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Session Laws, 1981
Volume 741, Page 2805   View pdf image
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HARRY HUGHES, Governor

2805

When property is paid or delivered to the administrator
under this title, the owner is not entitled to receive
income or other increments which subsequently accrue.

[17-119] 17-315.

The expiration of any period of time specified by
statute or court order, during which an action or proceeding
may be commenced or enforced to obtain payment of a claim
for money or recovery of property, may not:

(1)  Prevent the money or property from being
presumed abandoned property; or

(2)  Affect any duty to file a report required by
this [title] SUBTITLE or to pay or deliver abandoned
property to the administrator.

[17-120] 17-316.

(a)  All abandoned property UNDER THIS TITLE, other
than money delivered to the administrator under this title,
may be sold by [him] THE ADMINISTRATOR. The sale shall be to
the highest bidder at public sale in whatever place in the
State affords[, in his judgment,] the most favorable market
for the property involved. The administrator may decline the
highest bid and reoffer the property for sale if [he
considers] the price bid IS insufficient. [He] THE
ADMINISTRATOR need not offer any property for sale if, [in
his opinion,] the probable cost of sale exceeds the
ADMINISTRATOR'S ESTIMATION OF THE value of the property.

(b)  Any sale held under this section shall be preceded
by a single publication of notice at least three weeks in
advance of the sale in a newspaper of general circulation in
the county where the property is to be sold.

(c)  The purchaser at any sale conducted by the
administrator under this [title] SECTION shall receive title
to the property purchased, free from every claim of the
owner or prior holder of it and of every person who claims
through or under them. The administrator shall execute all
documents necessary to complete the transfer of title.

(d)  No action by any person may be brought or
maintained against the State or any officer of the State for
or on account of any transaction entered into pursuant to
and in accordance with the provisions of this section.

[17-121] 17-317.

(a) (1) All funds received under this title, including
the proceeds of the sale of abandoned property under [§
17-120] § 17-316 OF THIS SUBTITLE, shall be credited by the
administrator to a special fund. The administrator shall
retain in the special fund at the end of each fiscal year,

 

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Session Laws, 1981
Volume 741, Page 2805   View pdf image
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