HARRY HUGHES, Governor

2795

The administrator may adopt the necessary rules and
regulations to carry out the provisions of this title.

17-104.

This title does not apply to any property that has been
presumed abandoned or escheated under the laws of another
state before June 1, 1966.

SUBTITLE 2. ABANDONED PROPERTY IN FEDERAL CUSTODY

17-201.

THE ADMINISTRATOR SHALL:

(1)  ATTEMPT TO DISCOVER ABANDONED PROPERTY IN
FEDERAL CUSTODY THAT IS UNCLAIMED BY AN OWNER WHO IS
PRESUMED TO HAVE AN ADDRESS IN THIS STATE; AND

(2)  INSTITUTE PROCEEDINGS FOR A JUDICIAL
DETERMINATION OF THIS STATE'S RIGHTS TO RECEIVE CUSTODY OF
ANY ABANDONED PROPERTY IN FEDERAL CUSTODY.

17-202.

(A)  THE ADMINISTRATOR SHALL ENDEAVOR TO ENTER INTO AN
AGREEMENT WITH THE FEDERAL GOVERNMENT CONCERNING ABANDONED
PROPERTY IN FEDERAL CUSTODY.

(B)  THE AGREEMENT SHALL PROVIDE:

(1)  UNLESS FEDERAL LAW PROVIDES OTHERWISE, THAT
TANGIBLE ABANDONED PROPERTY IN FEDERAL CUSTODY THAT WAS
INITIALLY ACQUIRED IN THIS STATE SHALL BE DELIVERED TO THE
ADMINISTRATOR;

(2)  THAT IF THE LAST KNOWN ADDRESS OF ANY OWNER
OF INTANGIBLE ABANDONED PROPERTY IN FEDERAL CUSTODY IS IN
THIS STATE:

(I)  THE SITUS OF THE ABANDONED PROPERTY IS
IN THIS STATE, AND THE ABANDONED PROPERTY SHALL BE DELIVERED
TO THE ADMINISTRATOR; AND

(II)  THAT THE ADDRESS OF ANY OTHER OWNER
OF THE ABANDONED PROPERTY IN FEDERAL CUSTODY IS DETERMINED
BY FEDERAL LAW;

(3)  FOR PAYMENT OF THE STATE'S PROPORTIONATE
SHARE OF COSTS INCURRED BY THE FEDERAL GOVERNMENT IN:

(I)  INVESTIGATING RECORDS OF ABANDONED
PROPERTY;

(II)  REPORTING INFORMATION ABOUT ABANDONED
PROPERTY TO THE ADMINISTRATOR; AND