State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-43_7

§ 53‑43.7.  Safe‑depositboxes; unpaid rentals; procedure; escheats.

(a)        If the rental dueon a safe‑deposit box has not been paid for 90 days, the lessor may senda notice by registered mail or certified mail, return receipt requested, to thelast known address of the lessee stating that the safe‑deposit box willbe opened and its contents stored at the expense of the lessee unless paymentof the rental is made within 30 days. If the rental is not paid within 30 daysfrom the mailing of the notice, the box may be opened in the presence of anofficer of the lessor and of a notary public who is not a director, officer,employee or stockholder of the lessor. The contents shall be sealed in apackage by the notary public who shall write on the outside the name of thelessee and the date of the opening. The notary public shall execute acertificate reciting the name of the lessee, the date of the opening of the boxand a list of its contents. The certificate shall be included in the packageand a copy of the certificate shall be sent by registered mail or certifiedmail, return receipt requested, to the last known address of the lessee. Thepackage shall then be placed in the general vaults of the lessor at a rentalnot exceeding the rental previously charged for the box.

(b)        Any property,including documents or writings of a private nature, which has little or noapparent value, need not be sold but may be destroyed by the lessor if theTreasurer declines to receive the property under G.S. 116B‑69(a).

(c)        If the contents ofthe safe‑deposit box have not been claimed within two years of themailing of the certificate, the lessor may send a further notice to the lastknown address of the lessee stating that, unless the accumulated charges arepaid within 30 days, the contents of the box will be delivered to the StateTreasurer as abandoned property under the provisions of Chapter 116B.

(d)        The lessor shallsubmit to the Treasurer a verified inventory of all of the contents of the safe‑depositbox upon delivery of the contents of the box or such part thereof as shall berequired by the Treasurer under G.S. 116B‑55; but the lessor may deductfrom any cash of the lessee in the safe‑deposit box an amount equal toaccumulated charges for rental and shall submit to the Treasurer a verifiedstatement of such charges and deduction. If there is no cash, or insufficientcash to pay accumulated charges, in the safe‑deposit box, the lessor maysubmit to the Treasurer a verified statement of accumulated charges or balanceof accumulated charges due, and the Treasurer shall remit to the lessor thecharges or balance due, up to the value of the property in the safe‑depositbox delivered to the Treasurer, less any costs or expenses of sale; but if thecharges or balance due exceeds the value of such property, the Treasurer shallremit only the value of the property, less costs or expenses of sale. Anyaccumulated charges for safe‑deposit box rental paid by the Treasurer tothe lessor shall be deducted from the value of the property of the lesseedelivered to the Treasurer.

(e)        Repealed by SessionLaws 1979, 2nd Session, c. 1311, s. 5.

(f)         An explanation ofthe contractual provisions pertaining to default, together with reference tothis section shall be printed on every contract for rental of a safe‑depositbox. (1967, c. 789, s. 7; 1979, 2nd Sess., c. 1311, s. 5;1997‑311, s. 1; 1999‑460, ss. 9, 10.)