2013 Maryland Code
COMMERCIAL LAW
§ 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

§17-308.

(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 deducting any lawful charges, that is held or owing in the ordinary course of the holder’s business and has remained unclaimed by the owner for more than 3 years after it became payable or distributable, is presumed abandoned.

(c) Property is payable or distributable for the purpose of this title notwithstanding the owner’s failure to make demand or to present any instrument or document required to receive payment.

(d) Property is reportable to this State under subsection (b) of this section under the priority rules established under § 17-301(c) of this subtitle.

§ 17-308 - 1. Charges or cessation of benefits on dormant or inactive accounts

(a) In general. -- 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 written contract between the holder and the owner which specifies the amount or rate of the charges and that the benefit will cease;

(2) For property in excess of $ 2, the holder gives written notice to the owner at the owner's last known address before the proposed action; and

(3) The holder imposes charges or ceases accrual or payment of benefits on all dormant or inactive accounts, and does not reverse or otherwise cancel the charges or retroactively pay or accrue benefits with respect to those accounts.

(b) Money order. -- A holder may consider a money order dormant or inactive for purposes of imposing a service charge if the owner has taken none of the actions set forth in § 17-301 (a)(3) of this subtitle for 1 year from the date of issuance of the money order.

(c) Action prior to July 1, 1981. -- The notice required in this section is not required with respect to charges imposed or benefits that ceased prior to July 1, 1981.

§ 17-308 - 2. Notification of apparent owner of presumed abandoned property

Not more than 120 days or less than 30 days before the filing of the report required under § 17-310 of this subtitle, the holder in possession of presumed abandoned property shall send a written notice by first-class mail to the apparent owner of presumed abandoned property valued at $ 100 or more to the owner's last known address informing the owner that:

(1) The holder is in possession of property subject to the provisions of this title; and

(2) The property will be considered abandoned unless the owner responds within 30 days of the notification to the holder.