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



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



(c)  If the property is not claimed by the date
set forth in the notice provided for in subsection (a), the receiver shall
cause the safe, vault or safe deposit box to be opened before two witnesses who
are not employed by the Hawaii financial institution.  Such property shall be
placed in a suitable container together with a list, signed by the witnesses,
containing a description of the property, the name and address of the customer
and the names of the witnesses.  The receiver shall keep the property in one of
the general vaults, safes or boxes of the financial institution, or other
depository, until it is claimed by the owner.



(d)  If the property is not claimed within two
years 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 approval
of the commissioner or the court.  The receiver may deduct from the proceeds of
such sale any unpaid fees for rental or bailment, which shall be an asset of
the institution, and the balance shall be disposed of in accordance with
chapter 523A.  Papers and other items of no apparent value may be destroyed. [L
1993, c 350, pt of §1]