Section 17-301 - When property presumed abandoned - Tangible or intangible personal property held by banking or financial organization or business association.
§ 17-301. When property presumed abandoned - Tangible or intangible personal property held by banking or financial organization or business association.
(a) In general.- The following property held by a banking or financial organization, or business association is presumed abandoned:
(1) Any demand, savings, or matured time deposit account made with a banking organization, together with any interest or dividend on it, excluding any charges that lawfully may be withheld, unless, within 3 years, the owner has:
(i) Increased or decreased the amount of the deposit;
(ii) Presented evidence of the deposit for the crediting of interest;
(iii) Corresponded in writing with the banking organization concerning the deposit;
(iv) Engaged in any credit, trust, or other deposit transaction with the banking organization; or
(v) Otherwise indicated an interest in the deposit as evidenced by a memorandum on file with the banking organization;
(2) Any funds paid toward the purchase of shares or other interest in a financial organization, or any deposit made with these funds, and any interest or dividends on these, excluding any charges that lawfully may be withheld, unless, within 3 years, the owner has:
(i) Increased or decreased the amount of the funds or deposit, or presented an appropriate record for the crediting of interest or dividends;
(ii) Corresponded in writing with the financial organization concerning the funds or deposit;
(iii) Engaged in any credit, share, or other deposit transaction with the financial organization; or
(iv) Otherwise indicated an interest in the funds or deposit as evidenced by a memorandum on file with the financial organization;
(3) Any sum payable on a check certified in this State or on a written instrument issued in this State on which a banking or financial organization or business association is directly liable, including any certificate of deposit, draft, traveler's check, and money order, that has been outstanding for more than 3 years from the date it was payable (or 15 years in the case of a traveler's check) or, if payable on demand, from the date of its issuance, unless, within 3 years or 15 years in the case of a traveler's check, the owner has:
(i) Corresponded in writing with the banking or financial organization or business association concerning it; or
(ii) Otherwise indicated an interest as evidenced by a memorandum on file with the banking or financial organization or business association; and
(4) Any property removed from a safekeeping repository on which the lease or rental period has expired or any surplus amounts arising from the sale of the property pursuant to law, that have been unclaimed by the owner for more than 3 years from the date on which the lease or rental period expired.
(b) Exceptions.- Nothing in this section shall be construed to apply to any demand, savings, or matured time deposits that are designated subject to the order of any court of this State.
(c) Additional requirements.- Property is subject to the custody of this State as unclaimed property if the conditions raising a presumption of abandonment under this section are met and:
(1) The last known address, as shown on the records of the holder, of the apparent owner is in this State;
(2) The records of the holder do not reflect the identity of the person entitled to the property and it is established that the last known address of the person entitled to the property is in this State;
(3) The records of the holder do not reflect the last known address of the apparent owner, and it is established that:
(i) The last known address of the person entitled to the property is in this State; or
(ii) The holder is a domiciliary or a government or governmental subdivision or agency of this State and has not previously paid or delivered the property to the State of the last known address of the apparent owner or other person entitled to the property;
(4) The last known address, as shown on the records of the holder, of the apparent owner is in a state that does not provide by law for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property and the holder is a domiciliary or a government or governmental subdivision or agency of this State;
(5) The last known address, as shown on the records of the holder, of the apparent owner is in a foreign nation and the holder is a domiciliary or a government or governmental subdivision or agency of this State; or
(6) The transaction out of which the property arose occurred in this State and:
(i) The last known address of the apparent owner or other person entitled to the property is unknown or the last known address of the apparent owner or other person entitled to the property is in a state that does not provide by law for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property; and
(ii) The holder is a domiciliary of a state that does not provide by law for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property.
[An. Code 1957, art. 95C, § 2; 1975, ch. 49, § 3; ch. 798; 1981, ch. 752; ch. 773, § 2; ch. 774, § 2; 1982, ch. 180; 1984, ch. 255; 1989, ch. 375; 1994, ch. 545; 1995, ch. 432; 2002, ch. 440, §§ 14, 20; 2003, ch. 36.]