| Be it enacted by the People of the State of Maine as follows: |
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| | 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 A, §2 and | affected by §3, is repealed and the following enacted in its | place: |
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| §1954.__Property in safekeeping depository or held by landlord or |
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| | 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. |
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| | 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. |
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| 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. |
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| (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. |
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| (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. |
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| B.__Tangible property presumed to be abandoned under this | subsection may be sold by the landlord in accordance with |
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