Maryland Commercial Law Section 17-317

Article - Commercial Law

§ 17-317.

      (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 $50,000, from which sum the Administrator shall pay any claim allowed under this title.

            (2)      After deducting all costs incurred in administering this title from the remaining net funds the administrator shall distribute $500,000 to the Maryland Legal Services Corporation to support the activities of the corporation.

            (3)      After making the distribution required under paragraph (2) of this subsection, the Administrator shall distribute the remaining net funds not retained under paragraph (1) of this subsection to the General Fund of the State.

      (b)      Before making the distribution, the Administrator shall record the name and last known address, if any, of the owners of funds so distributed and the type of property which the funds distributed represent. The record shall be available for public inspection during reasonable business hours by any person who claims a legal interest in any property held by the Administrator, provided that the person gives prior notice to the Administrator.



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