First Union Savings & Loan, Inc. v. Bottom

The question involved herein is a narrow one: the appellant challenges the propriety of the court’s having appointed a receiver for it.

In May of 1962, the Director of the Maryland State Department of Assessments and Taxation, acting pursuant to the pro visions of the Code (1961 Cum. Supp.), Article 23, §§ 160K and 160L, 1 filed a suit in equity praying that a receiver be appointed for the appellant, that its charter be declared forfeited and that it be dissolved. In June, appellant filed a demurrer and answer in which it denied insolvency, all of the other accusatory allegations of the bill…