3414

LAWS OF MARYLAND

[Ch. 798

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Sections 17-105(1) and 17-105(2) of
Article — Commercial Law, of the Annotated Code of

Maryland (As enacted by Chapter___(H.B. 26) of the Acts

of the General Assembly of 1975) be and they are hereby
repealed and re—enacted, with amendments, to read as
follows:

Article — Commercial Law

17-105.

The following property held or owing by a banking or
financial organization, or business association is
presumed abandoned, IF THE DEPOSITOR HAS BEEN ISSUED A
NOTICE BY FIRST CLASS MAIL TO HIS LAST KNOWN ADDRESS OF
THE FACT THAT THE PROPERTY WILL BE CONSIDERED ABANDONED
AND HE HAS NOT RESPONDED WITHIN 30 DAYS TO THE
NOTIFICATION.:

(1) Any demand, savings, or matured time deposit
made in the State with a banking organization, together
with any interest or dividend on it, excluding any
charges that lawfully may be withheld, unless, within
[20] 12 years, the owner has:

deposit;

(i) Increased or decreased the amount of the

(ii) Presented the passbook or other similar
evidence of the deposit for the crediting of interest;

(iii) Corresponded in writing with the banking
organization concerning the deposit; or

(iv) Otherwise indicated an interest in the
deposit as evidenced by a memorandum on file with the
banking organization;

(2) Any funds paid in the State toward the
purchase of shares or other interest in a financial
organization, or any deposit made with these funds in the
State, and any interest or dividends on these, excluding
any charges that lawfully may be withheld, unless, within
[20] 12 years, the owner has:

(i) Increased or decreased the amount of the
funds or deposit, or presented an appropriate record for
the crediting of interest or dividends;

(ii) Corresponded in writing with the
financial organization concerning the funds or deposit;