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Can you summarize MDCM Com. Law, Title 17, Subtitle 3?
Short Summary
These legal documents, found in the Code of Maryland under Commercial Law, Title 17, SubTitle 3, govern the treatment of abandoned property held by various entities. They establish criteria for determining when a holder no longer has a valid address for the owner of the property and outline requirements for sending communications to apparent owners. The documents specify timeframes after which certain types of property are presumed abandoned and address the custody of unclaimed property by the State. Exemptions include certain types of deposits subject to court orders, ownership interests in automatic reinvestment plans, and property subject to the laws of another state. The documents also cover the imposition of charges on dormant or inactive accounts, the reporting of abandoned property, the notice requirements, the handling of abandoned property, the examination of records, and the issuance of subpoenas. They grant the Administrator the authority to enter into agreements with other states and provide immunity to the State and its officers for actions taken in accordance with the documents. No specific penalties are mentioned in these documents.
Whom does it apply to?
Banking or financial organizations, business associations, utilities, shareholders, certificate holders, members, bondholders, security holders, fiduciaries, courts, public corporations, public authorities, public officers, self-service storage facilities, and holders of unclaimed wages or outstanding payroll checks.
What does it govern?
The treatment of abandoned property held by banking or financial organizations, business associations, utilities, and other entities.
What are exemptions?
Exemptions include demand, savings, or matured time deposits subject to the order of any court of Maryland, certain types of ownership interests enrolled in automatic reinvestment plans, and property that may be claimed as abandoned or escheated under the laws of another state.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Maryland