(a) All money received by the receiver shall be deposited to the receiver’s credit in any bank or trust company that the receiver chooses.
(b) (1) To safekeep and to secure payment of the money deposited with it, the depository bank or trust company shall deposit with the office of the Commissioner general obligations of or obligations guaranteed by the federal government, this State, or any of its political subdivisions.
(2) These obligations shall be valued at the lower of market value or par value, and their value always shall be at least equal to the deposits of the receiver in the bank or trust company.
(c) The receiver may waive this requirement for obligations for any money remaining more than 6 months after the dividend checks are mailed to the creditors and depositors.
Structure Maryland Statutes
Title 5 - Banking Institutions -- General Provisions
Section 5-601 - When Commissioner May Take Charge -- Banking Institutions
Section 5-602 - When Commissioner May Take Charge -- Commercial Banks
Section 5-602.1 - When Commissioner May Take Charge -- Nondepository Trust Company
Section 5-603 - Effect of Possession by Commissioner
Section 5-604 - Notice of Possession by Commissioner
Section 5-604.1 - Payment of Expenses Related to Possession of Nondepository Trust Company
Section 5-605 - Appointment of Receiver
Section 5-606 - Powers and Duties of Receiver
Section 5-607 - Deposits Made by Receiver
Section 5-609 - Report of Commissioner to Court
Section 5-610 - Commissioner May Permit Reopening
Section 5-611 - Plan of Reorganization -- Proposal
Section 5-613 - Plan of Reorganization -- Consent of Political Subdivisions
Section 5-614 - Rights of Federal Deposit Insurance Corporation
Section 5-615 - Preference for Property Held in Fiduciary Capacity