§ 10-484. Loans and pledges of assets

Latest version.

   (a) In general. -- To facilitate the rehabilitation, liquidation, conservation, or dissolution of a provider under this subtitle, the Secretary, subject to the approval of the court, may:

   (1) borrow money;

   (2) execute, acknowledge, and deliver notes or other evidences of indebtedness for the loan;

   (3) secure the repayment of the loan by the mortgage, pledge, assignment, or transfer in trust of all or part of the property of the provider; and

   (4) take any other action necessary and proper to consummate the loan and to provide for its repayment.

(b) Obligation of Secretary. -- The Secretary is not obligated personally or in an official capacity to repay a loan made under this section.

HISTORY: An. Code 1957, art. 70B, § 20L; 2007, ch. 3, § 2.

                    
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