9-1507.   Surrender or termination; notice; disposition of contents.If the lessee shall fail to surrender possession of any box withinthirty (30) days from the date of the termination of the lease, then thelessor, after giving not less than sixty (60) days written notice to thelessee, personally or by registered mail delivered to the latest addressshown upon the safe deposit records of the lessor, of its intention toenter said box, remove the contents and sell the same, may open the boxforcibly and remove its contents in the presence of two of its employees,one of whom shall be an officer thereof. The lessor then shall retain suchcontents for at least ninety (90) days thereafter and the lessor then maysell any part or all of said contents at public sale by giving noticethereof in like manner as notice is required when chattels are sold underexecution, and retain from the proceeds of sale the costs of opening andrepairing such box, the costs of sale and any other amounts due to lessor.Any article, item or document without apparent market value may bedestroyed after two (2) years from the date of giving or mailing therequired notice.

      History:   L. 1947, ch. 102, § 76; L. 1975, ch. 44, § 27; July 1.