Maryland Statutes
Title 10 - State of Maryland Deposit Insurance Fund Corporation
Section 10-110.1 - Final Determination of Insurable Loss

(a)    Upon final liquidation of a member association, the Fund Director shall:
        (1)    Subject to subsection (b) of this section, determine the amount of insurable loss in the manner established by the rules and regulations of the Fund; and
        (2)    Make provision for the payment or assumption of any insurable loss to each depositor less any payments made to, or accounts made available to, a depositor under subsection (c) of this section.
    (b)    The determination of insurable loss under subsection (a)(1) of this section shall occur no later than 4 years from the date a member association is placed in receivership.
    (c)    Subject to any other conditions established under law, if the Fund Director is reasonably satisfied that an insurable loss will be incurred upon final liquidation, in order to facilitate the payment of deposit insurance to depositors of a member association and to reasonably reduce the administrative costs of a liquidation, including demands on any hardship withdrawal plan, the Fund may, either upon final liquidation or earlier, and either from available moneys in the Fund or from any other State funds advanced to the Fund for that purpose:
        (1)    Make a cash payment or payments or issue an obligation under a contract with one or more insured institutions with respect to the making available of insured accounts in an amount equal to all or any portion of the depositors’ savings accounts to any or all of the depositors of a member association in receivership;
        (2)    Make a cash payment or payments, in an amount equal to all or any portion of the depositors’ savings accounts, to any or all of the depositors of a member association in receivership; or
        (3)    Both.
    (d)    Upon making a cash payment pursuant to a contract under subsection (c)(1) of this section or directly to a depositor under subsection (c)(2) of this section, or otherwise in satisfaction of its insurance obligation with respect to any depositor, the Fund shall be subrogated to all rights of the depositor, including its rights against the assets of the member association, its shareholders, directors, or officers, to the extent of the payment.
    (e)    In proving its entitlement as a subrogee in any action, the Fund need only show proof of:
        (1)    Reimbursement of a savings account holder, in part or in full, under this title; or
        (2)    The making of payments or a capital contribution or the issuance of its obligations to an entity that assumes savings deposit or share account liabilities of a member association.

Structure Maryland Statutes

Maryland Statutes

Financial Institutions

Title 10 - State of Maryland Deposit Insurance Fund Corporation

Section 10-101 - Definitions

Section 10-102 - Corporation Established

Section 10-103 - Appointment, Term, and Powers of Fund Director; Board of Directors

Section 10-103.1 - Advisory Function of Board

Section 10-104 - Employees

Section 10-105 - Authority of Secretary

Section 10-106 - Official Seal

Section 10-107 - Fund Director to Devote Full Time to Duties of Fund

Section 10-108 - Conflicts of Interest -- in General

Section 10-109 - Conflicts of Interest -- Other Prohibited Activities

Section 10-110 - State of Maryland Deposit Insurance Fund

Section 10-110.1 - Final Determination of Insurable Loss

Section 10-110.2 - Advances by State to Fund; Money Recovered by Fund

Section 10-111 - Membership -- Applications; Certification by Division Director

Section 10-112 - Membership -- Effective Upon Approval; Withdrawal; Accumulated Earnings Retained

Section 10-113 - Rules and Regulations; Withdrawal From Fund

Section 10-114 - Exchange of Information

Section 10-115 - Application of State Insurance Laws

Section 10-116 - Appropriation Policy

Section 10-117 - Eligibility for Membership -- Major Associations

Section 10-118 - Eligibility for Membership -- Other Associations

Section 10-119 - Penalty for Submitting False Information

Section 10-120 - Accrual of Certain Rights, Claims, and Liabilities of Fund to Successor Agency or Maryland Department of Labor

Section 10-121 - Defense of Sovereign Immunity