§ 17-202

Maryland § 17-202

• Jurisdiction: Maryland
• Article gcl: Commercial Law
• Title: 17

Text

(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.