A New York bank terminates a lessee's safety deposit box lease for nonpayment and plans to open the box. Under Banking Law §335, which procedure is required?
Action must occur within 30 days of notice, not 10 days, with a notary present.
This matches §335 exactly. The statute permits the lessor bank, after the required 30 days notice and with a notary present, to open the box, remove and inventory the contents. The notary's certificate must include the date of opening, the owner's or lessee's name, and the list of contents, and a copy must be mailed within 10 days to the owner's previous address.
Bank must provide 30 days notice before opening the box after lease termination.
A notary must be present when opening the box, and no county clerk recording is required.
Explanation
Banking Law §335 allows the bank, within 30 days notice and while a notary is present, to open the safety deposit box, remove the contents, and inventory them. The notary must file a certificate with the bank stating the date of opening, the lessee's name, and the list of contents. A copy of that certificate must then be mailed to the owner's previous address within 10 days of the opening.
Memory Aid
30-Present-10: 30 days notice, notary present, mail certificate copy within 10 days.