Maryland Code, COMMERCIAL LAW 13-306
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maryland Code, COMMERCIAL LAW 13-306
- gift: includes an inter vivos gift, inter vivos endowment, bequest, devise, legacy, or testamentary endowment of any interest in real or personal property. See
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
(a) If a gift or other inducement offered to a customer in exchange for business is not available at the time the customer complies with the conditions attached to the offer, the offeror shall:
(1) Give the customer a certificate which states in unequivocal language that:
(i) The customer has complied with the conditions which entitle him to receive the gift or other inducement; and
(ii) The offeror will give the customer an identical or substantially similar item of equal value on presentment of the certificate; and
(2) Fully comply with the terms of the certificate.
(b) The certificate may designate a period of not less than 90 days after the date the customer receives the certificate within which the certificate must be presented for redemption.