3518

VETOES

[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.]

(A)  WHEN PROPERTY THAT WAS INTEREST BEARING TO THE
OWNER ON THE DATE OF SURRENDER BY THE HOLDER IS PAID OR
DELIVERED TO THE ADMINISTRATOR, THE ADMINISTRATOR SHALL PAY
AN INTEREST RATE NOT LESS THAN THAT IS THE LESSER OF:

(1)  5 PERCENT; OR

(2)  A LESSER RATE THAT THE PROPERTY EARNED WHILE
IN THE POSSESSION OF THE HOLDER.

(B)  IF A CLAIM TO PROPERTY UNDER SUBSECTION (A) OF
THIS SECTION IS DETERMINED IN FAVOR OF THE CLAIMANT, THE
ADMINISTRATOR SHALL PAY TO THE CLAIMANT THE REQUIRED
INTEREST ACCRUED FOR THE PERIOD OF TIME THE ADMINISTRATOR
HELD THE PROPERTY, UP TO 5 YEARS AFTER THE DATE THE
ADMINISTRATOR ACQUIRED THE PROPERTY.

(C)  INTEREST IS NOT REQUIRED TO BE PAID UNDER THIS
SECTION FOR ANY PERIOD BEFORE JULY 1, 1981.

17-120.

(a) EXCEPT AS PROVIDED IN THIS SUBSECTION, [ALL]ALL
abandoned property, other than money delivered to the
administrator under this title [may] SHALL be [sold] OFFERED
FOR SALE by him WITHIN 1 YEAR OF DELIVERY. 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 insufficient. He need not offer
any property for sale if, in his opinion, the probable cost
of sale exceeds the value of the property.

17-123.

(a) (1) The administrator shall consider any claim
filed under this title and may hold a hearing and receive
evidence concerning it.

(2) If a hearing is held, he shall prepare a
finding and a decision in writing on each claim filed,
stating the substance of any evidence heard by him and the
reasons for his decision. The decision shall be a public
record.

(b)  If the claim is allowed, the administrator
immediately shall make payment. The claim shall be paid
without deduction for costs of notices or sale or for
service charges.