Maryland Statutes
Subtitle 14 - Establishment of Land Bank Authorities
Section 1-1406 - Property

(a)    An authority may:
        (1)    acquire real property or rights or interests in real property, directly or through a person or governmental entity, by gift, devise, transfer, exchange, foreclosure, purchase, or otherwise on terms and conditions and in a manner the authority considers proper;
        (2)    own property in the authority’s name, including tax foreclosed property and property without clear title;
        (3)    sell, lease as lessor, transfer, and dispose of the authority’s interest in property;
        (4)    procure insurance against loss in connection with the property, assets, or activities of the authority; and
        (5)    execute deeds, mortgages, contracts, leases, purchases, or other agreements regarding the property of the authority.
    (b)    Property purchased, owned, or sold under this section may not be located outside the jurisdiction of the local government in which the authority is located.
    (c)    (1)    An authority may quiet title or foreclose on a property in which it holds an interest that is not fee simple title by:
            (i)    conducting an examination of title to determine the identity of any person possessing a claim or interest in the property; and
            (ii)    filing a complaint to quiet title in accordance with Title 14, Subtitle 6 of the Real Property Article.
        (2)    An authority may join in a single complaint to quiet title or foreclose on one or more parcels of real property.

Structure Maryland Statutes