Section 10-484 - Loans and pledges of assets. - Maryland Statutes

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§ 10-484. Loans and pledges of assets.

(a) In general.- To facilitate the rehabilitation, liquidation, conservation, or dissolution of a provider under this subtitle, the Secretary, subject to the approval of the court, may:

(1) borrow money;

(2) execute, acknowledge, and deliver notes or other evidences of indebtedness for the loan;

(3) secure the repayment of the loan by the mortgage, pledge, assignment, or transfer in trust of all or part of the property of the provider; and

(4) take any other action necessary and proper to consummate the loan and to provide for its repayment.

(b) Obligation of Secretary.- The Secretary is not obligated personally or in an official capacity to repay a loan made under this section.

[An. Code 1957, art. 70B, § 20L; 2007, ch. 3, § 2.]

State Codes and Statutes

Statutes > Maryland > Human-services > Title-10 > Subtitle-4 > 10-484

§ 10-484. Loans and pledges of assets.

(a) In general.- To facilitate the rehabilitation, liquidation, conservation, or dissolution of a provider under this subtitle, the Secretary, subject to the approval of the court, may:

(1) borrow money;

(2) execute, acknowledge, and deliver notes or other evidences of indebtedness for the loan;

(3) secure the repayment of the loan by the mortgage, pledge, assignment, or transfer in trust of all or part of the property of the provider; and

(4) take any other action necessary and proper to consummate the loan and to provide for its repayment.

(b) Obligation of Secretary.- The Secretary is not obligated personally or in an official capacity to repay a loan made under this section.

[An. Code 1957, art. 70B, § 20L; 2007, ch. 3, § 2.]

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State Codes and Statutes

Statutes > Maryland > Human-services > Title-10 > Subtitle-4 > 10-484

§ 10-484. Loans and pledges of assets.

(a) In general.- To facilitate the rehabilitation, liquidation, conservation, or dissolution of a provider under this subtitle, the Secretary, subject to the approval of the court, may:

(1) borrow money;

(2) execute, acknowledge, and deliver notes or other evidences of indebtedness for the loan;

(3) secure the repayment of the loan by the mortgage, pledge, assignment, or transfer in trust of all or part of the property of the provider; and

(4) take any other action necessary and proper to consummate the loan and to provide for its repayment.

(b) Obligation of Secretary.- The Secretary is not obligated personally or in an official capacity to repay a loan made under this section.

[An. Code 1957, art. 70B, § 20L; 2007, ch. 3, § 2.]