PARRIS N. GLENDENING, Governor

Ch. 683

(2)     NOTWITHSTANDING ANY OTHER PROVISION OF THIS SUBTITLE,
EXCEPT FOR A CLAIM FOR BENEFITS UNDER WORKERS' COMPENSATION
COVERAGE, ANY OBLIGATION OF THE CORPORATION TO ANY AND ALL PERSONS
SHALL CEASE WHEN $10,000,000 HAS BEEN PAID IN THE AGGREGATE:

(I)      BY THE CORPORATION AND ONE OR MORE INSURANCE
GUARANTY CORPORATIONS OR ASSOCIATIONS SIMILAR TO THE CORPORATION IN
OTHER STATES OR PROPERTY CASUALTY INSURANCE SECURITY FUNDS THAT
OBTAIN CONTRIBUTIONS FROM INSURERS ON A PRE-INSOLVENCY BASIS IN OTHER
STATES;

(II)    TO OR ON BEHALF OF AN INSURED AND ITS AFFILIATES; AND

(III)   ON COVERED CLAIMS OR ON CLAIMS ALLOWED ARISING
UNDER ONE OR MORE POLICIES OF ONE INSOLVENT INSURER.

(3)     IF THE CORPORATION DETERMINES THAT THERE MAY BE MORE
THAN ONE CLAIMANT WITH A COVERED CLAIM OR ALLOWED CLAIM AGAINST THE
CORPORATION OR ANY INSURANCE GUARANTY CORPORATIONS OR ASSOCIATIONS
SIMILAR TO THE CORPORATION IN OTHER STATES OR ANY PROPERTY CASUALTY
INSURANCE SECURITY FUNDS IN OTHER STATES, ARISING UNDER ONE OR MORE
POLICIES OF ONE INSOLVENT INSURER, THE CORPORATION MAY ESTABLISH A PLAN
TO ALLOCATE AMOUNTS PAYABLE BY THE CORPORATION IN THE MANNER THAT
THE CORPORATION IN ITS DISCRETION CONSIDERS EQUITABLE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1997.

Approved May 22, 1997.

CHAPTER 683

(House Bill 671)

AN ACT concerning

limited liability Companies - Tax Exemption for Transfers of Real Property From a
Predecessor Entity to a limited Liability Company

FOR the purpose of clarifying that an instrument of writing that transfers title to real
property from certain entities to a limited liability company is not subject to
recordation tax or State or county transfer tax under certain circumstances; defining
a term; and generally relating to the recordation tax and State and county tax
exemption on certain transfers of real property from certain entities to a limited
liability company.

BY repealing and reenacting, with amendments,
Article - Tax - Property
Section 12-108(y) and 13-207(a)(18)

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