(a) (1) The Secretary shall deposit money collected in a delinquency proceeding in a State or national bank, savings bank, or trust company.
(2) Deposits made by the Secretary under paragraph (1) of this subsection have priority of payment equal to any other priority specified by the banking laws of this State if the depository:
(i) is an institution organized and supervised under the laws of this State; and
(ii) becomes insolvent or liquidates voluntarily or involuntarily.
(3) The Secretary may deposit all or part of the money collected in a national bank or trust company as a trust fund.
(b) To the extent that an investment or account is insured by the Federal Deposit Insurance Corporation, the Secretary may invest in shares of or deposits in a savings and loan association or building and loan association.
Structure Maryland Statutes
Title 10 - Department of Aging
Part VIII - Delinquency Proceedings
Section 10-473 - Exclusiveness of Remedy
Section 10-474 - Immunity From Liability
Section 10-475 - Fees and Costs
Section 10-476 - Appointment of Staff
Section 10-477 - Jurisdiction and Venue
Section 10-478 - Commencement of Delinquency Proceedings
Section 10-479 - Grounds for Conservation, Rehabilitation, or Liquidation of Providers
Section 10-480 - Orders to Rehabilitate, Liquidate, or Conserve Providers
Section 10-481 - Appointed Receivers
Section 10-482 - Notice to Subscribers of Delinquency Proceeding
Section 10-483 - Appeals to Court of Special Appeals
Section 10-484 - Loans and Pledges of Assets
Section 10-485 - Administration of Assets
Section 10-486 - Attachment or Garnishment of Assets
Section 10-487 - Voidable Transfers
Section 10-489 - Procedures for Filing Claims
Section 10-490 - Priority of Claims