HARRY HUGHES, Governor

2793

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be repealed, amended, or enacted to read as follows: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 - Commercial Law

Title 17

Disposition of [Unclaimed] ABANDONED Property.

SUBTITLE 1. DEFINITIONS; GENERAL PROVISIONS

17-101.

(a) In this title the following words have the
meanings indicated.

(B) (1) "ABANDONED PROPERTY" MEANS PERSONAL PROPERTY
THAT IS CONSIDERED ABANDONED UNDER THIS TITLE.

(2) "ABANDONED PROPERTY" INCLUDES PROPERTY IN
THE CUSTODY OF THE FEDERAL GOVERNMENT THAT IS CLASSIFIED AS
"UNCLAIMED PROPERTY" UNDER FEDERAL LAW.

[(b)] (C) "Administrator" means the State Comptroller.

[(c)] (D) "Banking organization" means any bank, trust
company, savings bank, land bank, and any other similar
organization engaged in business in the State.

[(d)] (E) "Business association" means any
corporation, joint stock company, business trust,
partnership, or any association for business purposes of two
or more individuals.

[(e)] (F) "County" includes Baltimore City.

(G) "FEDERAL GOVERNMENT" INCLUDES ANY OF ITS AGENCIES
OR INSTRUMENTALITIES.

[(f)] (H) "Financial organization" means any savings
and loan association or credit union engaged in business in
the State.

[(g)] (I) "Holder" means any person who is:

(1)  In possession of property subject to this
title belonging to another;

(2)  A trustee, in the case of a trust; or

(3)  Indebted to another on an obligation subject
to this title.

[(h)] (J) "Insurance corporation" means any
association or corporation transacting in the State the