State Codes and Statutes
Statutes > Maryland > Commercial-law > Title-15 > Subtitle-1 > 15-103§ 15-103. Assignments for the benefit of creditors.
(a) Bond of assignee.- Title to property may not pass to an assignee for the benefit of creditors until the assignee files a bond as required by the Maryland Rules. If the assignee makes a sale before filing a bond, the sale is not valid and does not pass title to the property sold.
(b) Prior conveyance made under bond with only one surety valid.- If all other legal requirements were met, a conveyance made by an assignee for the benefit of creditors when two sureties on the bond were required is valid even though a bond was given with only one surety.
(c) Ratification of sale by court.- A sale by an assignee for the benefit of creditors is not valid unless ratified by the court.
[An. Code 1957, art. 16, §§ 175, 177, 183; 1975, ch. 49, § 3.]
