Section 15-802 – Dishonored Checks or Other Instruments
(a) When a check or other instrument has been dishonored by nonacceptance or nonpayment and has not been paid within 10 days, the holder to whom the check or other instrument was issued or negotiated may send a notice of dishonor to the maker or drawer as provided under this section. (b) If a check or other […]
Section 15-803 – Form of Notice of Dishonored Check; Contents; Criminal Penalties; Defenses; Posting of Notice of Liability
(a) A notice of dishonor sent by a holder to a maker or drawer under § 15–802 of this subtitle shall substantially comply with the following form: “NOTICE OF DISHONORED CHECK Date Name of Issuer Street Address City and State You are according to law hereby notified that a check or instrument […]
Section 15-804 – Applicability and Construction of Subtitle
(a) Notwithstanding any other provisions of this article, §§ 15-802 and 15-803 of this subtitle do not apply to any check: (1) Tendered by a maker or drawer in complete or partial satisfaction of a preexisting credit or loan obligation incurred by the maker or drawer under Title 12 of this article; or (2) That is not a […]
Section 15-701 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “Consumer debt” means any debt arising from a transaction for consumer goods as defined in § 9-109 of this article. (c) “Offset” means the seizure by a bank of personal property, belonging to a customer, in the bank’s possession or under its control on deposit to […]
Section 15-702 – Offsets Against Consumer Debts Prohibited
For the purposes of this article, a bank or financial institution may not offset any property in its possession or money from a customer’s savings or checking account for the settlement of a delinquent consumer debt unless: (1) The offset is authorized in writing by the customer; or (2) A court order is obtained to permit the […]
Section 15-801 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “Check” has the meaning provided in § 3-104(f) of this article. (c) “Dishonor” has the meaning provided in § 3-502 of this article. (d) “Drawer” has the meaning provided in § 3-103(a)(3) of this article. (e) “Holder” has the meaning provided in § 1-201(20) of this article. (f) “Holder […]
Section 15-401 – Subrogation of Surety
If a surety in any bond or other obligation for the payment of money or a promissory note, or the endorser of a protested draft, pays or tenders the money due on it in full, he is entitled to an assignment of it and, by virtue of the assignment, may maintain an action in his […]
Section 15-402 – Action by Assignee on Obligation Under Seal
(a) Subject to the provisions of subsection (d) of this section, the assignee of a bond or other obligation under seal which was assigned under the assignor’s signature and seal, may maintain an action in his name against the obligor named in the bond or other obligation. (b) Except as provided in subsection (c) of this section, […]
Section 15-501 – Prohibition Against Certain Assignments or Transfers
(a) It is unlawful for a creditor who is a citizen of the State to assign or transfer a claim against a resident of the State: (1) For the purpose of having the claim collected by attachment in a court outside the State; or (2) With the intent to deprive the debtor of his rights under the laws […]
Section 15-502 – Liability of Creditor for Assigned or Transferred Debt
(a) If the creditor assigns or transfers the debt to a nonresident in violation of § 15-501 of this subtitle and the debt is collected by the assignee outside the State, the creditor is liable to the debtor for the full amount of the debt including collected interest and costs. In addition, the creditor forfeits his […]