2892

LAWS OF MARYLAND

Ch. 774

(2)  A business association organized under the
laws of or created in the State;

(3)  A business association doing business in the
State but not organized under the laws of or created in the
State, and the records of the business association indicate
that the last known address of the person entitled to it is
in the State; or

(4)  Any other person in the State.

17-111.

All intangible personal property held for the owner by
any court, public corporation, public authority, or public
officer of the State or any political subdivision of it,
that has remained unclaimed by the owner for more than
[seven] 5 years, is presumed abandoned.

17-112.

(a)  All unclaimed wages OR OUTSTANDING PAYROLL CHECKS
held or owing in the ordinary course of the holder's
business in the State, that have remained unclaimed by the
owner for more than [seven years] 5 YEARS after they became
payable, are presumed abandoned.

(b)  All intangible personal property, not otherwise
covered by this title, including any income or increment on
it and deducting any lawful charges, that is held or owing
in the State in the ordinary course of the holder's business
and has remained unclaimed by the owner for more than
[seven] 5 years after it became payable or distributable, is
presumed abandoned.

17-112.1.

(A) A HOLDER MAY NOT IMPOSE ANY CHARGES ON A DORMANT
OR INACTIVE ACCOUNT OR CEASE PAYMENT OR ACCRUAL OF ANY
BENEFITS, INCLUDING DIVIDENDS OR INTEREST ON PROPERTY DURING
THE PERIOD OF TIME GIVING RISE TO THE PRESUMPTION OF
ABANDONMENT UNLESS:

(1)  THE CHARGES OR CESSATION OF ANY BENEFIT ARE
PROVIDED FOR IN A VALID, ENFORCEABLE AND WRITTEN CONTRACT
BETWEEN THE HOLDER AND THE OWNER WHICH SPECIFIES THE AMOUNT
OR RATE OF THE CHARGES AND THAT THE BENEFIT WILL CEASE;

(2)  FOR PROPERTY IN EXCESS OF $2, THE HOLDER
GIVES WRITTEN NOTICE TO THE OWNER AT THE OWNER'S LAST KNOWN
ADDRESS BEFORE THE PROPOSED ACTION; AND

(3)  THE HOLDER IMPOSES CHARGES OR CEASES ACCRUAL
OR PAYMENT OF BENEFITS ON ALL DORMANT OR INACTIVE ACCOUNTS,
AND DOES NOT REVERSE OR OTHERWISE CANCEL THE CHARGES OR
RETROACTIVELY PAY OR ACCRUE BENEFITS WITH RESPECT TO THOSE
ACCOUNTS.