(a) Except as provided in this subsection, all abandoned property under this title, other than money delivered to the Administrator under this title, shall be offered for sale by the Administrator within 1 year of delivery. The sale shall be to the highest bidder at public sale in whatever place in the State affords the most favorable market for the property involved. The Administrator may decline the highest bid and reoffer the property for sale if the price bid is insufficient. The Administrator need not offer any property for sale if, the probable cost of sale exceeds the Administrator’s estimation of the value of the property.
(b) Any sale held under this section shall be preceded by a single publication of notice at least three weeks in advance of the sale in a newspaper of general circulation in the county where the property is to be sold.
(c) The purchaser at any sale conducted by the Administrator under this section shall receive title to the property purchased, free from every claim of the owner or prior holder of it and of every person who claims through or under them. The Administrator shall execute all documents necessary to complete the transfer of title.
(d) No action by any person may be brought or maintained against the State or any officer of the State for or on account of any transaction entered into pursuant to and in accordance with the provisions of this section.
Structure Maryland Statutes
Title 17 - Disposition of Abandoned Property
Subtitle 3 - Abandoned Property in This State
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 17-308.1 - 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 17-311 - Notice to Persons Who Appear to Be Owners of Abandoned Property
Section 17-312 - Delivery of Abandoned Property to Administrator
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 17-323 - Enforcement and Penalties
Section 17-324 - Interstate Cooperation