2866

LAWS OF MARYLAND

Ch. 773

(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 funds or other tangible or intangible
personal property removed from a safe deposit box, other
safekeeping repository, or agency or collateral deposit box
in the State on which the lease or rental period has expired
[due to nonpayment of rental charges or other reason,] or
any surplus amounts arising from the sale of the property
pursuant to law, that have been unclaimed by the owner for
more than [15] 5 years from the date on which the lease or
rental period expired.

(5)  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.

17-106.

(a) (1) Unclaimed funds, as defined in paragraph (2)
of this subsection, held and owing by a life insurance
corporation, shall be presumed abandoned if the last known
address of the person entitled to the funds, according to
the records of the corporation, is in the State. If a person
other than the insured or annuitant is entitled to the funds
and the address of the person is not known to the
corporation or if it is not definite and certain from the
records of the corporation which person is entitled to the
funds, it is presumed that the last known address of the
person entitled to the funds is the same as the last known
address of the insured or annuitant according to the records
of the corporation.

(2) "Unclaimed funds," as used in this
subsection, means all money held and owing by any life
insurance corporation unclaimed and unpaid for more than
[seven] 5 years after the money becomes due and payable, as
established from the records of the corporation under any
life or endowment insurance policy or annuity contract which
has matured or terminated. A life insurance policy not
matured by actual proof of the death of the insured is
considered to he matured and its proceeds are considered due
and payable if the policy was in force when the insured
attained the limiting age under the mortality table on which
the reserve is based, unless, within the preceding [seven] 5
years, the person entitled to the proceeds has:

(i) Assignee, readjusted, or paid premiums
on the policy, or subjected the policy to loan; or

(ii) Corresponded in writing with the life
insurance corporation concerning the policy.