Md. Code, Commercial Law § 17-202
This is the official text of Md. Code, Commercial Law § 17-202, part of Maryland’s Code, Commercial Law — governs commercial transactions - Maryland's version of the Uniform Commercial Code.
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§17–202.
Official statutory 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.
(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.
Status: in_force · Read it on the official government site
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