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Ch. 440 2002 LAWS OF MARYLAND
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(2) Otherwise communicated with the association regarding the interest
or a dividend, distribution, or other sum payable as a result of the interest, as
evidenced by a memorandum or other record on file with the association prepared by
an employee of the association.
(c) At the expiration of a [4-year] 3-YEAR period following the failure of the
owner to claim a dividend, distribution, or other sum payable to the owner as a result
of the interest, the interest is not presumed abandoned unless there have been at
least [4] 3 dividends, distributions, or other sums paid during the period, none of
which has been claimed by the owner. If [4] 3 dividends, distributions, or other sums
are paid during the [4-year] 3-YEAR period, the period leading to a presumption of
abandonment commences on the date payment of the first such unclaimed dividend,
distribution, or other sum became due and payable. If [4] 3 dividends, distributions,
or other sums are not paid during the presumptive period, the period continues to run
until there have been [4] 3 dividends, distributions, or other sums that have not been
claimed by the owner.
(d) The running of the [4-year] 3-YEAR period of abandonment ceases
immediately upon the occurrence of a communication referred to in subsection (b) of
this section. If any future dividend, distribution, or other sum payable to the owner as
a result of the interest is subsequently not claimed by the owner, a new period of
abandonment commences and relates back to the time a subsequent dividend,
distribution, or other sum became due and payable.
(e) At the time an interest is presumed abandoned under this section, any
dividend, distribution, or other sum then held for or owing to the owner as a result of
the interest, and not previously presumed abandoned, is presumed abandoned.
(f) This section does not apply to any stock or other intangible ownership
interest enrolled in a plan that provides for the automatic reinvestment of dividends,
distributions, or other sums payable as a result of the interest unless the records
available to the administrator of the plan show, with respect to any intangible
ownership interest not enrolled in the reinvestment plan, that the owner has not
within [4] 3 years communicated in any manner described in subsection (b) of this
section.
(g) The holder of an interest under this section shall deliver a duplicate
certificate or other evidence of ownership if the holder does not issue certificates of
ownership to the administrator. Upon delivery of a duplicate certificate to the
administrator, the holder and any transfer agent, registrar, or other person acting for
or on behalf of a holder in executing or delivering the duplicate certificate is relieved
of all liability of every kind in accordance with the provision of § 17-313 to every
person, including any person acquiring the original certificate or the duplicate of the
certificate issued to the administrator, for any losses or damages resulting to any
person by the issuance and delivery to the administrator of the duplicate certificate.
17-306.
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 [4] 3 years after it becomes payable or distributable, the owner has increased
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- 3618 -
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