1.Astatebankshallhavealienuponthecontentsofasafedepositboxforpastduerentals
and any expense incurred in opening the safe deposit box, replacement of the locks thereon,
and of any sale made pursuant to this section. If the rental of any safe deposit box is not paid
within six months from the day it is due, at any time thereafter and while such rental remains
unpaid, the state bank shall mail a notice by certified or registered mail to the customer at
the customer’s last known address as shown upon the records of the state bank, stating that
if the amount due for such rental is not paid on or before a specified day, which shall be at
least thirty days after the date of mailing such notice, the state bank will remove the contents
thereof and hold the same for the account of the customer.
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1. Astatebankshallhavealienuponthecontentsofasafedepositboxforpastduerentals
and any expense incurred in opening the safe deposit box, replacement of the locks thereon,
and of any sale made pursuant to this section. If the rental of any safe deposit box is not paid
within six months from the day it is due, at any time thereafter and while such rental remains
unpaid, the state bank shall mail a notice by certified or registered mail to the customer at
the customer’s last known address as shown upon the records of the state bank, stating that
if the amount due for such rental is not paid on or before a specified day, which shall be at
least thirty days after the date of mailing such notice, the state bank will remove the contents
thereof and hold the same for the account of the customer.
2. If the rental for the safe deposit box has not been paid prior to the expiration of the
periodspecifiedinanoticemailedpursuanttosubsection1ofthissection, thestatebankmay,
in the presence of two of its officers, cause the box to be opened and the contents removed.
An inventory of the contents of the safe deposit box shall be made by the two officers present
and the contents held by the state bank for the account of the customer.
3. Ifthecontentsarenotclaimedwithintwoyearsaftertheirremovalfromthesafedeposit
box, the state bank may proceed to sell so much of the contents as is necessary to pay the
past due rentals and the expense incurred in opening the safe deposit box, replacement of
the locks thereon, and the sale of the contents. The sale shall be held at the time and place
specified in a notice published prior to the sale once each week for two successive weeks in a
newspaper of general circulation published in the municipal corporation or unincorporated
areainwhichthestatebankhasitsprincipalplaceofbusiness,orifthereisnone,anewspaper
of general circulation published in the county, or in a county adjoining the county, in which
the state bank has its principal place of business. The state bank shall also post this notice
on the state bank’s internet site for at least two weeks prior to the sale. A copy of the notice
so published shall be mailed to the customer at the customer’s last known address as shown
upon the records of the state bank. The notice shall contain the name of the customer and
need only describe the contents of the safe deposit box in general terms. The contents of
any number of safe deposit boxes may be sold under one notice of sale and the cost thereof
apportioned ratably among the several safe deposit box customers involved. At the time and
place designated in said notice the contents taken from each respective safe deposit box shall
be sold separately to the highest bidder for cash and the proceeds of each sale applied to
the rentals and expenses due to the state bank and the residue from any such sale shall be
held by the state bank for the account of the customer or customers. Any amount so held
as proceeds from such sale shall be credited with interest at the customary annual rate for
savings accounts at said state bank, or in lieu thereof, at the customary rate of interest in the
community where such proceeds are held. The crediting of interest shall not activate said
account to avoid an abandonment as unclaimed property under chapter 556.
4. Notwithstanding any of the provisions of this section, shares, bonds, or other securities
which, at the time of a sale pursuant to subsection 3 of this section, are listed on any
established stock exchange in the United States, shall not be sold at public sale but may
be sold through an established stock exchange. Upon the making of a sale of any such
securities, an officer of the state bank shall execute and attach to the securities so sold an
affidavit reciting facts showing that such securities were sold pursuant to this section and
that the state bank has complied with the provisions of this section. The affidavit shall
constitute sufficient authority to any corporation whose shares are so sold or to any registrar
or transfer agent of such corporation to cancel the certificates of shares so sold and to issue
a new certificate or certificates representing such shares to the purchaser thereof, and to
any registrar, trustee, or transfer agent of registered bonds or other securities, to register
any such bonds or other securities in the name of the purchaser thereof.
5. The proceeds of any sale made pursuant to this section, after the payment of any
amounts with respect to which the state bank has a lien, any property which was not offered
for sale and property which, although offered for sale, was not sold, shall be retained by
the state bank until such time as the property is presumed abandoned according to the
provisions of section 556.2, and shall thereafter be handled in accordance with the provisions
of that chapter.