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§ 17-101. Definitions

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 1. Definitions; General Provisions (Refs & Annos)
Effective: July 1, 2023
MD Code, Commercial Law, § 17-101
§ 17-101. Definitions
Currentness
(a) In this title the following words have the meanings indicated.
(b)(1) “Abandoned property” means personal property that is considered abandoned under this title.
(2) “Abandoned property” includes property in the custody of the federal government that is classified as “unclaimed property” under federal law.
(c) “Administrator” means the State Comptroller.
(d) “Banking organization” means any bank, trust company, savings bank, land bank, and any other similar organization engaged in business in the State.
(e) “Business association” means any corporation, joint stock company, business trust, statutory trust, partnership, or any association for business purposes of two or more individuals.
(f) “County” includes Baltimore City.
(g) “Federal government” includes any of its agencies or instrumentalities.
(h) “Financial organization” means any savings and loan association or credit union engaged in business in the State.
(i) “Holder” means any person who is:
(1) In possession of property subject to this title belonging to another;
(2) A trustee, in the case of a trust; or
(3) Indebted to another on an obligation subject to this title.
(j) “Insurance corporation” means any association or corporation transacting in the State the business of insurance on the lives of persons or insurance pertaining to life insurance, including endowments and annuities, disability, accident and health insurance, and property, casualty, and surety insurance, as these terms are defined in the Insurance Article.
(k) “Owner” means:
(1) In the case of a deposit, a depositor or a person entitled to receive the funds as reflected on the records of the bank or financial organization;
(2) In the case of a trust, a beneficiary;
(3) In the case of other choses in action, a creditor, claimant, or payee;
(4) In the case of abandoned property in federal custody, the person who is defined as the owner by any applicable federal law; or
(5) Any person who has a legal or equitable interest in property subject to this title, or the legal representative of that person.
(l) “Person” includes the State, any county, municipal corporation, or other political subdivision of the State, or any of their units, an individual, business association, corporation, business trust, statutory trust, estate, trust, partnership, association, two or more persons having a joint or common interest, or any other legal or commercial entity.
(m) “Personal property” does not include:
(1) A gift certificate;
(2) Credits in connection with the sale of consumer goods to a wholesaler or retailer in the ordinary course of business;
(3) Outstanding checks or credits issued to vendors or commercial customers in the ordinary course of business, other than property described in § 17-301(a) of this title held by a banking organization or financial organization;
(4) Credit balances in vendor or commercial customer accounts that occur in the ordinary course of business, other than property described in § 17-301(a) of this title held by a banking organization or financial organization; or
(5) Purchase price rebates issued to customers in the ordinary course of business.
(n) “Service charge” means any type of deduction or charge made by a holder on property presumed abandoned under this title.
(o) “Utility” means any person who owns or operates in the State, for public use, any plant, equipment, property, franchise, or license for the transmission of communications, for the production, storage, transmission, sale, delivery, or furnishing of electricity, water, steam, or gas, or for the transportation of persons or property.

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 1996, c. 584, § 1, eff. June 1, 1996; Acts 1997, c. 70, § 4, eff. Oct. 1, 1997; Acts 1997, c. 732, § 1, eff. Oct. 1, 1997; Acts 1998, c. 663, § 1, eff. June 1, 1998; Acts 2007, c. 125, § 1, eff. Oct. 1, 2007; Acts 2007, c. 126, § 1, eff. Oct. 1, 2007; Acts 2010, c. 611, § 2, eff. June 1, 2010; Acts 2021, c. 678, § 2, eff. July 1, 2021; Acts 2021, c. 679, § 1, eff. July 1, 2021; Acts 2022, c. 40, § 1, eff. July 1, 2022; Acts 2022, c. 648, § 1, eff. Oct. 1, 2022; Acts 2023, c. 641, § 1, eff. July 1, 2023.
Formerly Art. 95C, § 1.
MD Code, Commercial Law, § 17-101, MD COML § 17-101
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.
End of Document