BLAIR LEE III, Acting Governor

1119

CHAPTER 145

(House Bill 1220)

AN ACT concerning

Corrective Bill - Article 11, "Banks and Trust Companies"

FOR the purpose of correcting technical errors in certain
sections of Article 11 of the Annotated Code of
Maryland.

BY repealing and reenacting, with amendments,

Article 11 - Banks and Trust Companies

Section 102B(h)

Annotated Code of Maryland

(1976 Replacement Volume and 1977 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 11 - Banks and Trust Companies

102B.

Every banking institution and national bank shall
provide a written notice to its customers, upon demand, or
upon opening a savings account, containing the following
information pertaining to its savings accounts:

(h) The following notice:

Maryland law requires that all funds remaining in this
savings account shall become the property of the State after
twelve years of inactivity and notification to the depositor
at his last [know] KNOWN address. This account is defined
as inactive, if the owner has not (1) Increased or decreased
the amount of the deposit, (2) Presented the passbook or
other similar evidence of the deposit, (3) Corresponded in
writing with this financial institution concerning this
deposit or (4) Otherwise indicated an interest in the
deposit as evidenced by a memorandum [or] ON file with this
financial institution.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1978.

Approved April 11, 1978.