Md. Code Ann., Fin. Inst. § 9-425
Authority to act as depository, pledge collateral, and comply with terms
Effective Jun 1, 1986Added by Acts 1980, c. 856, § 2, eff. July 1, 1980. Amended by Acts 1986, c. 282, § 1, eff. June 1, 1986.State of Maryland
(a) A savings and loan association may:
(1) Act as a depository of funds of:
- (i) The federal government and its agencies; and
- (ii) This State and any of its political subdivisions;
- (2) Pledge collateral to secure deposits; and
- (3) Comply with the terms required by the depositor.
- (b) Depositors under this section are general creditors under § 9-329 of this title (“Priority of claims”).
Added by Acts 1980, c. 856, § 2, eff. July 1, 1980. Amended by Acts 1986, c. 282, § 1, eff. June 1, 1986.