Posted 09/18/2016 09:37 am
First off, the bank may have violated state law. Safe Deposit boxes are deemed unclaimed after FIVE years and the property may be required to be turned over to the comptroller of Texas.
http://www.statutes.legis.state.tx....tm/PR.73.htm
So the box was abandoned 8 years ago.
Specifically on March 1st after the 5th year, the abandoned property must be reported to the Comptroller's office. That database is searchable and you should find the box listed there.
After being reported the comptroller could have asked to have the abandoned property delivered (and sold the contents). If it wasn't requested, it's just abandoned property and the bank could have just sold it off themselves.
http://www.statutes.legis.state.tx....tm/PR.74.htm
http://www.statutes.legis.state.tx....tm/PR.73.htm
Quote:
Sec. 73.003. PRESERVATION OF INACTIVE ACCOUNT OR SAFE DEPOSIT BOX. (a) A depository shall preserve an account that is inactive and the contents of a safe deposit box that is inactive. The depository may not, at any time, by any procedure, including the imposition of a service charge, transfer or convert to the profits or assets of the depository or otherwise reduce the value of the account or the contents of such a box. For purposes of this subsection, value is determined as of the date the account or safe deposit box becomes inactive.
(b) An account is inactive if for more than one year there has not been a debit or credit to the account because of an act by the depositor or an agent of the depositor, other than the depository, and the depositor has not communicated with the depository. A safe deposit box is inactive if the rental on the box is delinquent.
Sec. 73.101. INACTIVE ACCOUNT OR SAFE DEPOSIT BOX PRESUMED ABANDONED. (a) An account or safe deposit box is presumed abandoned if:
(1) except as provided by Subsection (c), the account or safe deposit box has been inactive for at least five years as determined under Subsection (b);
(2) the location of the depositor of the account or owner of the safe deposit box is unknown to the depository; and
(3) the amount of the account or the contents of the box have not been delivered to the comptroller in accordance with Chapter 74.
(b) For purposes of Subsection (a)(1):
(1) an account becomes inactive beginning on the date of the depositor's last transaction or correspondence concerning the account; and
(2) a safe deposit box becomes inactive beginning on the date a rental was due but not paid.
(c) If the account is a checking or savings account or is a matured certificate of deposit, the account is presumed abandoned if the account has been inactive for at least three years as determined under Subsection (b)(1).
Sec. 73.003. PRESERVATION OF INACTIVE ACCOUNT OR SAFE DEPOSIT BOX. (a) A depository shall preserve an account that is inactive and the contents of a safe deposit box that is inactive. The depository may not, at any time, by any procedure, including the imposition of a service charge, transfer or convert to the profits or assets of the depository or otherwise reduce the value of the account or the contents of such a box. For purposes of this subsection, value is determined as of the date the account or safe deposit box becomes inactive.
(b) An account is inactive if for more than one year there has not been a debit or credit to the account because of an act by the depositor or an agent of the depositor, other than the depository, and the depositor has not communicated with the depository. A safe deposit box is inactive if the rental on the box is delinquent.
Sec. 73.101. INACTIVE ACCOUNT OR SAFE DEPOSIT BOX PRESUMED ABANDONED. (a) An account or safe deposit box is presumed abandoned if:
(1) except as provided by Subsection (c), the account or safe deposit box has been inactive for at least five years as determined under Subsection (b);
(2) the location of the depositor of the account or owner of the safe deposit box is unknown to the depository; and
(3) the amount of the account or the contents of the box have not been delivered to the comptroller in accordance with Chapter 74.
(b) For purposes of Subsection (a)(1):
(1) an account becomes inactive beginning on the date of the depositor's last transaction or correspondence concerning the account; and
(2) a safe deposit box becomes inactive beginning on the date a rental was due but not paid.
(c) If the account is a checking or savings account or is a matured certificate of deposit, the account is presumed abandoned if the account has been inactive for at least three years as determined under Subsection (b)(1).
So the box was abandoned 8 years ago.
Specifically on March 1st after the 5th year, the abandoned property must be reported to the Comptroller's office. That database is searchable and you should find the box listed there.
After being reported the comptroller could have asked to have the abandoned property delivered (and sold the contents). If it wasn't requested, it's just abandoned property and the bank could have just sold it off themselves.
http://www.statutes.legis.state.tx....tm/PR.74.htm
Quote:
Sec. 74.301. DELIVERY OF PROPERTY TO COMPTROLLER.
...
(c) If the property subject to delivery under Subsection (a) is the contents of a safe deposit box, the comptroller may instruct a holder to deliver the property on a specified date before July 1 of the following year.
Sec. 74.301. DELIVERY OF PROPERTY TO COMPTROLLER.
...
(c) If the property subject to delivery under Subsection (a) is the contents of a safe deposit box, the comptroller may instruct a holder to deliver the property on a specified date before July 1 of the following year.
-----Burton
Author: 3rd Edition of the Sample Slabs book, https://www.sampleslabs.info/
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Author: 3rd Edition of the Sample Slabs book, https://www.sampleslabs.info/
