Md. R. Rec. & Assign. 13-502
No interim or final distribution shall be made by a receiver or assignee without court approval. Until a final distribution is made to creditors, the estate may not be closed, and any bond of the receiver or assignee may not be released.
Unless the court orders otherwise, the assignee or receiver may not make a distribution to a creditor in an amount less than $5.00. Any amount not distributed to a particular creditor shall be redistributed pro rata to other creditors that are entitled to receive a distribution.
The receiver or assignee shall pay into the court's registry any distributions that remain unclaimed for 90 days after the date of issuance of the distribution. The receiver or assignee shall file a list of the names and last known addresses of persons who have not claimed distributions, showing the amount of each person's distribution. The clerk shall issue a receipt for the payment, and the receipt shall release and discharge the receiver or assignee making the payment. Thereafter, any unclaimed distributions shall be subject to Code, Commercial Law Article, § 17-101, et seq.
A receiver or assignee may satisfy the requirement of court approval of a final distribution by proposing the distribution in a final report approved by the court under Code, Commercial Law Article, § 24-602.
Md. R. Rec. & Assign. 13-502
This Rule is derived in part from former Rules BP9 b 2 and BP10 and is in part new.
HISTORICAL NOTES
Derivation:
Maryland Rule of Procedure BP9, adopted Sept. 15, 1961, eff. Jan. 1, 1962, amended eff. Feb. 2, 1970, related to reports, rescinded June 5, 1996, eff. Jan. 1, 1997.
Maryland Rule of Procedure BP10, adopted Sept. 15, 1961, eff. Jan. 1, 1962, related to dividends, rescinded June 5, 1996, eff. Jan. 1, 1997.