N.Y. BNK Law § 335 — New York Code / Act BNK / Article 8-A / Section 335
Special remedies where rental of safe deposit box is not paid or when safe deposit box is not vacated on termination of lease
Status: in_force

§ 335. Special remedies where rental of safe deposit box is not paid\nor when safe deposit box is not vacated on termination of lease. Every\nlessor shall be entitled to the following special remedies:\n  1. (a) If the amount due for the rental of any safe deposit box let by\nany lessor shall not have been paid for one year, or if the lessee\nthereof shall not have removed the contents thereof within thirty days\nfrom the termination of the lease therefor for any reason other than for\nnon-payment of rent, the lessor may, at the expiration of such period,\nsend to the lessee of such safe deposit box by registered or certified\nmail, return receipt requested, a notice in writing in a securely closed\npostpaid letter, directed to such person at his last known post-office\naddress, as recorded upon the books of the lessor, notifying such lessee\nthat if the amount due for the rental of such safe deposit box is not\npaid within thirty days from date, and/or if the contents thereof are\nnot removed within thirty days from date, the lessor may, at any time\nthereafter, cause such safe deposit box to be opened, and the contents\nthereof to be inventoried and removed from such safe deposit box.\n  (b) At any time after the expiration of thirty days from the date of\nmailing such notice, and the failure of the lessee of the safe deposit\nbox to pay the amount due for the rental thereof to the date of payment,\nand/or remove the contents thereof, the lessor may, in the presence of a\nnotary public and of any officer of the lessor or any other employee of\nthe lessor designated for such purpose by the lessor, cause such safe\ndeposit box to be opened, and the contents thereof, if any, to be\nremoved and inventoried. Such contents shall be retained by the lessor\nfor safe-keeping for a period of not less than two years unless sooner\nremoved by the lessee of the safe deposit box so opened. The charge for\nsuch safe-keeping shall not exceed the original rental of the safe\ndeposit box so opened. The notary public shall file with the lessor a\ncertificate under seal, which shall fully set out the date of the\nopening of such safe deposit box, the name of the lessee of such safe\ndeposit box and a list of the contents, if any.\n  (c) A copy of such certificate shall within ten days after the opening\nbe mailed by registered or certified mail, return receipt requested, to\nthe lessee of the safe deposit box so opened, at his last known\npost-office address, in a securely closed postpaid letter, together with\na notice that the contents will be kept, at the expense of the lessee,\nby the lessor for a period of not less than two years. Upon the payment\nof all rentals due at the time of the opening of the safe deposit box,\nthe cost of the opening thereof, the fees of the notary public for\nissuing his certificate thereon, and the payment of all further charges\nand costs of safe-keeping such contents for the period since the opening\nof the safe deposit box, the lessee may require the delivery of such of\nthe contents set out in such certificate as have not been sold pursuant\nto paragraph (d) of this subdivision or destroyed pursuant to paragraph\n(f) of this subdivision, or become abandoned property.\n  (d) At any time after the expiration of two years from the time of\nmailing the certificate herein provided for, the lessor may mail by\nregistered or certified mail, return receipt requested, in a securely\nclosed postpaid letter, addressed to the lessee at his last known\npost-office address, a notice stating that the lessor will sell all the\nproperty or articles of apparent value set out in such certificate, at a\ntime and place stated in such notice, not less than thirty days after\nthe time of mailing such notice and stating the amount which shall have\nthen been due for rental up to the time of opening such safe deposit\nbox, the cost of the opening thereof, the fees of the notary public for\nissuing his certificate thereon and the further charges and costs of\nsafe-keeping all of its contents for the period since the opening of the\nsafe deposit box. Unless the lessee shall pay on or before the day\nmentioned all such sums and all the charges and costs accruing to the\ntime of payment, including advertising, the lessor may sell all the\nproperty or articles of apparent value set out in such certificate, at\npublic auction, at the time and place stated in such notice, provided a\nnotice of the time and place of sale has been published once within ten\ndays prior to the sale, in a newspaper published in the place where the\nsale is to be held or, if there be no newspaper published in such place,\nthen in a newspaper published in the same or in an adjoining county and\nin general circulation in the place where the sale is to be held.\n  (e) From the proceeds of the sale, the lessor shall deduct all its\ncharges and costs as stated in such notice, together with any further\ncharges and costs that shall have accrued since the mailing thereof,\nincluding reasonable expenses for notice, advertising and sale. The\nbalance, if any, may be used to pay from time to time the further costs\nand charges of safe-keeping and destroying the other contents, if any,\nof the safe deposit box. Unless sooner claimed by the lessee of the safe\ndeposit box so opened, such balance or such part as shall remain after\nthe payment of such further charges and costs shall, after the\nexpiration of three years from the time of the opening of the safe\ndeposit box, be deemed abandoned property subject to the provisions of\narticle three of the abandoned property law.\n  (f) Any documents, letters or other papers of a private nature and any\nproperty or articles of no apparent value among the contents of any such\nsafe deposit box shall not be sold, but shall be retained by the lessor\nfor a period of at least ten years from the time of the opening of the\nsafe deposit box, and, unless sooner claimed by the lessee of the safe\ndeposit box, may thereafter be destroyed.\n  (f-1) Any military awards, medals, or decorations among the contents\nof any safe deposit box shall not be sold, but shall be sent to the\ndivision of military and naval affairs of the executive department where\nsuch awards, medals, or decorations shall be retained indefinitely until\nclaimed by the lessee of the safe deposit box or the lessee's estate or\nreleased to a person or entity lawfully entitled to possession thereof.\nThe state comptroller shall develop regulations specifying the\nprocedures and requirements for delivering such items to the division of\nmilitary and naval affairs and for reporting such information to the\nstate comptroller's office. The New York state military museum and\nveterans research center under the jurisdiction of the division of\nmilitary and naval affairs of the executive department shall provide\nstorage for and shall display any such awards, medals, or decorations.\n  (g) United States coin or currency among the contents of any safe\ndeposit box so opened need not be sold, but may be used by the lessor to\npay the amount which shall have been due for rental up to the time of\nopening such safe deposit box, the cost of the opening thereof, the fees\nof the notary public for issuing his certificate thereon, and to pay\nfrom time to time the further charges and costs of safe-keeping, selling\nand destroying the contents of the safe deposit box so opened, including\nreasonable expenses for notices, advertising and sale and destruction.\nUnless sooner claimed by the lessee of the safe deposit box, such coin\nand currency or such part as shall remain after payment of the said\ncharges and costs shall, after the expiration of three years from the\ntime of the opening of the safe deposit box, be deemed abandoned\nproperty subject to the provisions of article three of the abandoned\nproperty law.\n  2. Whenever in subdivision one of this section, a lessor is given the\npower to sell the contents of a safe deposit box, such power shall be\ndeemed to include the power to sell any bonds, stock certificates,\npromissory notes, choses in action or other securities and any other\ntangible and intangible properties found in such safe deposit box,\nregardless of whether or not it shall appear from such securities or\nproperties that the lessee of the safe deposit box possesses title to or\nany interest in such securities, or other properties, or power to\ntransfer such title or interest.\n  3. If the principal of or interest or dividends on any securities\nfound in a safe deposit box opened pursuant to the provisions of this\nsection, is due and payable at the time of the opening of such safe\ndeposit box or thereafter while the same remains in the possession of\nthe lessor shall become due and payable, the lessor may, at its\nelection, collect such principal and/or interest and/or dividends and\nfrom the proceeds thereof may deduct all sums due from the lessee of the\nsafe deposit box for rental to the time of opening such safe deposit box\nand for the cost of opening thereof, the fees of the notary public for\nissuing his certificate thereon, and the further charges and costs of\nsafe-keeping of the contents thereof from the time of the opening\nthereof including reasonable expenses for notices, advertising and sale\nand destruction.  The balance, if any, of such collection shall, after\nthe expiration of three years from the time of the opening of such safe\ndeposit box, be deemed abandoned property subject to the provisions of\narticle three of the abandoned property law.\n  4. A lessor holding a safe deposit box originally let by a predecessor\nin interest, or a lessor which has been dissolved, or a lessor holding\nthe contents of such safe deposit box may have the remedies provided by\nthis section as to such safe deposit box or the contents thereof in like\nmanner and to the same extent as if such safe deposit box had been\nrented from such lessor in the first instance.\n  5. The provisions of this section shall not preclude any other remedy\nby action or otherwise for the enforcement of the claims of the lessor\nagainst the person to whom a safe deposit box shall have been let, nor\nbar the right of the lessor to recover the debt due it in any other\nlawful manner.\n