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PARRIS N. GLENDENING, Governor Ch. 440
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or decreased the principal, accepted payment of principal or income, corresponded in
writing concerning the property, or otherwise indicated an interest as evidenced by a
memorandum on file with the fiduciary.
17-307.
All intangible personal property held for the owner by any court, public
corporation, public authority, or public officer of this State or any political subdivision
of it that has remained unclaimed by the owner for more than [4] 3 years is presumed
abandoned.
17-308.
(a) All unclaimed wages or outstanding payroll checks held or owing in the
ordinary course of the holder's business, that have remained unclaimed by the owner
for more than [4] 3 years after they became payable, are presumed abandoned.
(b) All intangible personal property, not otherwise covered by this title,
including any income or increment on it and deducting any lawful charges, that is
held or owing in the ordinary course of the holder's business and has remained
unclaimed by the owner for more than [4] 3 years after it became payable or
distributable, is presumed abandoned.
(c) Property is payable or distributable for the purpose of this title
notwithstanding the owner's failure to make demand or to present any instrument or
document required to receive payment.
(d) Property is reportable to this State under subsection (b) of this section
under the priority rules established under § 17-301(c) of this subtitle.
SECTION 21. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That:
(a) Notwithstanding § 11-1206 of the Business Regulation Article, cumulative
receipts not to exceed $4.5 million for fiscal year 2002 and fiscal year 2003 in the
Racing Facility Redevelopment Bond Fund placed from the takeout allocation under §
11-1206(c)(1) and (2) of the Business Regulation Article shall be distributed to a
special fund that shall be created to be used only to increase purses at harness racing
tracks, mile thoroughbred tracks, and Timonium Race Course and to supplement
existing bred funds in accordance with this Act.
(b) In accordance with § 7-209 of the State Finance and Procurement Article,
the Governor by budgetary amendment shall allocate money from the special fund
created under subsection (a) of this section in the manner specified under subsection
(c) of this section.
(c) The amount credited to the special fund created under subsection (a) of
this section shall be used as follows:
(1) 11% to increase the bred funds to be allocated as follows:
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(i) 70% to the Maryland-Bred Race Fund; and
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- 3619 -
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