HARRY HUGHES, Governor

3511

BY adding to

Article - Commercial Law

Section 17-101(1), 17-112.1, and 17-114.1

Annotated Code of Maryland

(1975 Volume and 1980 Supplement)

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be repealed, amended, or enacted to read as follows: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

17-101.

(L) "SERVICE CHARGE" MEANS ANY TYPE OF DEDUCTION OR
CHARGE MADE BY A HOLDER ON PROPERTY PRESUMED ABANDONED UNDER
THIS TITLE, AND INCLUDES:

(1) FOR THE FOLLOWING DEDUCTIONS, OR CHARGES
MADE BY A HOLDER ON PROPERTY PRIOR TO THE PRESUMPTION OF
ABANDONMENT, BECAUSE OF THE NONOCCURRENCE OF THE EVENTS OR

ACTS SPECIFIED IN EACH SECTION, OR BECAUSE OF THE

INACTIVITY, DORMANCY, OR UNCLAIMED STATUS OF THE PROPERTY:

(I) PROPERTY HELD OR OWING BY BANKING OR

FINANCIAL ORGANIZATIONS OR BUSINESS ASSOCIATIONS, AS

PROVIDED IN § 17-105 OF THIS TITLE;

(II) PROPERTY HELD OR OWING BY INSURANCE
CORPORATIONS AS PROVIDED IN § 17-106 OF THIS TITLE;

(III) PROPERTY HELD OR OWING BY BUSINESS
ASSOCIATIONS AS PROVIDED IN § 17-108 OF THIS TITLE; AND

(IV) PROPERTY HELD IN A FIDUCIARY CAPACITY
AS PROVIDED IN § 17-110 OF THIS TITLE; AND

(2) FOR THE FOLLOWING, DEDUCTIONS OR CHARGES
MADE BY A HOLDER ON PROPERTY BECAUSE OF THE INACTIVITY,
DORMANCY, OR UNCLAIMED STATUS OF THE PROPERTY:

(I) FUNDS HELD OR OWING BY A UTILITY AS
PROVIDED IN § 17-107 OF THIS TITLE;

(II) PROPERTY DISTRIBUTABLE BY A BUSINESS
ASSOCIATION, BANKING ORGANIZATION, OR FINANCIAL ORGANIZATION
AS PROVIDED IN § 17-109 OF THIS TITLE;

(III) PROPERTY HELD BY A COURT, PUBLIC
CORPORATION, PUBLIC AUTHORITY, OR PUBLIC OFFICER OF THE
STATE OR ANY POLITICAL SUBDIVISION OF THE STATE AS PROVIDED
IN § 17-111 OF THIS TITLE; AND