§ 7-115. Rehypothecation of personal securities

Latest version.

(a) Prohibited. -- While a contract of pledge or hypothecation is in effect, a person may not, without the consent of the pledgor, repledge or rehypothecate a security, the title to which passes by delivery or endorsement received or held by the person as guaranty for money lent or advanced to the owner or holder of the security.

(b) Penalty. -- A person who violates this section is guilty of a misdemeanor and on conviction is subject to imprisonment not exceeding 5 years or a fine not less than $ 500 and not exceeding $ 5,000 or both.

(c) Statute of limitations and in banc review. -- A person who violates this section is subject to § 5-106(b) of the Courts Article.

HISTORY: An. Code 1957, art. 27, § 215; 2002, ch. 26, § 2; 2003, ch. 21, § 1.

                    
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