Maryland Statutes
Subtitle 3 - Abandoned Property in This State
Section 17-304 - When Property Presumed Abandoned -- Stock or Sum Held by Business Association

(a)    Any stock or other certificate of ownership, or any dividend, profit, distribution, interest, payment on principal, or other sum held by a business association for or to a shareholder, certificate holder, member, bondholder or other security holder, or participating patron of a cooperative, who has not claimed it or corresponded in writing with the business association concerning it within 3 years after the date prescribed for payment or delivery, is presumed abandoned if:
        (1)    It is held by a business association organized under the laws of or created in this State;
        (2)    It is held by a business association doing business in this State but not organized under the laws of this State, and the records of the business association indicate that the last known address of the person entitled to it is in this State; or
        (3)    It is held by a business association not doing business in this State and not organized under the laws of this State, but the records of the business association indicate that the last known address of the person entitled to it is in this State.
    (b)    This section shall apply to the stock or other certificate of ownership on, for or from which the amounts described in subsection (a) of this section have been presumed abandoned if the owner of said underlying stock or certificate has not, within the 3-year period giving rise to the presumption of abandonment:
        (1)    Communicated in writing with the association regarding the interest or a dividend, distribution, or other sum payable as a result of the interest; or
        (2)    Otherwise communicated with the association regarding the interest or a dividend, distribution, or other sum payable as a result of the interest, as evidenced by a memorandum or other record on file with the association prepared by an employee of the association.
    (c)    At the expiration of a 3-year period following the failure of the owner to claim a dividend, distribution, or other sum payable to the owner as a result of the interest, the interest is not presumed abandoned unless there have been at least 3 dividends, distributions, or other sums paid during the period, none of which has been claimed by the owner. If 3 dividends, distributions, or other sums are paid during the 3-year period, the period leading to a presumption of abandonment commences on the date payment of the first such unclaimed dividend, distribution, or other sum became due and payable. If 3 dividends, distributions, or other sums are not paid during the presumptive period, the period continues to run until there have been 3 dividends, distributions, or other sums that have not been claimed by the owner.
    (d)    The running of the 3-year period of abandonment ceases immediately upon the occurrence of a communication referred to in subsection (b) of this section. If any future dividend, distribution, or other sum payable to the owner as a result of the interest is subsequently not claimed by the owner, a new period of abandonment commences and relates back to the time a subsequent dividend, distribution, or other sum became due and payable.
    (e)    At the time an interest is presumed abandoned under this section, any dividend, distribution, or other sum then held for or owing to the owner as a result of the interest, and not previously presumed abandoned, is presumed abandoned.
    (f)    This section does not apply to any stock or other intangible ownership interest enrolled in a plan that provides for the automatic reinvestment of dividends, distributions, or other sums payable as a result of the interest unless the records available to the Administrator of the plan show, with respect to any intangible ownership interest not enrolled in the reinvestment plan, that the owner has not within 3 years communicated in any manner described in subsection (b) of this section.
    (g)    The holder of an interest under this section shall deliver a duplicate certificate or other evidence of ownership if the holder does not issue certificates of ownership to the Administrator. Upon delivery of a duplicate certificate to the Administrator, the holder and any transfer agent, registrar, or other person acting for or on behalf of a holder in executing or delivering the duplicate certificate is relieved of all liability of every kind in accordance with the provision of § 17-313 of this subtitle to every person, including any person acquiring the original certificate or the duplicate of the certificate issued to the Administrator, for any losses or damages resulting to any person by the issuance and delivery to the Administrator of the duplicate certificate.

Structure Maryland Statutes

Maryland Statutes

Commercial Law

Title 17 - Disposition of Abandoned Property

Subtitle 3 - Abandoned Property in This State

Section 17-301 - When Property Presumed Abandoned -- Tangible or Intangible Personal Property Held by Banking or Financial Organization or Business Association

Section 17-302 - When Property Presumed Abandoned -- Insurance Funds

Section 17-303 - When Property Presumed Abandoned -- Funds Held by Utility

Section 17-304 - When Property Presumed Abandoned -- Stock or Sum Held by Business Association

Section 17-305 - When Property Presumed Abandoned -- Personal Property Distributable on Forfeiture of Charter or Voluntary Dissolution of Business Association

Section 17-306 - When Property Presumed Abandoned -- Intangible Personal Property Held in Fiduciary Capacity

Section 17-307 - When Property Presumed Abandoned -- Intangible Personal Property Held by Court or Public Authority

Section 17-307.1 - When Property Presumed Abandoned -- Unclaimed Proceeds From Sale of Personal Property at Self-Service Storage Facility

Section 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

Section 17-308.1 - Charges or Cessation of Benefits on Dormant or Inactive Accounts

Section 17-308.2 - Notification of Apparent Owner of Presumed Abandoned Property

Section 17-309 - When Property Held for Owner in Another State Not Presumed Abandoned

Section 17-310 - Report by Holder of Property Presumed Abandoned

Section 17-310.1 - Report by Financial Organization, Insurance Corporation, or Utility Neither Holding nor Owing Abandoned Property

Section 17-311 - Notice to Persons Who Appear to Be Owners of Abandoned Property

Section 17-312 - Delivery of Abandoned Property to Administrator

Section 17-313 - Custody and Safekeeping of Property Delivered to Administrator; Former Holder Relieved of Liability; Reimbursement of Former Holder for Payment to Person Entitled

Section 17-315 - Effect of Expiration of Period of Limitation

Section 17-316 - Sale of Abandoned Property Delivered to Administrator

Section 17-317 - Disposition of Funds Received Under Title

Section 17-318 - Filing Claim to Property or Proceeds of Sale

Section 17-319 - Consideration of Claim by Administrator; Payment of Claim; Interest

Section 17-320 - Judicial Review of Administrator's Action

Section 17-321 - Administrator May Decline to Receive Certain Property

Section 17-322 - Examination of Records of Persons Who Have Failed to Report Property; Compelling Testimony; Contempt Proceedings

Section 17-323 - Enforcement and Penalties

Section 17-324 - Interstate Cooperation

Section 17-325 - Agreements to Pay Compensation

Section 17-326 - Short Title