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Session Laws, 2007
Volume 803, Page 4370   View pdf image
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2007 Vetoed Bills and Messages
S.B. 623
(11) (i) In the event of a dispute regarding the extinguishment
amount as calculated under paragraph (10)(i) of this subsection, the landlord may
refuse payment from the Baltimore City Director of Finance and file an appeal
regarding the valuation in the Circuit Court of Baltimore City. (ii) In an appeal, the landlord is entitled to receive the fair
market value of the landlord's interest in the property at the time of the
extinguishment. (12) In the event of a dispute regarding the payment by the
Department to any person of all or any portion of the collected redemption amount and
up to 3 years' back rent to the extent required by this section and § 8-111.1 of this
subtitle, the Department may: (i) File an interpleader action in the circuit court of the county
where the property is located; or (ii) Reimburse the landlord from the fund established in §
1-203.3 of the Corporations and Associations Article. (13) The Department is not liable for any sum received by the
Department that exceeds the sum of: (i) The redemption amount; and (ii) Up to 3 years' back rent to the extent required by this
section and § 8-111.1 of this subtitle. (14) The Department shall credit all fees and funds collected under this
subsection to the fund established under § 1-203.3 of the Corporations and
Associations Article. Redemption and extinguishment amounts received shall be held
in a ground rent redemption and ground rent extinguishment account in that fund. (15) The Department shall maintain a list of properties for which
ground rents have been redeemed or extinguished under this subsection. (16) The Department shall adopt regulations to carry out the provisions
of this subsection. (17) Any redemption or extinguishment funds not collected by a
landlord under this subsection within 20 years after the date of the payment to the
Department by the tenant shall escheat to the State. The Department shall annually
transfer any funds that remain uncollected after 20 years to the State General Fund at
the end of each fiscal year.
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Session Laws, 2007
Volume 803, Page 4370   View pdf image
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