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Unclaimed Property in Maryland Laws and Regulations

Use MD state unclaimed property laws and regulations to return and locate unclaimed property

By Emmet McMahan
Unclaimed property in Maryland laws and regulations are partially derived from the common law of property. They generally define unclaimed property as property which has left the original owner’s possession without directly entering the possession of another party.

Maryland state unclaimed property laws that are relevant to a particular case depend heavily on the circumstances under which the unclaimed property is found. Unclaimed property may generally be grouped into the following categories:
  1. Lost property is found in a location where the owner did not intend to leave it and is not likely to find it. The finder of unclaimed property in MD is entitled to possession against everyone but the true owner. One exception to this rule occurs when a trespasser finds lost property while on private land.
  2. Mislaid property is found in a location where the owner did intend to leave it and simply forgot to pick it up. Mislaid property must be returned to the owner.
  3. Maryland abandoned property is found in a place where the owner intended to leave it. However, the condition of the property is such that it is unlikely that the true owner intends to reclaim it. Abandoned property belongs to the finder.

 

Study the laws that relate to owners of Maryland unclaimed properties

Laws on unclaimed property commonly determine when unclaimed property must be returned to the owner. Unclaimed property laws and regulations represent a valuable resource for owners who wish to locate their unclaimed property. The Comptroller of Maryland is in charge of locating unclaimed property for an individual.
Try: The National Institutes of Health provides its regulations concerning the ownership of unclaimed property in Maryland. The Maryland and District of Colombia Credit Union Association provides the laws on returning unclaimed credit union accounts in Maryland to their owners.

Review the laws that are specific to holders of state of Maryland unclaimed property

These laws most commonly affect financial institutions that have inactive or dormant accounts. They can also determine when the holder becomes the owner of the unclaimed property.
Try: The National Association of Credit Management in Maryland provides an overview of the laws that apply to holders of unclaimed property. The Maryland General Assembly has laws for financial institutions that hold unclaimed funds.

Examine state of MD unclaimed property law that is specific to finders

Unclaimed property laws for finders may regulate fees that the finder may charge the owner for delivering, locating or recovering the unclaimed property. These laws may also determine when found property reverts to the finder.
Try: The Town of Bel Air specifically addresses the rights of finders of unclaimed property. Title 4, Subtitle 3 of the Howard County Code provided by Municipal Code Corporation contains the rules for finders of unclaimed property in Howard County.

 

  • The Uniform Unclaimed Property Act is a key piece of federal legislation that affects Maryland unclaimed property. The Act seeks to address the problems of unclaimed property that arise from its origins in English common law. The National Conference of Commissioners on Uniform State Laws first drafted the Uniform Unclaimed Property Act in 1981 and last revised it in 1995.

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