(a) (1) For purposes of this section and subject to paragraph (2) of this subsection, a holder shall be deemed to no longer have a valid address for the owner of the property as of the later of:

(i) The date a second communication is returned by the U.S. Postal Service to a holder as undeliverable to an apparent owner, if:

1. The holder sent the second communication to the apparent owner by first-class mail; and

2. A previous communication was:

A. Sent by first-class mail;

B. Sent immediately preceding the second communication; and

C. Returned by the U.S. Postal Service to the holder as undeliverable to the apparent owner; or

(ii) The date a previous communication is returned by the U.S. Postal Service to a holder as undeliverable to an apparent owner, if the holder:

1. Sent the previous communication to the apparent owner:

A. By first-class mail; and

B. Immediately preceding a second communication; and

2. Sent the second communication to the apparent owner:

A. By first-class mail; and

B. More than 30 days after the previous communication under this subparagraph was sent.

(2) (i) Subject to subparagraph (ii) of this paragraph, if the holder does not send communications to an apparent owner by first-class mail, the holder shall attempt to confirm the apparent owner’s interest in the property by e-mailing the apparent owner not later than 2 years after the apparent owner’s last indication of interest in the property.

(ii) The holder shall promptly attempt to contact the apparent owner by first-class mail if:

1. The holder does not have the information needed to send an e-mail to the apparent owner;

2. The holder believes the apparent owner’s e-mail address in the holder’s records is not valid;

3. The holder receives notification that the e-mail was not received; or

4. The apparent owner does not respond to the e-mail communication within 30 days after the e-mail was sent.

(iii) 1. If a mailing sent in accordance with subparagraph (ii) of this paragraph is returned by the U.S. Postal Service to the holder as undeliverable to the apparent owner, the mailing shall constitute a communication for purposes of paragraph (1) of this subsection.

2. If a mailing sent in accordance with subparagraph (ii) of this paragraph is not returned by the U.S. Postal Service to the holder as undeliverable to the apparent owner, the holder shall be presumed to have a valid address for the owner of the property.

(b) 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 is presumed abandoned 3 years after the later of:

(1) The date the holder is deemed to no longer have a valid address for the owner of the property; or

(2) The date the owner last communicated with the business association regarding the property if:

(i) It is held by a business association organized under the laws of or created in this State;

(ii) 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

(iii) 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.

(c) This section shall apply to the stock or other certificate of ownership on, for or from which the amounts described in subsection (b) of this section have been presumed abandoned only if:

(1) The holder is deemed to no longer have a valid address for the owner of the property for the preceding 3 years; or

(2) The owner of said underlying stock or certificate has not, within the 3-year period giving rise to the presumption of abandonment:

(i) Communicated in writing with the association regarding the interest or a dividend, distribution, or other sum payable as a result of the interest; or

(ii) 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.

(d) (1) 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.

(2) 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.

(3) 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.

(e) (1) The running of the 3-year period of abandonment ceases immediately upon:

(i) The holder obtaining a valid address for the owner of the property; or

(ii) The occurrence of a communication referred to in subsection (c)(2) of this section.

(2) 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.

(f) 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.

(g) 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:

(1) The holder is deemed to no longer have a valid address for the owner of the stock or other intangible ownership interest; or

(2) The owner has not within 3 years communicated in any manner described in subsection (c)(2) of this section.

(h) (1) 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.

(2) 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.