HARRY HUGHES, Governor

2867

Article - Commercial Law

Section 17-304, 17-308, 17-310(b), and 17-311(c) and (d)

Annotated Code of Maryland

(1983 Replacement Volume and 1984 Supplement)

BY repealing and reenacting, with amendments,

Article - Commercial Law

Section 17-317(a)

Annotated Code of Maryland

(1983 Replacement Volume and 1984 Supplement)

(As enacted by Chapter 526 of the Acts of the

General Assembly of 1984)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section(s) 17-324 of the Annotated Code of
Maryland be renumbered to be Section(s) 17-326 of Article -
Commercial Law.

SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of
Maryland read as follows:

Article - Commercial Law

[17-302.

(a) (1) Unclaimed funds, as defined in paragraph (2) of
this subsection, held by a life insurance corporation, shall be
presumed abandoned if the last known address of the person
entitled to the funds, according to the records of the
corporation, is in this State. If a person other than the insured
or annuitant is entitled to the funds and the address of the
person is not known to the corporation or if it is not definite
and certain from the records of the corporation which person is
entitled to the funds, it is presumed that the last known address
of the person entitled to the funds is the same as the last known
address of the insured or annuitant according to the records of
the corporation.

(2) "Unclaimed funds," as used in this subsection, means
all money held by any life insurance corporation unclaimed and
unpaid for more than 5 years after the money becomes due and
payable, as established from the records of the corporation under
any life or endowment insurance policy or annuity contract which
has matured or terminated. A life insurance policy not matured by
actual proof of the death of the insured is considered to be
matured and its proceeds are considered due and payable if the
policy was in force when the insured attained the limiting age
under the mortality table on which the reserve is based, unless,
within the preceding 5 years, the person entitled to the proceeds
has: