Thread Options
#2241082 - 08/14/20 07:00 PM SCRA and Safe Deposit Boxes
Likes to Comply Offline
Diamond Poster
Joined: Nov 2008
Posts: 1,055
In the mountains
Is the SCRA requirement that applies to safe deposit boxes at § 3958 (Enforcement of storage liens) or is it § 3952 (Protection under installment contracts for purchase or lease)? I saw it noted as 3952 in a training but then saw it noted as 3958 somewhere else.

Does the protection extend to dependents? If so, is it only if it is a joint lease with the servicemember?

Thanks in advance.
_________________________
Always learning something new...

Return to Top
Lending to Servicemembers (SCRA, JWNDAA), War, Terrorism
#2241115 - 08/16/20 09:07 PM Re: SCRA and Safe Deposit Boxes Likes to Comply
Andy_Z Offline
10K Club
Andy_Z
Joined: Oct 2000
Posts: 27,485
On the Net
I have seen it under 3958, but one could argue either way, so in a way it's moot, because it's an issue if its wrong. There are fine differences, however.

3952 (leases) protects the SM against repossession of personal property. I don't know that drilling a box and holding the contents for safe keeping or escheatment is repossession. It also applies to pre-service debt and applies during military service.

3958 protects against a storage lien ("we'll hold this until you pay or it has to be escheated") and this applies against any storage lien. This extends for 90 days after leaving the service.

In both cases I don't believe the bank wold conduct a sale of the property to pay fees owed and that is one reason I shy away from calling it a repo. And in both cases the property held goes to the state after a set period of time.

So there are differences and it may take your state laws and SD Box agreement to dictate which applies.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

Return to Top
#2243846 - 10/09/20 03:23 PM Re: SCRA and Safe Deposit Boxes Likes to Comply
ckme Offline
100 Club
ckme
Joined: Sep 2002
Posts: 244
Does the protection extend to dependents?

Return to Top
#2243885 - 10/09/20 07:54 PM Re: SCRA and Safe Deposit Boxes Likes to Comply
Andy_Z Offline
10K Club
Andy_Z
Joined: Oct 2000
Posts: 27,485
On the Net
3959 states: "Upon application to a court, a dependent of a servicemember is entitled to the protections of this subchapter if the dependent’s ability to comply with a lease, contract, bailment, or other obligation is materially affected by reason of the servicemember’s military service."

The subchapter is 3951-3959, so yes.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

Return to Top
#2268314 - 03/28/22 08:57 PM Re: SCRA and Safe Deposit Boxes Likes to Comply
Tesla Offline
Power Poster
Joined: Nov 2003
Posts: 3,681
If you are closing and selling a branch with safe deposit boxes and you must the drill the box of a known servicemember because he/she did not respond to move contents to another branch, do you need a court Order and if the contents remain unclaimed for the statutory period of time is any notice required to the servicemember before escheatment?
_________________________
It's not that I take life for granted. It's only that the good won't make it. Innocence dies, while Villany Thrives.

Return to Top

Moderator:  Andy_Z