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Can you summarize Fin Code CACL Division 1.1 Chapter 17?
BANKING [1000. - 1910.] > Safe Deposit [1620. - 1651.]
Short Summary
The provided legal document consists of two parts. The first part governs the notice to a bank operating a safety deposit department or to a company conducting a safety deposit business regarding an adverse claim to personal property in a safe-deposit box or held in safekeeping or storage. It applies to banks operating a safety deposit department or companies conducting a safety deposit business. The document states that the notice of an adverse claim by a person, referred to as the ‘adverse claimant,’ shall be disregarded by the bank or company, and they shall permit access to the box or deliver the contents or property to the person who rented it or for whom it is held. However, there are exceptions provided in subdivisions (a) and (b) of this section. The document also mentions that the bank or company may demand payment for costs and expenses related to opening the safe-deposit box or repairing any damage caused. Additionally, it specifies the procedure for serving legal notices at a central location designated by the bank or at any branch or office of the institution located in the state. The second part of the document governs the remedies available to banks in the event of nonpayment of rent for safe deposit boxes. It applies to banks conducting a safe-deposit business, safe-deposit box renters, and safekeeping and storage depositors. According to the document, if the rental of a safe-deposit box is not paid within six months, the bank may send a notice to the person in whose name the box stands, stating that if the amount due is not paid by a specified day, the bank will force open the box. If the rental and notice costs are not paid by the specified day, the bank can open the box in the presence of two employees and remove and inventory its contents. The inventory can be obtained by specific individuals, such as the executor of the decedent’s will, the administrator of the decedent’s estate, or a tenant of the safe-deposit box. The contents of the box must be retained by the bank for at least two years, unless delivered to or on the order of the person in whose name the box stood. The bank can deliver the contents upon payment of all outstanding charges. The document also specifies that certain securities listed on established stock exchanges cannot be sold at public sale but may be sold through an established stock exchange. The bank must execute an affidavit when selling securities, which serves as sufficient authority for canceling and issuing new certificates. The document further outlines the procedures for deducting charges from the proceeds of a sale and the retention or destruction of documents, letters, and articles found in safe-deposit boxes. It also mentions that banks may have additional remedies for enforcing claims and collecting amounts due. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Banks operating a safety deposit department or companies conducting a safety deposit business, safe-deposit box renters, safekeeping and storage depositors
What does it govern?
Notice to a bank operating a safety deposit department or to a company conducting a safety deposit business regarding an adverse claim to personal property in a safe-deposit box or held in safekeeping or storage, remedies available to banks in the event of nonpayment of rent for safe deposit boxes
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
California