§412:2-421  Bailments and safe deposit boxesin receivership.  (a)  If a Hawaii financial institution in receivershiphas any personal property in its possession as bailee for storage orsafekeeping, or if it has any vaults, safes, or safe deposit boxes rented bycustomers, the receiver shall notify the affected customer at the customer'slast known address as reflected in the records of the financial institution. Any notice shall be sent by certified mail, return receipt requested, and shalldirect the customer to remove the personal property by a date stated in thenotice, which date shall not be less than ninety days after mailing of thenotice.

(b)  If and when the property is claimed by thecustomer, any unearned fees for rent or bailment shall be refunded to thecustomer and shall be treated as an administrative expense of thereceivership.  Any unpaid fees for rent or bailment shall be collected from thecustomer or shall be carried as a receivable on the books of the institution.

(c)  If the property is not claimed by the dateset forth in the notice provided for in subsection (a), the receiver shallcause the safe, vault or safe deposit box to be opened before two witnesses whoare not employed by the Hawaii financial institution.  Such property shall beplaced in a suitable container together with a list, signed by the witnesses,containing a description of the property, the name and address of the customerand the names of the witnesses.  The receiver shall keep the property in one ofthe general vaults, safes or boxes of the financial institution, or otherdepository, until it is claimed by the owner.

(d)  If the property is not claimed within twoyears after the date set forth in the notice provided for in subsection (a),the receiver may sell the property at public auction, subject to the approvalof the commissioner or the court.  The receiver may deduct from the proceeds ofsuch sale any unpaid fees for rental or bailment, which shall be an asset ofthe institution, and the balance shall be disposed of in accordance withchapter 523A.  Papers and other items of no apparent value may be destroyed. [L1993, c 350, pt of §1]