Maryland Code, COMMERCIAL LAW 17-313
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maryland Code, COMMERCIAL LAW 17-313
- Administrator: includes an executor and a personal representative. See
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
On the payment or delivery of any abandoned property under this title to the Administrator, the State shall assume custody and shall be responsible for its safekeeping. Any person who pays or delivers abandoned property to the Administrator under this title is relieved of all liability, to the extent of the value of the property paid or delivered, for any claim which exists or may arise with respect to the property. Any holder who has paid money to the Administrator under this title may make payment to any person who appears to the holder to be entitled to it and, on proof of the payment and proof that the payee was entitled to it, the Administrator immediately shall reimburse the holder for the payment.