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Ch.3
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2007 Laws of Maryland
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(1) MADE OR CREATED WITHIN 4 MONTHS BEFORE THE ISSUANCE OF A
SHOW CAUSE ORDER UNDER THIS SUBTITLE;
(2) MADE OR CREATED WITH THE INTENT TO GIVE A CREDITOR A
PREFERENCE OR TO ENABLE THE CREDITOR TO OBTAIN A GREATER PERCENTAGE OF
THE DEBT THAN ANOTHER CREDITOR OF THE SAME CLASS; AND
(3) ACCEPTED BY THE CREDITOR HAVING REASONABLE CAUSE TO
BELIEVE THAT THE PREFERENCE WILL OCCUR.
(B) PERSONAL LIABILITY.
EACH DIRECTOR, OFFICER, EMPLOYEE, STOCKHOLDER, MEMBER, SUBSCRIBER,
AND ANY OTHER PERSON ACTING ON BEHALF OF A PROVIDER THAT IS CONCERNED
IN A VOIDABLE TRANSFER UNDER SUBSECTION (A) OF THIS SECTION AND EACH
PERSON THAT, AS A RESULT OF THE VOIDABLE TRANSFER, RECEIVES ANY PROPERTY
OF THE PROVIDER OR BENEFITS FROM THE VOIDABLE TRANSFER:
(1) IS PERSONALLY LIABLE; AND
(2) SHALL ACCOUNT TO THE SECRETARY.
(C) OTHER TRANSFERS.
THE SECRETARY AS RECEIVER IN A DELINQUENCY PROCEEDING MAY:
(1) AVOID A TRANSFER OF OR LIEN ON THE PROPERTY OF A PROVIDER
THAT A CREDITOR, STOCKHOLDER, SUBSCRIBER, OR MEMBER OF THE PROVIDER
MIGHT HAVE AVOIDED; AND
(2) RECOVER THE TRANSFERRED PROPERTY OR ITS VALUE FROM THE
PERSON THAT RECEIVED IT UNLESS THAT PERSON WAS A BONA FIDE HOLDER FOR
VALUE BEFORE THE DATE OF ISSUANCE OF A SHOW CAUSE ORDER UNDER THIS
SUBTITLE.
REVISOR'S NOTE: This section formerly was Art. 70B, § 20-O.
The only changes are in style.
Defined terms: "Creditor" § 10-472
"Delinquency proceeding" § 10-472
"Person" §§ 1-101, 10-401
"Provider" § 10-401
"Receiver" § 10-472
"Secretary" § 10-101
"Subscriber" § 10-401
10-488. DEPOSITS.
(A) IN GENERAL.
(1) THE SECRETARY SHALL DEPOSIT MONEYS COLLECTED IN A
DELINQUENCY PROCEEDING IN A STATE OR NATIONAL BANK, SAVINGS BANK, OR
TRUST COMPANY.
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- 518 -
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