Maine Revised Statutes

§1956. Dormancy charge

A holder may deduct from property presumed abandoned a charge imposed by reason of the owner's failure to claim the property within a specified time only if there is a valid and enforceable written contract between the holder and the owner under which the holder may impose the charge and the holder regularly imposes the charge, which is not regularly reversed or otherwise canceled. The amount of the deduction is limited to an amount that is not unconscionable. Nothing in this section prevents the holder from deducting fees or charges in lieu of those fees or charges related to the owner's failure to claim the property within a specified period of time when such fees or charges are deducted from the property before the date the property is presumed abandoned. [1999, c. 284, §6 (AMD).]

SECTION HISTORY
1997, c. 508, §A2 (NEW). 1997, c. 508, §A3 (AFF). 1999, c. 284, §6 (AMD).

Data for this page extracted on 12/03/2013 12:02:31.