Sec. 1. 33 MRSA §1953, sub-§1, ¶E, as enacted by PL 1997, c. 508, Pt. A, §2 and affected by §3, is amended to read:

E. A demand, savings or time deposit, including a deposit that is automatically renewable, 5 years after the earlier of maturity or the date of the last indication by the owner of interest in the property; but a deposit that is automatically renewable is deemed matured for purposes of this section upon its initial date of maturity, unless the owner has consented to a renewal at or about the time of the renewal and the consent is in writing or is evidenced by a memorandum or other record on file with the holder;.__In the case of certain types of deposits, the following rules apply:

(1)__In the case of a deposit that is automatically renewable, the earlier of 20 years after the date of the last indication of interest by the owner or 5 years after the date of maturity following written notice by the owner of an intent not to renew the deposit;

(2)__In the case of a deposit for a mortuary trust account, 5 years after the last indication of interest by the owner following the date on which the owner reaches 70 years of age; and

(3)__In the case of a demand or savings account for the benefit of a minor 5 years after the last indication of interest by the owner following the date on which the minor arrives at the age of majority;

Sec. 2. 33 MRSA §1953, sub-§1, ¶N, as enacted by PL 1997, c. 508, Pt. A, §2 and affected by §3, is amended to read:

N. Property in an individual retirement account, defined benefit plan or other account or plan that is qualified for tax deferral under the income tax laws of the United States, including property described in this subsection, 3 years after the earliest of the date of the distribution or attempted distribution of the property, the date of the required distribution as stated in the plan or trust agreement governing the plan or the date, if determinable by the holder, specified in the income tax laws of the United States by which distribution of the property must begin in order to avoid a tax penalty; and

Sec. 3. 33 MRSA §1953, sub-§4, ¶¶C and D, as enacted by PL 1997, c. 508, Pt. A, §2 and affected by §3, are amended to read: