HARRY HUGHES, Governor                               1677

FOR the purpose of providing additional circumstances under
which certain bank accounts will not be considered
abandoned.

BY repealing and reenacting, with amendments,

Article - Commercial Law
Section 17-301(1)
Annotated Code of Maryland
(1975 Volume and 1981 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
read(s) as follows:

Article - Commercial Law

17-301.

The following property held by a banking or financial
organization, or business association is presumed abandoned,
if the depositor has been issued a notice by first class
mail to the depositor's last known address of the fact that
the property will be considered abandoned and there is no
response within 30 days to the notification:

(1) Any demand, savings, or matured time deposit
account made in the State with a banking organization,
together with any interest or dividend on it, excluding any
charges that lawfully may be withheld, [unless, within 5
years, the owner has:

(i) Increased or decreased the amount of
the deposit;

(ii) Presented evidence of the deposit for
the crediting of interest;

(iii) Corresponded in writing with the
banking organization concerning the deposit; or

(IV) ENGAGED IN ANY CREDIT, TRUST, OR
OTHER DEPOSIT TRANSACTION WITH THE BANKING ORGANIZATION; OR

(iv) (V) Otherwise indicated an interest
in the deposit as evidenced by a memorandum on file with the
banking organization; ] UNLESS:

(I) WITHIN 5 YEARS, THE OWNER HAS:

1. INCREASED OR DECREASED THE AMOUNT
OF THE DEPOSIT;

2. PRESENTED EVIDENCE OF THE DEPOSIT
FOR THE CREDITING OF INTEREST;