You had to find out emperically now, but next time you check the help documentation, which in this case in very clear about your inquiry, for example if you press F1 on MaxLength property in designer or code.
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Gets or sets the maximum number of characters the user can type or paste into the text box control.
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With even more explicit info in Note:
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In code, you can set the value of the Text property to a value that has a length greater than the value specified by the MaxLength property. This property only affects text entered into the control at run time.
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