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§ 17-317. Disposition of funds

West's Annotated Code of MarylandCommercial LawEffective: July 1, 2023

West's Annotated Code of Maryland
Commercial Law
Title 17. Disposition of Abandoned Property (Refs & Annos)
Subtitle 3. Abandoned Property in this State (Refs & Annos)
Effective: July 1, 2023
MD Code, Commercial Law, § 17-317
§ 17-317. Disposition of funds
Currentness
(a)(1)(i) All funds received under this title, including the proceeds of the sale of abandoned property under § 17-316 of this subtitle, shall be credited by the Administrator to a special fund.
(ii) The Administrator shall retain in the special fund at the end of each fiscal year, from the proceeds received, an amount not to exceed $50,000, from which sum the Administrator shall pay any claim allowed under this title.
(2) After deducting all costs incurred in administering this title from the remaining net funds the Administrator shall distribute $8,000,000 to the Maryland Legal Services Corporation Fund established under § 11-402 of the Human Services Article.
(3)(i) Subject to subparagraph (ii) of this paragraph, the Administrator shall distribute all unclaimed money from judgments of restitution under Title 11, Subtitle 6 of the Criminal Procedure Article to the State Victims of Crime Fund established under § 11-916 of the Criminal Procedure Article to assist victims of crimes and delinquent acts to protect the victims' rights as provided by law.
(ii) If a victim entitled to restitution that has been treated as abandoned property under § 11-614 of the Criminal Procedure Article is located after the money has been distributed under this paragraph, the Administrator shall reduce the next distribution to the State Victims of Crime Fund by the amount recovered by the victim.
(4) For each of fiscal years 2024 through 2027, after making the distributions required under paragraphs (2) and (3) of this subsection, the Administrator shall distribute $14,000,000 from the remaining net funds to the Access to Counsel in Evictions Special Fund under § 8-909 of the Real Property Article.
(5) After making the distributions required under paragraphs (2), (3), and (4) of this subsection, the Administrator shall distribute the remaining net funds not retained under paragraph (1) of this subsection to the General Fund of the State.
(b)(1) Before making the distribution, the Administrator shall record the name and last known address, if any, of the owners of funds so distributed and the type of property which the funds distributed represent.
(2) The record shall be available for public inspection during reasonable business hours by any person who claims a legal interest in any property held by the Administrator, provided that the person gives prior notice to the Administrator.

Credits

Added by Acts 1975, c. 49, § 3, eff. July 1, 1975. Amended by Acts 1981, c. 752; Acts 1981, c. 773, § 2; Acts 1981, c. 774, § 2; Acts 1982, c. 17, § 5; Acts 1984, c. 526; Acts 1985, c. 602, § 2; Acts 1992, 1st Sp. Sess., c. 1, § 7; Acts 2007, c. 125, § 1, eff. Oct. 1, 2007; Acts 2007, c. 126, § 1, eff. Oct. 1, 2007; Acts 2013, c. 552, § 1, eff. July 1, 2013; Acts 2013, c. 553, § 1, eff. July 1, 2013; Acts 2017, c. 839, § 1, eff. July 1, 2017; Acts 2021, c. 678, § 2, eff. July 1, 2021; Acts 2021, c. 679, § 1, eff. July 1, 2021; Acts 2021, c. 806, § 1, eff. July 1, 2021; Acts 2021, c. 807, § 1, eff. July 1, 2021; Acts 2022, c. 40, § 1, eff. July 1, 2022; Acts 2023, c. 495, § 1, eff. July 1, 2023; Acts 2023, c. 496, § 1, eff. July 1, 2023; Acts 2023, c. 641, § 1, eff. July 1, 2023.
MD Code, Commercial Law, § 17-317, MD COML § 17-317
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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