMISSIONER IMMEDIATELY SHALL:

(I)       CONDUCT THE BUSINESS OF THE DOMESTIC INSURER OR
ALIEN INSURER; OR

(II)     TAKE ACTION AUTHORIZED. BY THIS SUBTITLE TO
REHABILITATE, LIQUIDATE, OR CONSERVE THE AFFAIRS OR ASSETS OF THE
DOMESTIC INSURER OR ALIEN INSURER.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, § 145(1) through (5).

In subsection (b)(1) of this section, the reference to "tak[ing] possession" of
the assets of the insurer is substituted for the former reference to

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