(a) Within a reasonable time after the Commissioner takes possession of a banking institution, the Commissioner, in the name of this State, shall petition an equity court in the county where the banking institution has its principal banking office to: (1) Take jurisdiction over the banking institution; and (2) Subject to subsection (b) of this section, appoint as receiver: (i) An examiner; or (ii) The Federal Deposit Insurance Corporation. (b) (1) The Commissioner may petition for appointment of the Federal Deposit Insurance Corporation as receiver only of a banking institution that the Corporation insures. (2) Appointment of the Federal Deposit Insurance Corporation becomes effective when the Corporation files with the court and the court approves a certificate of acceptance. (c) A receiver shall provide any bond that the court requires. (d) If an examiner is appointed receiver, the examiner: (1) May not receive further compensation for services as receiver; but (2) Subject to order of the court, is entitled to reimbursement for expenses for legal and clerical help and travel.
Maryland Legal Code