If specific property which is subject to the provisions of this subtitle is held for an owner whose last known address is in another state, the specific property is not presumed abandoned in this State and is not subject to this subtitle if:

(1) It may be claimed as abandoned or escheated under the laws of the other state; and

(2) The laws of the other state make reciprocal provision that similar specific property is not presumed abandoned or escheatable by the other state when held for an owner whose last known address is in this State.