§ 617. Disposition of property held as bailee, or depositary; opening\nof safe deposit boxes; disposal of contents. 1. The superintendent may,\nafter he has taken possession of any banking organization, cause to be\nmailed to each person claiming to be, or appearing upon the books of\nsuch banking organization to be\n (1) the owner of any personal property in the custody or possession of\nsuch banking organization as bailee or depositary for hire or otherwise,\nincluding the contents of any safe, vault or box theretofore opened for\nnon-payment of rental in accordance with the provisions of this chapter,\nor\n (2) the lessee of any safe, vault or box, a notice in writing directed\nby registered mail to such person at his last address as the same\nappears on the books of such banking organization or at his last known\naddress if no address appears on such books, notifying such person to\nremove all such property or the contents of any such safe, vault or box,\nwithin a period stated in said notice, which period shall be not less\nthan sixty days from the date of such notice, and further notifying such\nperson of the terms and provisions of this section. The contract of\nbailment or of deposit for hire, or lease of safe, vault or box, if any,\nbetween the person to whom such notice is mailed and such banking\norganization shall cease and determine upon the date for removal fixed\nin such notice. Such person shall have a claim against such banking\norganization for the amount of the unearned rent or charges, if any,\npaid by such person from the date fixed in such notice, if the property\nor contents is removed on or before such date, or from the date of\nactual removal, if the property or contents is removed after such date.\n As used herein the phrase "personal property in the custody or\npossession of such banking organization as bailee or depositary for hire\nor otherwise" shall include, without limitation, securities, whether\nheld in custody directly or in book-entry form by such banking\norganization, its nominee, subcustodian, clearing corporation or similar\nentity.\n 2. If such property or contents shall not be removed, and all rent or\nstorage and other charges theretofore accrued, if any, shall not be\npaid, within the time fixed by such notice, the superintendent may cause\nsuch property to be inventoried, or such safe, vault or box, or any\npackage, parcel or receptacle in the custody or possession of such\nbanking organization as bailee or depositary for hire or otherwise, to\nbe opened and the contents, if any, to be removed and inventoried, in\nhis presence or in the presence of a deputy superintendent, a special\ndeputy superintendent, or an examiner and of a notary public, not an\nofficer or employee of such banking organization or of the department of\nfinancial services. Such property or contents shall thereupon be sealed\nup by such notary public in a package distinctly marked by him with the\nname of the person in whose name such property or such safe, vault, box,\npackage, parcel or receptacle stands upon the books of such banking\norganization, and a copy of the inventory of the property therein shall\nbe certified and attached thereto by such notary public. Such package\nmay be kept by the superintendent in such place as he may determine at\nthe expense and risk of the person in whose name it stands until\ndelivered to such person or until sold, destroyed or otherwise disposed\nof as hereinafter provided. Such package may, pending final disposition\nof its contents, be opened by the superintendent, a deputy\nsuperintendent, special deputy superintendent or examiner, from time to\ntime for inspection or appraisal, or to enable the superintendent to\nexercise any of the powers conferred or duties imposed upon him by this\narticle. Whenever such package is opened, the superintendent, deputy\nsuperintendent, special deputy superintendent or examiner, shall endorse\non the outside of said package the date of opening and re-sealing, and\nshall prepare an affidavit which shall be attached thereto, showing the\nreason for opening and the articles, if any, removed therefrom, or\nplaced or replaced therein.\n 3. At any time prior to the sale, destruction or other disposition of\nthe contents thereof, the person in whose name such package stands may\nrequire the delivery thereof upon payment of all rental or storage\ncharges accrued, and all other charges or expenses paid or incurred to\nthe date of delivery with respect to such package or the contents\nthereof, including the cost of inventorying or of opening and\ninventorying, the fees of the notary public, the cost of preparing and\nmailing the notice, and advertising, if any. In case the superintendent\nis in doubt concerning the person entitled to receive such package, or\nthere are conflicting claims thereto, he may require of the claimant an\norder of the supreme court authorizing and directing the delivery\nthereof, but for any delivery or transfer made by him in good faith to\nthe claimant appearing from the records in his office to be entitled\nthereto, he shall be held harmless and shall not be liable to any\nsubsequent claimant. If the principal of, or interest, income, or\ndividends on any bonds, stock certificates, promissory notes, choses in\naction or other securities contained in such package, is or becomes due\nand payable while it is in the possession of the superintendent, he may\nat his election collect such principal, interest, income or dividends,\nand from the proceeds thereof may deduct all such sums due for rental\nand other charges, until the time of such collection. The balance, if\nany, of the amount or amounts so collected shall be disposed of by the\nsuperintendent as hereafter in subdivision five provided.\n 4. After the expiration of one year from the time of mailing the\nnotice in subdivision one hereof described, the superintendent may apply\nto the supreme court for an order authorizing him to sell, destroy or\notherwise dispose of the contents of such package. In a proper case, the\ncourt shall make such order upon such terms and conditions as justice\nmay require. The application for an order of the supreme court pursuant\nto this subdivision shall be made upon an order to show cause, which\nshall provide that notice thereof to the person in whose name such\npackage stands and to any other person claiming or appearing to have an\ninterest therein, shall be published, mailed or given in such other\nmanner as the court may prescribe. Whenever, pursuant to the provisions\nof this subdivision, the superintendent is given the power to sell the\ncontents of any package, such power to sell shall be deemed a power to\nsell in satisfaction of a lien for non-payment of rental or storage\ncharges accrued, and all other charges and expenses paid or incurred to\nthe date of sale with respect to such package and the contents thereof,\nincluding the charges and expenses described in subdivision three\nhereof. Such power to sell, or the power to destroy or otherwise dispose\nof, when authorized pursuant to the provisions of this subdivision,\nshall be deemed to include the power to sell, destroy or otherwise\ndispose of, as the case may be, any bonds, stock certificates,\npromissory notes, choses in action, or other securities, and any other\ntangible or intangible property contained in any package, regardless of\nwhether or not it shall appear from such securities or properties that\nthe person in whose name the package stands, possesses title to or\ninterest in such securities or other properties, or power to transfer\nsuch title or interest, and any sale of such securities or properties,\npursuant to this subdivision, shall vest good title thereto in the\npurchaser thereof.\n 5. From the proceeds of any sale, the superintendent shall deduct all\nrental or storage charges accrued, and all other charges and expenses\npaid or incurred to the date of sale, including the charges and expenses\ndescribed in subdivision three hereof, and the expenses of sale. The\nbalance of such proceeds, if any, shall be credited to the person in\nwhose name such package stood and shall be paid over to such person, his\nassignee or legal representative on satisfactory evidence of identity.\nAt the expiration of six months after the completion of the liquidation\nof such banking organization, the superintendent shall deposit any\nunclaimed amounts derived from such sale, as provided in article two of\nthis chapter.\n 6. The provisions of this section do not affect or preclude any other\nremedy by action or otherwise for the enforcement of the claims or\nrights of the superintendent, or of a banking organization of which he\nis in possession, against the person in whose name any property, or any\nsafe, vault, box, package, parcel or receptacle stands, nor affect, nor\nbar the right of the superintendent or the banking organization to\nrecover, before sale, any debt or claim due him or it, or, after sale,\nso much of the debt or claim as shall not be paid by the proceeds of the\nsale.\n