1022                                       LAWS OF MARYLAND                                  Ch. 387

(2) The director—trustees or receiver are
released and discharged from all further liability in the
matter on payment or delivery of all unclaimed assets to
the [State treasury] ABANDONED PROPERTY UNIT OF THE STATE
COMPTROLLER'S OFFICE.

SECTION 2. AND BE IT FURTHER ENACTED, That Section
17—109 of Article — Commercial Law, 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is hereby repealed and reenacted, with amendments, to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 — Commercial Law

17-109.

All TANGIBLE OR intangible personal property
distributable [in the course of a] ON FORFEITURE OF THE
CHARTER OR voluntary dissolution of a business
association, banking organization, or financial
organization organized under the laws of or created in
the State, that is unclaimed by the owner [at] 60 DAYS
AFTER the date of final distribution, is presumed
abandoned.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1976.

Approved May 4, 1976.

CHAPTER 388

(House Bill 547)

AN ACT concerning

Commercial Law — Corrective

FOR the purpose of clarifying certain priorities in

insolvency; correcting an error relating to

prepayment charges or penalties on certain loans;

and correcting and clarifying certain language and
references in the Commercial Law Article.

BY repealing and reenacting, with amendments,

Article - Commercial Law

Section 2-316(1), 3-303, 3-416(6), 9-208(2),
9-403(5), 9-404(1) and (3), 9-405(1) and
(2), 9-406, 11-304(f), 11-501(k), 12-104,
12-105(b)(4), 14-401(k), 14-406(c),

14-803(a), 15-102(b), and 17-126(b)

Annotated Code of Maryland

(1975 Volume and 1975 Supplement)