§ 5-602-1

(a) In this section, 'insolvent' means: (1) Incapable of meeting the demands of creditors; or (2) Having liabilities that exceed assets. (b) Notwithstanding the notice and timing requirements in § 5–602 of this subtitle, if the Commissioner determines that a nondepository trust company is insolvent, the Commissioner may take immediate possession of the nondepository trust company, including its property, records, and business, by: (1) Posting on the front door of each banking office of the nondepository trust company a notice that states: 'This institution is in the hands of the Maryland Commissioner of Financial Regulation'; and (2) Immediately delivering written notice to the board of directors of the nondepository trust company that the Commissioner has taken possession of the nondepository trust company.