3510

VETOES

This bill would allow original mortgagors an amount
equal to the outstanding principal amount of the existing
mortgage to be exempt from the recordation tax. Thus the
recordation tax would be imposed only on the amount of money
refinanced which exceeds the outstanding principal amount of
the existing mortgage.

Senate Bill 83, which was enacted by the General
Assembly and signed by me on May 19, 1981, accomplishes the
same purpose.

Therefore it is unnecessary for me to sign House Bill
228.

Sincerely,
Harry Hughes
Governor

House Bill No. 378

AN ACT concerning

Abandoned Property

FOR the purpose of defining a term; altering the time
periods that create a presumption that certain property
may be considered abandoned by its owner; providing a
time period before there is a presumption of
abandonment of certain property; imposing certain
restrictions on certain charges or withholding of
interest certain benefits; requiring certain persons to
make a report; requiring the Comptroller to invest and
pay interest on certain property; requiring the sale of
abandoned property; altering certain penalties;
providing a valuation method for the sale of abandoned
property; clarifying language; and generally relating
to the disposition of abandoned property in this State.

BY repealing and reenacting, with amendments,

Article - Commercial Law

Section 17-103, 17-105, 17-106, 17-107, 17-108, 17-110,

17-111, 17-112, 17-118, 17-120(a), 17-123, and

17-127
Annotated Code of Maryland
(1975 Volume and 1980 Supplement)