Advertisement

The Nation

Maryland went to court to seek the appointment of a conservator to take over Old Court Savings & Loan Assn. after it proved impossible to arrange a private rescue for the Baltimore financial institution, the state’s second-largest privately insured savings association. If approved by the court, the unprecedented state intervention will attempt to halt the run on Old Court by limiting withdrawals to $1,000 per account per month. The state petition, filed at the request of the state Board of Savings and Loan Commissioners, asked to have the Maryland Savings-Share Insurance Corp. named conservator.


Advertisement