| | | Be it enacted by the People of the State of Maine as follows: |
|
| | | Sec. 1. 33 MRSA §1954, as enacted by PL 1997, c. 508, Pt. A, §2 and | | affected by §3, is repealed and the following enacted in its | | place: |
|
| | | §1954.__Property in safekeeping depository or held by landlord or |
|
| | | 1.__Contents of safe deposit box or other safekeeping | | depository.__Tangible property held in a safe deposit box or | | other safekeeping depository in this State in the ordinary course | | of the holder's business and proceeds resulting from the sale of | | the property permitted by other law are presumed abandoned if the | | property and proceeds remain unclaimed by the owner for more than | | 5 years after expiration of the lease or rental period on the box | | or other depository. |
|
| | | 2.__Property held by landlords. Tangible property held by a | | landlord that has been left on the premises after a tenant has | | terminated tenancy or vacated the premises is presumed abandoned | | if it has not been claimed within 14 days after written notice | | has been sent by first class mail with proof of mailing to the | | last known address of the tenant or if the tenant has not taken | | possession of the property within 10 days after claiming | | ownership. |
|
| | | A.__Tangible property presumed to be abandoned under this | | subsection that has a fair market value of $500 or more must | | be reported to the administrator as required by this Act.__ | | If the administrator refuses delivery of the property and | | authorizes a holder to sell that property, the landlord | | shall sell the property in a commercially reasonable manner | | in accordance with any requirements imposed by the | | administrator. |
|
| | | (1)__After the sale of the property, the landlord may | | apply any proceeds from the sale to unpaid rent, | | damages to the premises and the expenses of storage, | | notice and sale.__Any balance and the records of the | | sale must be reported and delivered to the | | administrator in accordance with the provisions of this | | Act. |
|
| | | (2)__The record of the sale must include the name of | | the owner prior to the sale, a description of the | | property, the proceeds of the sale, any deductions | | authorized under subparagraph (1) and the balance | | remaining. |
|
| | | B.__Tangible property presumed to be abandoned under this | | subsection may be sold by the landlord in accordance with |
|
|
