§ 17-319.1
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/md/commercial-law/17-319-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§17–319.1.
(a)Not later than 6 months after a claim is allowed under § 17–318(a) of this subtitle, the Administrator shall deliver the property to the owner or pay to the owner the net proceeds of a sale of the property.
(b)The Administrator may apply property held under this title by the Administrator to a claim for the payment of a debt owed to the State identified by or certified to the Administrator, including debts for unpaid State, county, or municipal tax.
(c)Before delivery to an owner of property or payment to an owner for net proceeds of a sale of property, the Administrator shall:
(1)Apply the property or net proceeds to any debt under subsection
(b)of this section that the Administrator determines is owed by the owner;
(2)Pay the amount identified by or certified to the Administrator under subsection
(b)of this section; and
(3)Notify the owner of any payment toward a debt under subsection
(b)of this section that the Administrator determines is owed by the owner.
(1)The Administrator may make periodic inquiries of State and local agencies in the absence of a claim filed under § 17–318(a) of this subtitle to determine whether an apparent owner included in the unclaimed property records of the State has enforceable debts under subsection
(b)of this section.
(2)If the Administrator identifies an enforceable debt during a periodic inquiry, the Administrator shall:
(i)Apply the property or net proceeds of a sale of the property held by the Administrator to the debt of an apparent owner who appears in the records of the Administrator;
(ii)Pay the amount identified by or certified to the Administrator under subsection
(b)of this section; and
(iii)Notify the owner of any payment toward a debt under subsection
(b)of this section that the Administrator determines is owed by the owner.