In this Rule, "Client Protection Fund" means the Client Protection Fund of the Bar of Maryland.
Funds deposited in an attorney's trust account pursuant to Rule 19-404 for the benefit of a client or other person are presumed abandoned if:
(A) the beneficial owner affirmatively declined in writing to accept the funds, other than because of a dispute as to the amount owed; or
(B) after three years from the date the funds were deposited or were required to be deposited pursuant to that Rule, the attorney is unable to determine the identity or location of the beneficial owner after having made reasonable efforts to do so.
(c) Duty of Attorney upon Presumed Abandonment
(1) Upon determining that attorney trust funds are presumed abandoned pursuant to section (b) of this Rule, the attorney shall:
(A) comply with Code, Commercial Law Article, § 17-308.2, and
(B) prepare the requisite report and transmit it, together with the funds and any non-IOLTA accrued interest, to the State Comptroller in accordance with Code, Commercial Law Article, §§ 17-310 and 17-312.
(2) The transmission shall be accompanied by a report filed at the times specified and containing the information required by Code, Commercial Law Article, § 17-310.
(3) No such funds or report shall be transmitted to the Client Protection Fund.
(d) Transfer of Funds from Client Protection Fund
On or before October 31, 2022, the Client Protection Fund shall (1) prepare the reports required by Code, Commercial Law Article, § 17-310, and (2) transmit them, together with all attorney trust account funds that, on or prior to that date, were received by the Client Protection Fund and all non-IOLTA accrued interest thereon that have not previously been paid by the Client Protection Fund to persons lawfully entitled to those funds, to the State Comptroller, in accordance with Code, Commercial Law Article, §§ 17-310 and 17-312 and applicable regulations adopted by the Comptroller.
(e) Initial Compliance with this Rule
The first reports under this Rule shall be filed no later than October 31, 2022 and shall include all attorney trust funds that qualify as abandoned as of June 30, 2022.