Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 428n - Foreign Banks › Section 36a-428n-1 - Disposition of personal property in custody or possession of foreign bank in involuntary liquidation

Current through July 10, 2024
(a) In an
			 involuntary liquidation of a foreign bank pursuant to section 1 of Public Act
			 97-160, if any person to whom the commissioner has mailed a notice to remove
			 property or contents pursuant to subdivision (1) of subsection (h) of section 1
			 of Public Act 97-160, has not removed personal property in the possession or
			 custody of the foreign bank or contents of the safe, vault or box, and paid all
			 accrued rental or storage and other charges within the time fixed by the
			 notice, the commissioner may cause such property to be inventoried, or such
			 safe, vault or box, or any package, parcel or receptacle in the custody or
			 possession of such foreign bank as bailee or depositary for hire or otherwise,
			 to be opened and the contents, if any, to be removed and inventoried, in the
			 commissioner's presence or in the presence of a deputy commissioner, a special
			 deputy commissioner, or an examiner and of a notary public, who is not an
			 officer or employee of such foreign bank or the department of banking. Such
			 property or contents shall thereupon be sealed up by such notary public in a
			 package distinctly marked by such notary public with the name of the person in
			 whose name such property or such safe, vault, box, package, parcel or
			 receptacle appears on the books of such foreign bank, and a copy of the
			 inventory of the property therein shall be certified and attached thereto by
			 such notary public. Such package may be kept by the commissioner in such place
			 as the commissioner may determine at the expense and risk of the person in
			 whose name it appears on the books of such foreign bank until delivered to such
			 person or until sold, destroyed or otherwise disposed of as provided in this
			 section. Such package may, pending final disposition of its contents, be opened
			 by the commissioner, a deputy commissioner, special deputy commissioner or
			 examiner, from time to time for inspection or appraisal, or to enable the
			 commissioner to exercise any of the powers conferred or duties imposed upon the
			 commissioner by this section. Whenever such package is opened, the
			 commissioner, deputy commissioner, special deputy commissioner or examiner,
			 shall endorse on the outside of the package the date of opening and re-sealing,
			 and shall prepare an affidavit which shall be attached thereto, showing the
			 reason for opening and the articles, if any, removed therefrom, or placed or
			 replaced therein.
(b) At any time
			 prior to the sale, destruction or other disposition of the contents thereof,
			 the person in whose name such package appears on the books of such foreign bank
			 may require the delivery thereof upon payment of all rental or storage charges
			 accrued, and all other charges or expenses paid or incurred to the date of
			 delivery with respect to such package or the contents thereof, including the
			 cost of inventorying or of opening and inventorying, the fees of the notary
			 public, the cost of preparing and mailing the notice, and advertising, if any.
			 If the principal of, or interest, income, or dividends on any bonds, stock
			 certificates, promissory notes, choses in action or other securities contained
			 in such package, is or becomes due and payable while it is in the possession of
			 the commissioner, the commissioner may at his election collect such principal,
			 interest, income or dividends, and from the proceeds thereof shall deduct all
			 such sums due for rental and other charges, until the time of such collection.
			 The balance, if any, of the amount or amounts so collected shall be disposed of
			 by the commissioner as provided in subsection (c) of this section.
(c) From the proceeds of any sale, the
			 commissioner shall deduct all rental or storage charges accrued, and all other
			 charges and expenses paid or incurred to the date of sale, including the
			 charges and expenses described in subsection (b) of this section, and the
			 expenses of sale. The balance of such proceeds, if any, shall be credited to
			 the person in whose name such package appeared on the books of such foreign
			 bank and shall be paid over to such person, such person's assignee or legal
			 representative on satisfactory evidence of identity.