§ 17-202. Agreement with federal government

   (a) Duty of Administrator. -- The Administrator shall endeavor to enter into an agreement with the federal government concerning abandoned property in federal custody.

(b) Contents of agreement. -- The agreement shall provide:

   (1) Unless federal law provides otherwise, that tangible abandoned property in federal custody that was initially acquired in this State shall be delivered to the administrator;

   (2) That if the last known address of any owner of intangible abandoned property in federal custody is in this State:

      (i) The situs of the abandoned property is in this State, and the abandoned property shall be delivered to the Administrator; and

      (ii) That the address of any other owner of the abandoned property in federal custody is determined by federal law;

   (3) For payment of the State's proportionate share of costs incurred by the federal government in:

      (i) Investigating records of abandoned property;

      (ii) Reporting information about abandoned property to the Administrator; and

      (iii) Delivering the abandoned property to the Administrator;

   (4) The manner and times of payment, including a provision that payments may be made at stated times over a period of years;

   (5) That this State indemnifies the federal government against any claim made as a result of the delivery of abandoned property to this State under the agreement; and

   (6) That the Attorney General of this State shall intervene in any action or proceeding brought against the federal government as a result of action taken in accordance with the agreement.

HISTORY: 1981, ch. 752; 2005, ch. 25, § 13.