Maryland Commercial Law Section 17-202

Article - Commercial Law

§ 17-202.

      (a)      The Administrator shall endeavor to enter into an agreement with the federal government concerning abandoned property in federal custody.

      (b)      The agreement shall provide:

            (1)      Unless federal law provides otherwise, that tangible abandoned property in federal custody that was initially acquired in this State shall be delivered to the Administrator;

            (2)      That if the last known address of any owner of intangible abandoned property in federal custody is in this State:

                  (i)      The situs of the abandoned property is in this State, and the abandoned property shall be delivered to the Administrator; and

                  (ii)      That the address of any other owner of the abandoned property in federal custody is determined by federal law;

            (3)      For payment of the State's proportionate share of costs incurred by the federal government in:

                  (i)      Investigating records of abandoned property;

                  (ii)      Reporting information about abandoned property to the Administrator; and

                  (iii)      Delivering the abandoned property to the Administrator;

            (4)      The manner and times of payment, including a provision that payments may be made at stated times over a period of years;

            (5)      That this State indemnifies the federal government against any claim made as a result of the delivery of abandoned property to this State under the agreement; and

            (6)      That the Attorney General of this State shall intervene in any action or proceeding brought against the federal government as a result of action taken in accordance with the agreement.



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