{"data":{"id":"us-md/md.-code-financial-institutions-5-602.1","jurisdiction":"us-md","citation":"Md. Code, Financial Institutions § 5–602.1","heading":"","body":"(a) In this section, “insolvent” means:\n(1) Incapable of meeting the demands of creditors; or\n(2) Having liabilities that exceed assets.\n(b) Notwithstanding the notice and timing requirements in § 5–602 of this subtitle, if the Commissioner determines that a nondepository trust company is insolvent, the Commissioner may take immediate possession of the nondepository trust company, including its property, records, and business, by:\n(1) Posting on the front door of each banking office of the nondepository trust company a notice that states: “This institution is in the hands of the Maryland Commissioner of Financial Regulation”; and\n(2) Immediately delivering written notice to the board of directors of the nondepository trust company that the Commissioner has taken possession of the nondepository trust company.","path":["Article - Financial Institutions"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gfi\u0026section=5-602.1","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:58:27Z","sha256":"aeaa0621b2b1eea7d9d18465758bbfd919f8b84829e480623dc6838e57226833","source_id":"us-md","stale":false,"prev":"us-md/md.-code-financial-institutions-5-602","next":"us-md/md.-code-financial-institutions-5-603"},"notice":"GroundRules: Original legal text. Not legal advice."}