Rule 13-101 - [Effective until 1/1/2025] DefinitionsIn this Title the following definitions apply except as expressly otherwise provided or as necessary implication requires:
(a) Assignee. Assignee" means a person to whom a debtor has made a general assignment of property in trust for the benefit of creditors.(b) Court.Court" means the circuit court in which an assignment for the benefit of creditors or a petition for receivership has been filed.(c) Debtor. Debtor" means the "owner" and the "insolvent."(d)Designated Party Designated party" means an officer, director, manager or principal equity holder in the debtor.(e)Equity Holder Equity holder" means a shareholder, partner, or member that owns an interest in the debtor's estate.(f)Estate "Estate" means "receivership property" and includes property assigned to an assignee.(g)Insolvent "Insolvent" means an assignor in an assignment for the benefit of creditors proceeding or an insolvent for management of whose affairs a receiver has been appointed. Cross reference: See Code, Commercial Law Article, § 15-101(b)(2).
(h)Owner "Owner" means a person for whose property or business a receiver is appointed. An "owner" is not an "equity holder". Cross reference: See Code, Commercial Law Article, § 24-101(m).
(i)Person "Person" has the meaning set forth in Rule 1-202(u) and includes an individual, an estate, a business, a nonprofit entity, a public corporation, a governmental unit, an instrumentality, and any other legal entity.(j)Property(1) For proceedings under Code, Commercial Law Article, Title 24: (A) Property" means all of a person's right, title, and interest, both legal and equitable, in real and personal property, tangible and intangible, wherever located and however acquired. (B) "Property" includes proceeds, products, offspring, rent, and profits of or from the property.(C) Property" does not include: (i) any power that the owner may exercise solely for the benefit of another person; or (ii) property impressed with a trust, except to the extent that the owner has a residual interest. Cross reference: See Code, Commercial Law Article, § 24-101(p).(2) For all other proceedings, "property" has the meaning set forth in Rule 1-202(y).(k)Receiver "Receiver" means a person appointed by the court under Code, Commercial Law Article, § 24-201(a), and subject to the court's authority, to take possession of, manage, and, if authorized by the provisions of Title 24 of the Commercial Law Article or court order, transfer, sell, lease, license, exchange, collect, or otherwise dispose of receivership property. Cross reference: See Code, Commercial Law Article, § 24-101(q).
(l)Receivership Property "Receivership property" means property or business of an owner that is described in the order appointing a receiver or a subsequent order, including any products, offspring, profits, and proceeds of the property.Md. R. Rec. & Assign. 13-101
This Rule is derived in part from former Rule BP1 a, and in part new.
Adopted June 5, 1996, eff. 1/1/1997; amended June 29, 2020, eff. 8/1/2020.HISTORICAL NOTES
Derivation:
Maryland Rule of Procedure BP1, adopted Sept. 15, 1961, eff. Jan. 1, 1962, amended April 6, 1984, eff. July 1, 1984, related to definitions and the scope of former Subtitle BP, rescinded June 5, 1996, eff. Jan. 1, 1997.
Committee note: "General assignment is a term of art used to describe an assignment of all or substantially all of a debtor's property for the benefit of creditors. The validity of a general assignment in a particular case is a matter of substantive law.
See Code, Commercial Law Article, § 24-101(s).