Safe Deposit Box Drilling: What do you do with the contents?

Answered by:

Question:

My question is how after you have drilled a safe deposit box, and cleared out the contents, and the owner has had no response to the activity on the account, what do we do with their contents. Can we sell the contents once the year is up? If so than how long do we need to hang onto the proceeds, after the bank is reimbursed?

Answer:

Answer by John Burnett:
Each state has its own laws and regulations on abandoned property. Check with your state's banking association for guidance on how to handle the contents of drilled boxes. There is simply no federal standard.

Answer:

Answer by Ken Golliher:
In addition, review the contract the renter signed. Some grant security interests, rights of sale, etc. As John notes, there is no uniform answer.

First published on BankersOnline.com 09/15/03