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3516
VETOES
All intangible personal property and any income or
increment on it, held in a fiduciary capacity for the
benefit of another person, is presumed abandoned unless,
within [seven] 5 years after it becomes payable or
distributable, the owner has increased or decreased the
principal, accepted payment of principal or income,
corresponded in writing concerning the property, or
otherwise indicated an interest as evidenced by a memorandum
on file with the fiduciary, if the property is held by:
(1) A banking organization or financial
organization;
(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] 1-YEAR 5 YEARS after they
became payable, are presumed abandoned.
(B) ALL CHRISTMAS CLUB AND VACATION CLUB FUNDS HELD
FOR THE OWNER BY ANY PERSON, THAT HAVE REMAINED UNCLAIMED BY
THE OWNER FOR MORE THAN 1 YEAR AFTER THEY BECAME PAYABLE,
ARE PRESUMED ABANDONED.
[(b)] (C) 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.
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