§ 15-103. Assignments for the benefit of creditors

   (a) Bond of assignee. -- Title to property may not pass to an assignee for the benefit of creditors until the assignee files a bond as required by the Maryland Rules. If the assignee makes a sale before filing a bond, the sale is not valid and does not pass title to the property sold.

(b) Prior conveyance made under bond with only one surety valid. -- If all other legal requirements were met, a conveyance made by an assignee for the benefit of creditors when two sureties on the bond were required is valid even though a bond was given with only one surety.

(c) Ratification of sale by court. -- A sale by an assignee for the benefit of creditors is not valid unless ratified by the court.

HISTORY: An. Code 1957, art. 16, § 175, 177, 183; 1975, ch. 49, § 3.