State Codes and Statutes

Statutes > California > Fin > 1660-1680

FINANCIAL CODE
SECTION 1660-1680



1660.  Every bank conducting a safe-deposit business shall be
entitled to the special remedies set forth in this article in
enforcing the liabilities of safe-deposit box renters and of
safekeeping and storage depositors.



1661.  If the rental of any safe-deposit box is not paid within six
months from the day it is due, the bank, or at any time thereafter
and while such rental remains unpaid, may mail a notice to the person
in whose name such box stands on its records stating that if the
amount due for such rental is not paid on or before a specified day,
which must be at least 30 days after the date of mailing such notice,
the bank will cause such box to be forced open.



1662.  At any time after the date specified in such notice, if the
rental for such safe-deposit box to the date of payment and the cost
of giving such notice have not been paid, the bank, in the presence
of two of its employees, one of whom shall be an officer of the bank,
may cause such box to be opened and the contents thereof to be
removed and inventoried. The inventory shall be signed by such
persons.



1662.5.  The following persons, and no others, are entitled to
receive from the bank a copy of the inventory:
   (a) An executor of the decedent's will.
   (b) The administrator of the decedent's estate.
   (c) The attorney for the executor or administrator.
   (d) A tenant of the safe-deposit box.
   (e) Any heir of the decedent or beneficiary under the decedent's
will.
   (f) Any person whom the superior court having jurisdiction by
order directs should be allowed to obtain a copy of the inventory.




1663.  All contents removed from a safe-deposit box pursuant to
Section 1662 shall be retained by the bank for at least two years
unless sooner delivered to or on the order of the person in whose
name such box stood on the records of the bank. The bank shall
deliver the contents of such box to or on the order of the person in
whose name such box stood on its records, upon payment to it before
such contents are sold or destroyed, of all rental due at the time of
opening the box, the cost of giving notice, the charges for opening
the box and for custody of the contents, and any other proper
charges. The bank may deliver such contents on the order of the
person in whose name such box stood on its records, irrespective of
any information disclosed by the contents indicating ownership
thereof by any other person.



1664.  At any time after two years from the day when a safe-deposit
box has been opened pursuant to this article, the bank may mail a
notice to the person in whose name such box stood on its records,
stating that unless the amounts due to the bank for rental, for the
cost of mailing and publishing notice of sale, and for its charges
for opening the box and for custody of its contents, and any other
proper charges, giving the total amount thereof, are paid, the bank
will offer for sale the contents thereof at a time and place named in
such notice, which time shall be at least 30 days after the mailing
thereof. If the amounts specified in such notice are not paid before
the time of sale designated therein, the bank may sell all or any
portion of the contents of such box, other than contents of the
character described in Section 1668 and other than bonds and other
securities which at the time of sale are listed on an established
stock exchange in the United States, at public sale at the time and
place given in such notice. Notice of the time and place of sale
shall be published in a newspaper of general circulation in the
county in which the sale is to be held once at least five days before
the date of sale, or if no such newspaper is published in the county
such notice shall be posted in three public places in the county at
least five days before the date of sale. Such notice need describe
the property only in general terms and as the unclaimed contents of a
safe-deposit box. Such sale may be postponed from time to time by
public pronouncement at the time and place of sale.



1665.  Notwithstanding any of the provisions of this article, no
stocks, bonds, or other securities which, at the time of sale
pursuant to Section 1664, are listed on any established stock
exchange in the United States may be sold at public sale but may be
sold at any time thereafter through an established stock exchange.




1666.  Upon the making of a sale of any securities, an officer of
the bank shall execute and attach to the securities so sold an
affidavit reciting facts showing that such securities were sold
pursuant to this article and that the provisions of this article
governing such sale have been complied with. The affidavit shall be
and constitute sufficient authority to any corporation whose stock is
so sold or to any registrar or transfer agent of such corporation to
cancel the certificates of stock so sold and to issue a new
certificate or certificates representing such stock to the purchaser
thereof, and to any registrar, trustee, or transfer agent of
registered bonds or other securities, to register any such bonds or
other securities in the name of the purchaser thereof.



1667.  From the proceeds of any sale the bank shall deduct the
amount set forth in such notice and any further charges which may
have accrued since the mailing of the notice and shall record the
balance of the proceeds, if any, on its books as a liability payable
to the person in whose name the safe-deposit box was rented.




1668.  Any documents, letters, or other articles found in a
safe-deposit box opened pursuant to Section 1662, which in the
judgment of at least two officers of the bank have no intrinsic or
marketable value, need not be offered for sale. Any documents,
letters, and articles and any other contents which have been offered
for sale and for which no purchaser has been found, shall be retained
by the bank for not less than one year from the date when the box
was opened. At any time thereafter, unless sooner delivered to or on
the order of the person in whose name the box stood on the records of
the bank, the documents, letters, and articles and also those
contents which have been offered for sale and for which no purchaser
has been found, may be destroyed in the presence of an officer of the
bank, but if no notice of intended sale of the contents of the box
has been given pursuant to Section 1664, the bank shall mail a notice
of its intention to destroy the documents, letters, and articles at
least 30 days before the destruction of the same to the person in
whose name the box stood on the records of the bank.




1669.  If, before the effective date of this section, a bank or its
predecessor in interest, has caused a safe-deposit box to be opened
for nonpayment of rental, and the contents of such box or any part
thereof remain in its custody, it shall be entitled to the special
remedies in enforcing the liability of the former renter of such box
as set forth in Sections 1663 to 1668, inclusive, whether or not such
box was rented prior to October 1, 1949.



1670.  Whenever a bank receives personal property for safekeeping or
storage as bailee and issues a receipt therefor, the bank may
enforce its lien as warehouseman in accordance with the provisions of
the Uniform Commercial Code or at its option in the manner provided
in Sections 1671 to 1673, inclusive, of this article.




1671.  If the amount charged by a bank for the safekeeping or
storage of personal property is not paid within six months from the
day it is due, the bank, at any time thereafter and while such
charges remain unpaid, may mail a notice to the person in whose name
the receipt was issued, giving the amount then due for such
safekeeping or storage and stating that unless such amount and any
other charges accruing to the date of payment are paid, the bank will
sell such personal property at a time and place named therein, which
time shall be at least 30 days after the mailing of such notice. If
the amount specified in such notice and all other charges of the bank
and expenses of mailing and publishing notice of sale accruing to
time of payment are not paid, the bank may sell all or any portion of
such personal property at public sale at the time and place given in
such notice. Notice of the time and place of sale shall be published
once at least five days before the date of sale in a newspaper of
general circulation published in the county in which the sale is to
be held, or if no such newspaper is published in the county such
notice shall be posted in three public places in the county at least
five days before the date of sale. Such sale may be postponed from
time to time by public pronouncement at the time and place of sale.
The bank may include in the notice required to be mailed a statement
to the effect that if the amount due at that time is not paid at
least 10 days before the date set for the sale, it may cause any
container in which any of such personal property may be, to be opened
and the contents thereof to be sold at the time and place fixed for
the sale with or without such container, or the container may be sold
without the contents. If such statement is included in the notice,
the bank, at any time within 10 days before the date fixed for the
sale, may open any such container and remove the contents in the
presence of two employees of the bank, one of whom shall be an
officer thereof, both of whom shall make and sign an inventory of the
contents. Thereafter, on the day fixed for the sale, the contents
may be sold as a whole or separately and with or without the
container, or the container may be sold without the contents.



1672.  From the proceeds of the sale, the bank shall deduct all
charges as stated in the final notice, together with any further
charges that have accured since the mailing thereof, and reasonable
expenses for notices, advertising, and sale, and shall credit the
balance of the proceeds, if any, to an account in the name of the
person in whose name the receipt for such personal property was
issued.



1673.  Any documents, letters, or other articles which, in the
judgment of an officer of the bank, have no apparent intrinsic or
marketable value, need not be offered for sale. The documents,
letters, and articles and any other articles which have been offered
for sale and for which no purchaser has been found, shall be retained
by the bank for not less than one year from the date when notice of
sale was mailed. At any time thereafter, unless sooner delivered to
or on the order of the person in whose name the receipt was issued,
the documents, letters and articles may be destroyed in the presence
of an officer of the bank and of a notary public.



1674.  The power conferred on a bank to sell the contents of a
safe-deposit box or personal property received for safekeeping or
storage for nonpayment of rental or other charges, includes power to
sell any bonds, stock certificates, promissory notes, choses in
action, or other securities, and any other tangible or intangible
property found in such box or in the container in which such personal
property was received for safekeeping or storage, regardless of
whether it appears from such securities or property that the person
in whose name the box stood or to whom the safekeeping or storage
receipt was issued, possesses title to any interest in such
securities or other property or power to transfer such title or
interest.



1675.  A bank holding a safe-deposit box originally rented from, or
personal property against which a safekeeping or storage receipt was
issued by, a predecessor in interest, or a bank holding the contents
of such box, shall be entitled to the remedies as to such box or the
contents thereof or as to the safekeeping or storage of such property
in like manner and to the same extent as if such box had been rented
from or such safekeeping or storage of personal property had been
received by such bank in the first instance.



1676.  The provisions of this article do not preclude any other
remedy by action or otherwise now or hereafter existing for the
enforcement of the claims of a bank against the person in whose name
the safe-deposit box stood or stands, or in whose name the
safekeeping or storage receipt was issued, nor bar the right of a
bank to so recover, at its option, either the entire amount of the
debt due to it without recourse to sale of the property, if any, or
so much of the debt due to it as shall not have been paid by the
proceeds of the sale of all or any portion of the property deposited
with it.


1677.  If the principal of, or interest or dividends on, any
securities that have come into the possession of any bank by reason
of action taken pursuant to this article, is due and payable at the
time such securities come into the bank's possession, or thereafter
while such securities remain in the possession of the bank, shall
become due and payable, the bank at its election may collect such
principal, interest, or dividends and from the proceeds thereof may
deduct all sums then due to it from the person to whom such
safe-deposit box was rented or to whom such safekeeping or storage
receipt was issued. The remainder of the money so collected, if any,
shall be credited by the bank to the account of the delinquent
boxholder or of the person in whose name the safekeeping or storage
receipt was issued.



1678.  (a) Whenever this article requires that notice be sent to a
person, and the box stood or stands on the records of the bank or the
safekeeping or storage receipt was issued in the names of two or
more persons, notice addressed to either or to any one of the two or
more persons shall be binding upon and effective as to the remaining
person or all remaining persons, and notice addressed to the name of
any deceased individual shall be binding upon his or her legal
representatives and on his or her heirs and legatees.
   (b) Whenever this article requires that notice be published prior
to a sale, the notice shall include the name and address of the
person in whose name the safe-deposit box stood on the records of the
bank or the safekeeping or storage receipt was issued. The names and
addresses of all persons whose property is to be sold at the same
time and place may be included in a single published notice.
   (c) Whenever this article requires that an amount be credited to
the account of a person in whose name a safe-deposit box stood on the
records of the bank or a safekeeping or storage receipt was issued,
and the box stood or the receipt was issued in two or more names, the
account shall be in both or all the names, subject to withdrawal by
or upon the written order of any one or more of those persons, or by
their successors or legal representatives.
   (d) Whenever this article requires that a notice shall be mailed
to the person in whose name the safe-deposit box stood on the records
of the bank or a safekeeping or storage receipt was issued, the
notice shall be deemed to have been so mailed if it is enclosed in a
sealed envelope addressed to the person in whose name the
safe-deposit box stood in the office of the bank at which the records
of the safe-deposit box rentals are kept, or to the person in whose
name the receipt was issued, as the case may be, addressed to the
person at the address or place appearing on the safe-deposit or
storage records of the office, and the envelope with postage prepaid
has been deposited by at least first-class mail in the United States
mail.


1679.  Whenever an amount of safe-deposit rental, custody,
safekeeping, or other charge is to be paid or deducted pursuant to
this article, there shall be added to and paid or deducted with said
amount, the amount of any tax imposed by laws and regulations.




1680.  Any bank or trust company may receive bonds issued by the
United States Government for safekeeping, collection, or storage, and
shall receipt therefor to the depositor and shall maintain adequate
records of all transactions therewith. In every case of such deposit
the depositary bank shall have the right to return to the depositor
either the identical bonds deposited by him or other bonds of the
same issue, par value, and character.


State Codes and Statutes

Statutes > California > Fin > 1660-1680

FINANCIAL CODE
SECTION 1660-1680



1660.  Every bank conducting a safe-deposit business shall be
entitled to the special remedies set forth in this article in
enforcing the liabilities of safe-deposit box renters and of
safekeeping and storage depositors.



1661.  If the rental of any safe-deposit box is not paid within six
months from the day it is due, the bank, or at any time thereafter
and while such rental remains unpaid, may mail a notice to the person
in whose name such box stands on its records stating that if the
amount due for such rental is not paid on or before a specified day,
which must be at least 30 days after the date of mailing such notice,
the bank will cause such box to be forced open.



1662.  At any time after the date specified in such notice, if the
rental for such safe-deposit box to the date of payment and the cost
of giving such notice have not been paid, the bank, in the presence
of two of its employees, one of whom shall be an officer of the bank,
may cause such box to be opened and the contents thereof to be
removed and inventoried. The inventory shall be signed by such
persons.



1662.5.  The following persons, and no others, are entitled to
receive from the bank a copy of the inventory:
   (a) An executor of the decedent's will.
   (b) The administrator of the decedent's estate.
   (c) The attorney for the executor or administrator.
   (d) A tenant of the safe-deposit box.
   (e) Any heir of the decedent or beneficiary under the decedent's
will.
   (f) Any person whom the superior court having jurisdiction by
order directs should be allowed to obtain a copy of the inventory.




1663.  All contents removed from a safe-deposit box pursuant to
Section 1662 shall be retained by the bank for at least two years
unless sooner delivered to or on the order of the person in whose
name such box stood on the records of the bank. The bank shall
deliver the contents of such box to or on the order of the person in
whose name such box stood on its records, upon payment to it before
such contents are sold or destroyed, of all rental due at the time of
opening the box, the cost of giving notice, the charges for opening
the box and for custody of the contents, and any other proper
charges. The bank may deliver such contents on the order of the
person in whose name such box stood on its records, irrespective of
any information disclosed by the contents indicating ownership
thereof by any other person.



1664.  At any time after two years from the day when a safe-deposit
box has been opened pursuant to this article, the bank may mail a
notice to the person in whose name such box stood on its records,
stating that unless the amounts due to the bank for rental, for the
cost of mailing and publishing notice of sale, and for its charges
for opening the box and for custody of its contents, and any other
proper charges, giving the total amount thereof, are paid, the bank
will offer for sale the contents thereof at a time and place named in
such notice, which time shall be at least 30 days after the mailing
thereof. If the amounts specified in such notice are not paid before
the time of sale designated therein, the bank may sell all or any
portion of the contents of such box, other than contents of the
character described in Section 1668 and other than bonds and other
securities which at the time of sale are listed on an established
stock exchange in the United States, at public sale at the time and
place given in such notice. Notice of the time and place of sale
shall be published in a newspaper of general circulation in the
county in which the sale is to be held once at least five days before
the date of sale, or if no such newspaper is published in the county
such notice shall be posted in three public places in the county at
least five days before the date of sale. Such notice need describe
the property only in general terms and as the unclaimed contents of a
safe-deposit box. Such sale may be postponed from time to time by
public pronouncement at the time and place of sale.



1665.  Notwithstanding any of the provisions of this article, no
stocks, bonds, or other securities which, at the time of sale
pursuant to Section 1664, are listed on any established stock
exchange in the United States may be sold at public sale but may be
sold at any time thereafter through an established stock exchange.




1666.  Upon the making of a sale of any securities, an officer of
the bank shall execute and attach to the securities so sold an
affidavit reciting facts showing that such securities were sold
pursuant to this article and that the provisions of this article
governing such sale have been complied with. The affidavit shall be
and constitute sufficient authority to any corporation whose stock is
so sold or to any registrar or transfer agent of such corporation to
cancel the certificates of stock so sold and to issue a new
certificate or certificates representing such stock to the purchaser
thereof, and to any registrar, trustee, or transfer agent of
registered bonds or other securities, to register any such bonds or
other securities in the name of the purchaser thereof.



1667.  From the proceeds of any sale the bank shall deduct the
amount set forth in such notice and any further charges which may
have accrued since the mailing of the notice and shall record the
balance of the proceeds, if any, on its books as a liability payable
to the person in whose name the safe-deposit box was rented.




1668.  Any documents, letters, or other articles found in a
safe-deposit box opened pursuant to Section 1662, which in the
judgment of at least two officers of the bank have no intrinsic or
marketable value, need not be offered for sale. Any documents,
letters, and articles and any other contents which have been offered
for sale and for which no purchaser has been found, shall be retained
by the bank for not less than one year from the date when the box
was opened. At any time thereafter, unless sooner delivered to or on
the order of the person in whose name the box stood on the records of
the bank, the documents, letters, and articles and also those
contents which have been offered for sale and for which no purchaser
has been found, may be destroyed in the presence of an officer of the
bank, but if no notice of intended sale of the contents of the box
has been given pursuant to Section 1664, the bank shall mail a notice
of its intention to destroy the documents, letters, and articles at
least 30 days before the destruction of the same to the person in
whose name the box stood on the records of the bank.




1669.  If, before the effective date of this section, a bank or its
predecessor in interest, has caused a safe-deposit box to be opened
for nonpayment of rental, and the contents of such box or any part
thereof remain in its custody, it shall be entitled to the special
remedies in enforcing the liability of the former renter of such box
as set forth in Sections 1663 to 1668, inclusive, whether or not such
box was rented prior to October 1, 1949.



1670.  Whenever a bank receives personal property for safekeeping or
storage as bailee and issues a receipt therefor, the bank may
enforce its lien as warehouseman in accordance with the provisions of
the Uniform Commercial Code or at its option in the manner provided
in Sections 1671 to 1673, inclusive, of this article.




1671.  If the amount charged by a bank for the safekeeping or
storage of personal property is not paid within six months from the
day it is due, the bank, at any time thereafter and while such
charges remain unpaid, may mail a notice to the person in whose name
the receipt was issued, giving the amount then due for such
safekeeping or storage and stating that unless such amount and any
other charges accruing to the date of payment are paid, the bank will
sell such personal property at a time and place named therein, which
time shall be at least 30 days after the mailing of such notice. If
the amount specified in such notice and all other charges of the bank
and expenses of mailing and publishing notice of sale accruing to
time of payment are not paid, the bank may sell all or any portion of
such personal property at public sale at the time and place given in
such notice. Notice of the time and place of sale shall be published
once at least five days before the date of sale in a newspaper of
general circulation published in the county in which the sale is to
be held, or if no such newspaper is published in the county such
notice shall be posted in three public places in the county at least
five days before the date of sale. Such sale may be postponed from
time to time by public pronouncement at the time and place of sale.
The bank may include in the notice required to be mailed a statement
to the effect that if the amount due at that time is not paid at
least 10 days before the date set for the sale, it may cause any
container in which any of such personal property may be, to be opened
and the contents thereof to be sold at the time and place fixed for
the sale with or without such container, or the container may be sold
without the contents. If such statement is included in the notice,
the bank, at any time within 10 days before the date fixed for the
sale, may open any such container and remove the contents in the
presence of two employees of the bank, one of whom shall be an
officer thereof, both of whom shall make and sign an inventory of the
contents. Thereafter, on the day fixed for the sale, the contents
may be sold as a whole or separately and with or without the
container, or the container may be sold without the contents.



1672.  From the proceeds of the sale, the bank shall deduct all
charges as stated in the final notice, together with any further
charges that have accured since the mailing thereof, and reasonable
expenses for notices, advertising, and sale, and shall credit the
balance of the proceeds, if any, to an account in the name of the
person in whose name the receipt for such personal property was
issued.



1673.  Any documents, letters, or other articles which, in the
judgment of an officer of the bank, have no apparent intrinsic or
marketable value, need not be offered for sale. The documents,
letters, and articles and any other articles which have been offered
for sale and for which no purchaser has been found, shall be retained
by the bank for not less than one year from the date when notice of
sale was mailed. At any time thereafter, unless sooner delivered to
or on the order of the person in whose name the receipt was issued,
the documents, letters and articles may be destroyed in the presence
of an officer of the bank and of a notary public.



1674.  The power conferred on a bank to sell the contents of a
safe-deposit box or personal property received for safekeeping or
storage for nonpayment of rental or other charges, includes power to
sell any bonds, stock certificates, promissory notes, choses in
action, or other securities, and any other tangible or intangible
property found in such box or in the container in which such personal
property was received for safekeeping or storage, regardless of
whether it appears from such securities or property that the person
in whose name the box stood or to whom the safekeeping or storage
receipt was issued, possesses title to any interest in such
securities or other property or power to transfer such title or
interest.



1675.  A bank holding a safe-deposit box originally rented from, or
personal property against which a safekeeping or storage receipt was
issued by, a predecessor in interest, or a bank holding the contents
of such box, shall be entitled to the remedies as to such box or the
contents thereof or as to the safekeeping or storage of such property
in like manner and to the same extent as if such box had been rented
from or such safekeeping or storage of personal property had been
received by such bank in the first instance.



1676.  The provisions of this article do not preclude any other
remedy by action or otherwise now or hereafter existing for the
enforcement of the claims of a bank against the person in whose name
the safe-deposit box stood or stands, or in whose name the
safekeeping or storage receipt was issued, nor bar the right of a
bank to so recover, at its option, either the entire amount of the
debt due to it without recourse to sale of the property, if any, or
so much of the debt due to it as shall not have been paid by the
proceeds of the sale of all or any portion of the property deposited
with it.


1677.  If the principal of, or interest or dividends on, any
securities that have come into the possession of any bank by reason
of action taken pursuant to this article, is due and payable at the
time such securities come into the bank's possession, or thereafter
while such securities remain in the possession of the bank, shall
become due and payable, the bank at its election may collect such
principal, interest, or dividends and from the proceeds thereof may
deduct all sums then due to it from the person to whom such
safe-deposit box was rented or to whom such safekeeping or storage
receipt was issued. The remainder of the money so collected, if any,
shall be credited by the bank to the account of the delinquent
boxholder or of the person in whose name the safekeeping or storage
receipt was issued.



1678.  (a) Whenever this article requires that notice be sent to a
person, and the box stood or stands on the records of the bank or the
safekeeping or storage receipt was issued in the names of two or
more persons, notice addressed to either or to any one of the two or
more persons shall be binding upon and effective as to the remaining
person or all remaining persons, and notice addressed to the name of
any deceased individual shall be binding upon his or her legal
representatives and on his or her heirs and legatees.
   (b) Whenever this article requires that notice be published prior
to a sale, the notice shall include the name and address of the
person in whose name the safe-deposit box stood on the records of the
bank or the safekeeping or storage receipt was issued. The names and
addresses of all persons whose property is to be sold at the same
time and place may be included in a single published notice.
   (c) Whenever this article requires that an amount be credited to
the account of a person in whose name a safe-deposit box stood on the
records of the bank or a safekeeping or storage receipt was issued,
and the box stood or the receipt was issued in two or more names, the
account shall be in both or all the names, subject to withdrawal by
or upon the written order of any one or more of those persons, or by
their successors or legal representatives.
   (d) Whenever this article requires that a notice shall be mailed
to the person in whose name the safe-deposit box stood on the records
of the bank or a safekeeping or storage receipt was issued, the
notice shall be deemed to have been so mailed if it is enclosed in a
sealed envelope addressed to the person in whose name the
safe-deposit box stood in the office of the bank at which the records
of the safe-deposit box rentals are kept, or to the person in whose
name the receipt was issued, as the case may be, addressed to the
person at the address or place appearing on the safe-deposit or
storage records of the office, and the envelope with postage prepaid
has been deposited by at least first-class mail in the United States
mail.


1679.  Whenever an amount of safe-deposit rental, custody,
safekeeping, or other charge is to be paid or deducted pursuant to
this article, there shall be added to and paid or deducted with said
amount, the amount of any tax imposed by laws and regulations.




1680.  Any bank or trust company may receive bonds issued by the
United States Government for safekeeping, collection, or storage, and
shall receipt therefor to the depositor and shall maintain adequate
records of all transactions therewith. In every case of such deposit
the depositary bank shall have the right to return to the depositor
either the identical bonds deposited by him or other bonds of the
same issue, par value, and character.



State Codes and Statutes

State Codes and Statutes

Statutes > California > Fin > 1660-1680

FINANCIAL CODE
SECTION 1660-1680



1660.  Every bank conducting a safe-deposit business shall be
entitled to the special remedies set forth in this article in
enforcing the liabilities of safe-deposit box renters and of
safekeeping and storage depositors.



1661.  If the rental of any safe-deposit box is not paid within six
months from the day it is due, the bank, or at any time thereafter
and while such rental remains unpaid, may mail a notice to the person
in whose name such box stands on its records stating that if the
amount due for such rental is not paid on or before a specified day,
which must be at least 30 days after the date of mailing such notice,
the bank will cause such box to be forced open.



1662.  At any time after the date specified in such notice, if the
rental for such safe-deposit box to the date of payment and the cost
of giving such notice have not been paid, the bank, in the presence
of two of its employees, one of whom shall be an officer of the bank,
may cause such box to be opened and the contents thereof to be
removed and inventoried. The inventory shall be signed by such
persons.



1662.5.  The following persons, and no others, are entitled to
receive from the bank a copy of the inventory:
   (a) An executor of the decedent's will.
   (b) The administrator of the decedent's estate.
   (c) The attorney for the executor or administrator.
   (d) A tenant of the safe-deposit box.
   (e) Any heir of the decedent or beneficiary under the decedent's
will.
   (f) Any person whom the superior court having jurisdiction by
order directs should be allowed to obtain a copy of the inventory.




1663.  All contents removed from a safe-deposit box pursuant to
Section 1662 shall be retained by the bank for at least two years
unless sooner delivered to or on the order of the person in whose
name such box stood on the records of the bank. The bank shall
deliver the contents of such box to or on the order of the person in
whose name such box stood on its records, upon payment to it before
such contents are sold or destroyed, of all rental due at the time of
opening the box, the cost of giving notice, the charges for opening
the box and for custody of the contents, and any other proper
charges. The bank may deliver such contents on the order of the
person in whose name such box stood on its records, irrespective of
any information disclosed by the contents indicating ownership
thereof by any other person.



1664.  At any time after two years from the day when a safe-deposit
box has been opened pursuant to this article, the bank may mail a
notice to the person in whose name such box stood on its records,
stating that unless the amounts due to the bank for rental, for the
cost of mailing and publishing notice of sale, and for its charges
for opening the box and for custody of its contents, and any other
proper charges, giving the total amount thereof, are paid, the bank
will offer for sale the contents thereof at a time and place named in
such notice, which time shall be at least 30 days after the mailing
thereof. If the amounts specified in such notice are not paid before
the time of sale designated therein, the bank may sell all or any
portion of the contents of such box, other than contents of the
character described in Section 1668 and other than bonds and other
securities which at the time of sale are listed on an established
stock exchange in the United States, at public sale at the time and
place given in such notice. Notice of the time and place of sale
shall be published in a newspaper of general circulation in the
county in which the sale is to be held once at least five days before
the date of sale, or if no such newspaper is published in the county
such notice shall be posted in three public places in the county at
least five days before the date of sale. Such notice need describe
the property only in general terms and as the unclaimed contents of a
safe-deposit box. Such sale may be postponed from time to time by
public pronouncement at the time and place of sale.



1665.  Notwithstanding any of the provisions of this article, no
stocks, bonds, or other securities which, at the time of sale
pursuant to Section 1664, are listed on any established stock
exchange in the United States may be sold at public sale but may be
sold at any time thereafter through an established stock exchange.




1666.  Upon the making of a sale of any securities, an officer of
the bank shall execute and attach to the securities so sold an
affidavit reciting facts showing that such securities were sold
pursuant to this article and that the provisions of this article
governing such sale have been complied with. The affidavit shall be
and constitute sufficient authority to any corporation whose stock is
so sold or to any registrar or transfer agent of such corporation to
cancel the certificates of stock so sold and to issue a new
certificate or certificates representing such stock to the purchaser
thereof, and to any registrar, trustee, or transfer agent of
registered bonds or other securities, to register any such bonds or
other securities in the name of the purchaser thereof.



1667.  From the proceeds of any sale the bank shall deduct the
amount set forth in such notice and any further charges which may
have accrued since the mailing of the notice and shall record the
balance of the proceeds, if any, on its books as a liability payable
to the person in whose name the safe-deposit box was rented.




1668.  Any documents, letters, or other articles found in a
safe-deposit box opened pursuant to Section 1662, which in the
judgment of at least two officers of the bank have no intrinsic or
marketable value, need not be offered for sale. Any documents,
letters, and articles and any other contents which have been offered
for sale and for which no purchaser has been found, shall be retained
by the bank for not less than one year from the date when the box
was opened. At any time thereafter, unless sooner delivered to or on
the order of the person in whose name the box stood on the records of
the bank, the documents, letters, and articles and also those
contents which have been offered for sale and for which no purchaser
has been found, may be destroyed in the presence of an officer of the
bank, but if no notice of intended sale of the contents of the box
has been given pursuant to Section 1664, the bank shall mail a notice
of its intention to destroy the documents, letters, and articles at
least 30 days before the destruction of the same to the person in
whose name the box stood on the records of the bank.




1669.  If, before the effective date of this section, a bank or its
predecessor in interest, has caused a safe-deposit box to be opened
for nonpayment of rental, and the contents of such box or any part
thereof remain in its custody, it shall be entitled to the special
remedies in enforcing the liability of the former renter of such box
as set forth in Sections 1663 to 1668, inclusive, whether or not such
box was rented prior to October 1, 1949.



1670.  Whenever a bank receives personal property for safekeeping or
storage as bailee and issues a receipt therefor, the bank may
enforce its lien as warehouseman in accordance with the provisions of
the Uniform Commercial Code or at its option in the manner provided
in Sections 1671 to 1673, inclusive, of this article.




1671.  If the amount charged by a bank for the safekeeping or
storage of personal property is not paid within six months from the
day it is due, the bank, at any time thereafter and while such
charges remain unpaid, may mail a notice to the person in whose name
the receipt was issued, giving the amount then due for such
safekeeping or storage and stating that unless such amount and any
other charges accruing to the date of payment are paid, the bank will
sell such personal property at a time and place named therein, which
time shall be at least 30 days after the mailing of such notice. If
the amount specified in such notice and all other charges of the bank
and expenses of mailing and publishing notice of sale accruing to
time of payment are not paid, the bank may sell all or any portion of
such personal property at public sale at the time and place given in
such notice. Notice of the time and place of sale shall be published
once at least five days before the date of sale in a newspaper of
general circulation published in the county in which the sale is to
be held, or if no such newspaper is published in the county such
notice shall be posted in three public places in the county at least
five days before the date of sale. Such sale may be postponed from
time to time by public pronouncement at the time and place of sale.
The bank may include in the notice required to be mailed a statement
to the effect that if the amount due at that time is not paid at
least 10 days before the date set for the sale, it may cause any
container in which any of such personal property may be, to be opened
and the contents thereof to be sold at the time and place fixed for
the sale with or without such container, or the container may be sold
without the contents. If such statement is included in the notice,
the bank, at any time within 10 days before the date fixed for the
sale, may open any such container and remove the contents in the
presence of two employees of the bank, one of whom shall be an
officer thereof, both of whom shall make and sign an inventory of the
contents. Thereafter, on the day fixed for the sale, the contents
may be sold as a whole or separately and with or without the
container, or the container may be sold without the contents.



1672.  From the proceeds of the sale, the bank shall deduct all
charges as stated in the final notice, together with any further
charges that have accured since the mailing thereof, and reasonable
expenses for notices, advertising, and sale, and shall credit the
balance of the proceeds, if any, to an account in the name of the
person in whose name the receipt for such personal property was
issued.



1673.  Any documents, letters, or other articles which, in the
judgment of an officer of the bank, have no apparent intrinsic or
marketable value, need not be offered for sale. The documents,
letters, and articles and any other articles which have been offered
for sale and for which no purchaser has been found, shall be retained
by the bank for not less than one year from the date when notice of
sale was mailed. At any time thereafter, unless sooner delivered to
or on the order of the person in whose name the receipt was issued,
the documents, letters and articles may be destroyed in the presence
of an officer of the bank and of a notary public.



1674.  The power conferred on a bank to sell the contents of a
safe-deposit box or personal property received for safekeeping or
storage for nonpayment of rental or other charges, includes power to
sell any bonds, stock certificates, promissory notes, choses in
action, or other securities, and any other tangible or intangible
property found in such box or in the container in which such personal
property was received for safekeeping or storage, regardless of
whether it appears from such securities or property that the person
in whose name the box stood or to whom the safekeeping or storage
receipt was issued, possesses title to any interest in such
securities or other property or power to transfer such title or
interest.



1675.  A bank holding a safe-deposit box originally rented from, or
personal property against which a safekeeping or storage receipt was
issued by, a predecessor in interest, or a bank holding the contents
of such box, shall be entitled to the remedies as to such box or the
contents thereof or as to the safekeeping or storage of such property
in like manner and to the same extent as if such box had been rented
from or such safekeeping or storage of personal property had been
received by such bank in the first instance.



1676.  The provisions of this article do not preclude any other
remedy by action or otherwise now or hereafter existing for the
enforcement of the claims of a bank against the person in whose name
the safe-deposit box stood or stands, or in whose name the
safekeeping or storage receipt was issued, nor bar the right of a
bank to so recover, at its option, either the entire amount of the
debt due to it without recourse to sale of the property, if any, or
so much of the debt due to it as shall not have been paid by the
proceeds of the sale of all or any portion of the property deposited
with it.


1677.  If the principal of, or interest or dividends on, any
securities that have come into the possession of any bank by reason
of action taken pursuant to this article, is due and payable at the
time such securities come into the bank's possession, or thereafter
while such securities remain in the possession of the bank, shall
become due and payable, the bank at its election may collect such
principal, interest, or dividends and from the proceeds thereof may
deduct all sums then due to it from the person to whom such
safe-deposit box was rented or to whom such safekeeping or storage
receipt was issued. The remainder of the money so collected, if any,
shall be credited by the bank to the account of the delinquent
boxholder or of the person in whose name the safekeeping or storage
receipt was issued.



1678.  (a) Whenever this article requires that notice be sent to a
person, and the box stood or stands on the records of the bank or the
safekeeping or storage receipt was issued in the names of two or
more persons, notice addressed to either or to any one of the two or
more persons shall be binding upon and effective as to the remaining
person or all remaining persons, and notice addressed to the name of
any deceased individual shall be binding upon his or her legal
representatives and on his or her heirs and legatees.
   (b) Whenever this article requires that notice be published prior
to a sale, the notice shall include the name and address of the
person in whose name the safe-deposit box stood on the records of the
bank or the safekeeping or storage receipt was issued. The names and
addresses of all persons whose property is to be sold at the same
time and place may be included in a single published notice.
   (c) Whenever this article requires that an amount be credited to
the account of a person in whose name a safe-deposit box stood on the
records of the bank or a safekeeping or storage receipt was issued,
and the box stood or the receipt was issued in two or more names, the
account shall be in both or all the names, subject to withdrawal by
or upon the written order of any one or more of those persons, or by
their successors or legal representatives.
   (d) Whenever this article requires that a notice shall be mailed
to the person in whose name the safe-deposit box stood on the records
of the bank or a safekeeping or storage receipt was issued, the
notice shall be deemed to have been so mailed if it is enclosed in a
sealed envelope addressed to the person in whose name the
safe-deposit box stood in the office of the bank at which the records
of the safe-deposit box rentals are kept, or to the person in whose
name the receipt was issued, as the case may be, addressed to the
person at the address or place appearing on the safe-deposit or
storage records of the office, and the envelope with postage prepaid
has been deposited by at least first-class mail in the United States
mail.


1679.  Whenever an amount of safe-deposit rental, custody,
safekeeping, or other charge is to be paid or deducted pursuant to
this article, there shall be added to and paid or deducted with said
amount, the amount of any tax imposed by laws and regulations.




1680.  Any bank or trust company may receive bonds issued by the
United States Government for safekeeping, collection, or storage, and
shall receipt therefor to the depositor and shall maintain adequate
records of all transactions therewith. In every case of such deposit
the depositary bank shall have the right to return to the depositor
either the identical bonds deposited by him or other bonds of the
same issue, par value, and character.


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