In the distribution of the general assets of a trust company that is liquidated or reorganized, the person who succeeds the trust company as a personal representative, guardian, trustee, receiver, or other fiduciary has a preference for all debts and accounts that are due to or held by it as fiduciary over all other debts and liabilities, including salaries and wages of employees.
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