WILLIAM DONALD SCHAEFER, Governor Ch. 375

CHAPTER 375

(House Bill 98)

AN ACT concerning

Abandoned Property

FOR the purpose of clarifying that certain property presumed
abandoned need not be physically located in the this State
to be subject to the Disposition of Abandoned Property Act;
and making stylistic changes.

BY repealing and reenacting, with amendments,

Article - Commercial Law

Section 17-301 and 17-308

Annotated Code of Maryland

(1983 Replacement Volume and 1988 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Commercial Law

17-301.

(A) 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;

(iv) Engaged in any credit, trust, or other
deposit transaction with the banking organization; or

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