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 17-304 – When Property Presumed Abandoned — Stock or Sum Held by Business Association
(a) Any stock or other certificate of ownership, or any dividend, profit, distribution, interest, payment on principal, or other sum held by a business association for or to a shareholder, certificate holder, member, bondholder or other security holder, or participating patron of a cooperative, who has not claimed it or corresponded in writing with the business […]
Section 17-305 – When Property Presumed Abandoned — Personal Property Distributable on Forfeiture of Charter or Voluntary Dissolution of Business Association
All tangible or intangible personal property distributable on forfeiture of the charter or voluntary dissolution of a business association, banking organization, or financial organization organized under the laws of this State, that is unclaimed by the owner 60 days after the date of final distribution, is presumed abandoned.
Section 17-306 – When Property Presumed Abandoned — Intangible Personal Property Held in Fiduciary Capacity
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 3 years after it becomes payable or distributable, the owner has increased or decreased the principal, accepted payment of principal or income, corresponded in writing concerning the property, […]
Section 17-307 – When Property Presumed Abandoned — Intangible Personal Property Held by Court or Public Authority
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 3 years is presumed abandoned.
Section 17-307.1 – When Property Presumed Abandoned — Unclaimed Proceeds From Sale of Personal Property at Self-Service Storage Facility
The balance of the proceeds from the sale of personal property stored at a self–service storage facility that is unclaimed after the expiration of the 1 year period specified in § 18–504(e) of this article is presumed abandoned.
Section 17-308 – Unclaimed Wages, Outstanding Payroll Checks, or Intangible Personal Property Held or Owing in Ordinary Course of Holder’s Business; Failure to Make Demand
(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 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 […]
Section 17-308.1 – Charges or Cessation of Benefits on Dormant or Inactive Accounts
(a) A holder may not impose any charges on a dormant or inactive account or cease payment or accrual of any benefits, including dividends or interest on property during the period of time giving rise to the presumption of abandonment unless: (1) The charges or cessation of any benefit are provided for in a valid, enforceable and […]