Maryland Code, COMMERCIAL LAW 24-103
Terms Used In Maryland Code, COMMERCIAL LAW 24-103
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(1) A receivership for an interest in real property and any personal property that is:
(i) Related to the real property; or
(ii) Used in operating the real property;
(2) A receivership established under § 3-411 or § 3-415 of the Corporations and Associations Article; or
(3) Any other receivership in which a receiver is appointed to take possession and control of all or substantially all of a person‘s property with authority to liquidate the property and, in the case of a business for which the receiver is appointed, wind up the affairs of the business.
(b) This title does not apply to a receivership for an interest in real property improved by one to four dwelling units unless:
(1) The interest is used for agricultural, commercial, industrial, or mineral extraction purposes, other than incidental uses by an owner occupying the property as the owner’s primary residence;
(2) The interest secures an obligation incurred at a time when the property was used or planned for use for agricultural, commercial, industrial, or mineral extraction purposes;
(3) The owner planned or is planning to develop the property into one or more dwelling units to be sold or leased in the ordinary course of the owner’s business; or
(4) The owner is collecting or has the right to collect rent or any other income from the property from a person other than an affiliate of the owner.
(c) This title does not apply to a receivership authorized by a local law or a State law other than this title in which the receiver is a governmental unit, a person acting in an official capacity on behalf of the governmental unit, or a person appointed as receiver at the request of the governmental unit, unless:
(1) The governmental unit, the person acting in an official capacity on behalf of the unit, or the person appointed as receiver at the request of the governmental unit elects to have the provisions of this title apply to the receivership;
(2) A court, for good cause, orders that the provisions of this title apply to the receivership; or
(3) The law authorizing the receivership in which the receiver is a governmental unit or a person acting in an official capacity on behalf of the governmental unit provides that this title applies to the receivership.
(d) Subsection (c)(2) of this section does not apply to a delinquency proceeding initiated by the Maryland Insurance Commissioner under Title 9, Subtitle 2 of the Insurance Article.