Maryland Code, ECONOMIC DEVELOPMENT 10-512
Terms Used In Maryland Code, ECONOMIC DEVELOPMENT 10-512
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- including: means includes or including by way of illustration and not by way of limitation. See
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(1) (i) borrow money and issue bonds;
(ii) purchase, discount, sell, negotiate and guarantee, insure, co-insure, and reinsure negotiable instruments, bills of exchange, acceptances, bankers’ acceptances, cable transfers, letters of credit, and other evidences of indebtedness; and
(iii) provide for the rights of lenders and bondholders;
(2) procure insurance or reinsurance against:
(i) loss in connection with its property or operations, including insurance, reinsurance, or other guarantees from any federal or State unit or private insurance company for the payment of bonds issued by the Corporation, or bonds, notes, or any other obligations issued or made by any lender or other person; or
(ii) loss with respect to agricultural loans, mortgages or mortgage loans, or any other type of loans, including the power to pay premiums on the insurance or reinsurance;
(3) (i) insure, co-insure, or reinsure agricultural loans, mortgage loans or mortgages, or any other type of loans;
(ii) pay or receive premiums on the insurance, co-insurance, or reinsurance;
(iii) establish reserves for losses; and
(iv) participate in the insurance, co-insurance, or reinsurance of agricultural loans, mortgage loans or mortgages, or any other type of loans with the federal or State government or any private insurance company;
(4) make loans to or deposits with lenders;
(5) purchase or sell agricultural loans;
(6) fix and collect fees and charges in connection with its loans, deposits, insurance commitments, and services, including reimbursement of costs of issuing bonds, origination and servicing fees, and insurance premiums; and
(7) subject to the rights of its bondholders:
(i) renegotiate, refinance, or foreclose on a mortgage, security interest, or lien;
(ii) commence an action to protect or enforce any right or benefit conferred on the Corporation by any law or agreement;
(iii) consent to modification of an interest rate, time, payment, security, or other term or condition of an agreement to which the Corporation is a party or beneficiary;
(iv) bid for and purchase property at any foreclosure or at any other sale, or otherwise acquire or take possession of any property; and
(v) in connection with an acquisition under item (iv) of this item, complete, administer, pay the principal of and interest on any obligation incurred in connection with the property, dispose of, and otherwise deal with the property in any manner necessary or desirable to protect the interest of the Corporation or its bondholders in the property.