Md. Code Ann., Local Gov't § 1-1430
Conveyance of title and release of collateral
Effective Oct 1, 2017Added as Local Government § 5-430 by Acts 2013, c. 119, § 2, eff. Oct. 1, 2013. Renumbered as Local Government § 1-1430 by Acts 2017, c. 618, § 1, eff. Oct. 1, 2017; Acts 2017, c. 619, § 1, eff. Oct. 1, 2017.State of Maryland
(a) An authority shall convey title to property relating to a project and release collateral in accordance with this section when:
(1)
- (i) the principal of and interest on bonds issued to finance or refinance the project, including any refunding bonds, have been fully paid and retired; or
- (ii) adequate provision has been made to fully pay and retire the bonds;
- (2) all other conditions of the trust agreement have been satisfied; and
- (3) the lien of the trust agreement has been released.
- (b) On satisfaction of the conditions under subsection (a) of this section, an authority promptly shall execute any deed, conveyance, release, or document and take any other action necessary to convey title to the property and release collateral free of any lien or encumbrance created through the authority.
Added as Local Government § 5-430 by Acts 2013, c. 119, § 2, eff. Oct. 1, 2013. Renumbered as Local Government § 1-1430 by Acts 2017, c. 618, § 1, eff. Oct. 1, 2017; Acts 2017, c. 619, § 1, eff. Oct. 1, 2017.