Ask Reggi Your Question Now
Can you summarize MDCM Com. Law, Title 17?
Commercial Law
Short Summary
The provided legal document contains definitions for various terms used in the Code of Maryland, Commercial Law, Title 17, SubTitle 1. It also includes an agreement between the Administrator and the federal government regarding abandoned property in federal custody. The agreement outlines the responsibilities of the Administrator to discover abandoned property in federal custody and institute proceedings for a judicial determination of Maryland’s rights to receive custody of any abandoned property. The document specifies the delivery of tangible abandoned property acquired in Maryland and held in federal custody to the Administrator, and the delivery of intangible abandoned property with a last known address in Maryland to the Administrator. The agreement also includes provisions for the State to pay its share of costs incurred by the federal government. The document further states that the State consents to suit by any claimant against the federal government and that any defense of the federal government is available to the State. The Governor is responsible for certifying the provisions of the agreement to the federal government. The document also outlines the process for reporting abandoned property in federal custody and the rights of individuals to claim the property. The expiration of limitations does not affect the State’s right to acquire abandoned property. The legal documents found in the Code of Maryland, 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. The legal document found in the Code of Maryland, Commercial Law, Title 17, SubTitle 4, governs various aspects related to property loans and acquisitions by museums. It outlines the requirements for notices given by museums when loaning property and provides provisions for the application of conservation measures. The document also covers the acquisition of unsolicited donations and undocumented property by museums, as well as the acquisition and termination of loaned property. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
The definitions provided in this document apply to individuals, business associations, corporations, trusts, partnerships, and other legal or commercial entities. The agreement between the Administrator and the federal government applies to the State of Maryland and the federal government. The provisions related to abandoned property apply to holders of abandoned property, the Administrator, the federal government, and individuals asserting an interest in abandoned property in federal custody. The provisions related to property loans and acquisitions by museums apply to museums and lenders or donors of property.
What does it govern?
The legal document provides definitions for various terms used in the Code of Maryland, specifically in the Commercial Law, Title 17, SubTitle 1. It also governs the agreement between the Administrator and the federal government regarding abandoned property in federal custody. Additionally, it governs the treatment of abandoned property held by various entities and the requirements for notices given by museums when loaning or acquiring property.
What are exemptions?
The document providing definitions does not mention any exemptions. The agreement between the Administrator and the federal government does not provide exemptions, but it specifies that tangible abandoned property initially acquired in Maryland and held in federal custody shall be delivered to the Administrator, unless federal law provides otherwise. The provisions related to abandoned property do not apply to certain types of property, such as gift certificates, credits in connection with the sale of consumer goods, outstanding checks or credits issued to vendors or commercial customers, credit balances in vendor or commercial customer accounts, and purchase price rebates issued to customers. The provisions related to property loans and acquisitions by museums do not mention any exemptions.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Maryland