Section 17-323 – Enforcement and Penalties
(a) Any person who fails to pay or deliver abandoned property to the Administrator as required by this title shall pay a penalty equal to 15 percent of the value of the property. If any person fails to file any report or refuses to deliver property to the Administrator as required by this title, the Administrator […]
Section 17-324 – Interstate Cooperation
(a) The Administrator may enter into agreements with other states to exchange information needed to enable this or another state to audit or otherwise determine unclaimed property that it or another state may be entitled to subject to a claim of custody. The Administrator by rule may require the reporting of information needed to enable compliance […]
Section 17-325 – Agreements to Pay Compensation
All agreements to pay compensation to recover or assist in the recovery of property made within 24 months of the date the property is paid or delivered to the abandoned property office are unenforceable.
Section 17-326 – Short Title
This title may be cited as the Maryland Uniform Disposition of Abandoned Property Act.
Section 17-313 – Custody and Safekeeping of Property Delivered to Administrator; Former Holder Relieved of Liability; Reimbursement of Former Holder for Payment to Person Entitled
On the payment or delivery of any abandoned property under this title to the Administrator, the State shall assume custody and shall be responsible for its safekeeping. Any person who pays or delivers abandoned property to the Administrator under this title is relieved of all liability, to the extent of the value of the property […]
Section 17-315 – Effect of Expiration of Period of Limitation
The expiration of any period of time specified by statute or court order, during which an action or proceeding may be commenced or enforced to obtain payment of a claim for money or recovery of property, may not: (1) Prevent the money or property from being presumed abandoned property; or (2) Affect any duty to file a […]
Section 17-316 – Sale of Abandoned Property Delivered to Administrator
(a) Except as provided in this subsection, all abandoned property under this title, other than money delivered to the Administrator under this title, shall be offered for sale by the Administrator within 1 year of delivery. The sale shall be to the highest bidder at public sale in whatever place in the State affords the most […]
Section 17-317 – Disposition of Funds Received Under Title
(a) (1) All funds received under this title, including the proceeds of the sale of abandoned property under § 17–316 of this subtitle, shall be credited by the Administrator to a special fund. The Administrator shall retain in the special fund at the end of each fiscal year, from the proceeds received, an amount not to exceed […]
Section 17-318 – Filing Claim to Property or Proceeds of Sale
Any person who claims a legal interest in any property delivered to the State under this title must file a claim to the property or to the proceeds from its sale on the form prescribed by the Administrator.
Section 17-319 – Consideration of Claim by Administrator; Payment of Claim; Interest
(a) (1) The Administrator shall consider any claim filed under this title and may hold a hearing and receive evidence concerning it. (2) If a hearing is held, he shall prepare a finding and a decision in writing on each claim filed, stating the substance of any evidence heard by him and the reasons for his decision. The […]