MARVIN MANDEL, Governor                            1021

(House Bill 546)

AN ACT concerning

Corporations — Disposition of Unclaimed Property

FOR the purpose of revising the provisions relating to
the disposition of unclaimed assets on voluntary
dissolution of a corporation to conform to those
relating to disposition on forfeiture of a charter;
conforming the Maryland Uniform Disposition of
Unclaimed Property Act to these provisions by
broadening its applicability to all personal
property distributable on forfeiture or voluntary
dissolution; and providing that this property is
presumed abandoned if unclaimed 60 days after the
date of final distribution.

BY repealing and reenacting, with amendments,

Article - Corporations and Associations

Section 3-412(d)

Annotated Code of Maryland

(1975 Volume and 1975 Supplement)

BY repealing and reenacting, with amendments,

Article — Commercial Law

Section 17-109

Annotated Code of Maryland

(1975 Volume and 1975 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 3-412(d) of Article - Corporations
and Associations, of the Annotated Code of Maryland (1975
Volume and 1975 Supplement) be and it is hereby repealed
and reenacted, with amendments, to read as follows:

Article — Corporations and Associations

3-412.

(d) [Except as provided in §17—109 of the
Commercial Law Article with respect to unclaimed
intangible personal property:]

(1) Any assets remaining unclaimed 60 days
after the final distribution, whether through failure or
inability of the postal authorities to deliver the
distribution checks or for any other reason[, shall
escheat to the State; and] IS PRESUMED ABANDONED AND
SHALL BE REPORTED TO THE ABANDONED PROPERTY UNIT OF THE
STATE COMPTROLLER'S OFFICE IN ACCORDANCE WITH TITLE 17 OF
THE COMMERCIAL LAW ARTICLE, THE MARYLAND UNIFORM
DISPOSITION OF UNCLAIMED PROPERTY ACT.