Code of Massachusetts Regulations › 960 CMR - OFFICE OF THE STATE TREASURER AND RECEIVER GENERAL › Title 960 CMR 4.00 - Procedures For The Administration Of Abandoned Property › Section 4.05 - Tangible Property

Current through Register 1525, July 5, 2024
(1)
Reporting of Contents of Safe Deposit Boxes and Other Tangible
			 Property
The contents removed from any safe deposit box pursuant
			 to M.G.L. c. 158, § 17, and M.G.L. c. 171, c.75, and any other tangible
			 property delivered to the Division pursuant to M.G.L. c. 200A, shall be placed
			 in packages approved by the Division. It shall be the responsibility of any
			 holder that delivers the contents of safe deposit boxes and any other tangible
			 property to the Division to separate any lessee's tangible property from
			 his/her intangible property and label packages containing each type of property
			 accordingly. All contents of safe deposit boxes shall be sent to the Division
			 "as is" and shall not be replaced or converted to any other form of currency or
			 legal tender by the bank or credit union. For example, no coins shall be
			 converted to cash or check before delivery to the Division and no old paper
			 money shall be replaced by newer currency.
(2)
Inventory Sheet
.
			 All items removed from a safe deposit box pursuant to M.G.L. c. 158, § 17,
			 and M.G.L. c. 171, § 75, and all other tangible property delivered to the
			 Division shall be listed on an inventory sheet approved by the Division, which
			 is to be distributed to all banks and credit unions and other holders of
			 tangible property. Such sheet shall, in addition to listing the name of the
			 lessee(s) or owner(s) and his/her last known address and Social Security
			 number, indicate, in the case of safe deposit boxes, the bank and branch of
			 origin where the safe deposit box is located, along with the date the safe
			 deposit box was opened. The original of such sheet shall be placed in the
			 package along with the contents of the safe deposit box or other tangible
			 property being delivered to the Division. Additionally, one copy of the sheet
			 shall be affixed to the exterior of the package and one copy shall be retained
			 by the bank, credit union or other holder of tangible property for a period of
			 six years from the date the package is delivered to the Division.
(3)
List of Owners
.
			 Each bank or credit union which delivers the contents of safe deposit boxes to
			 the Treasurer and other holders of tangible property shall, for each report
			 year in which tangible property is delivered to the Division, make a list of
			 all owners whose property has been delivered to the Division, along with the
			 owners' last known addresses, Social Security numbers and safe deposit box
			 numbers (if applicable), and include this list with the AP-1 report it files
			 with the Division.
(4)
Reporting of Tangible Property
. Each bank or credit
			 union which delivers the contents of safe deposit boxes to the Division shall
			 prepare a separate AP-1 Form for tangible and intangible property.
(5)
Auctions of Tangible
			 Property.
(a) All contents of
			 safe deposit boxes delivered to the Division pursuant to M.G.L.c. 158, §
			 17, and M.G.L. c. 171, § 75, and the provisions of c. 200A, and other
			 tangible property delivered to the Division, shall be held by the Division for
			 not less than one year from the date of receipt before being deemed eligible
			 for auction pursuant to M.G.L. c. 200A, § 9.
(b) All owners of tangible property whose
			 names and last-known addresses have been remitted to the Division shall be sent
			 a due diligence letter from the Division and shall be listed in the "notice of
			 names of persons appearing to be owners of abandoned property" published by the
			 Division pursuant to M.G.L. c. 200A, § 8(a).
(c) All contents of safe deposit boxes which
			 are determined by the Treasurer to have some commercial value, having been held
			 by the Division for not less than one year, and having remained unclaimed
			 following the due diligence efforts and public advertisement provisions listed
			 above, shall be deemed eligible for auction by the Division. Such property
			 shall be appraised and sold at public auction, at a place and time to be
			 determined by the Treasurer.
(d)
			 Any tangible property delivered to the Treasurer pursuant to the provisions of
			 960 CMR 4.20 for which a claim form has been issued pursuant to 960 CMR 4.16,
			 shall be eligible for auction under the provisions of 960 CMR 4.24 if such
			 property is not returned to the claimant with in one year of the date on which
			 a claim form was issued for the property.