A. If the rental due on a safe deposit box has not been paid for six months, the lessor may send a notice by certified or registered mail to the last known address of the lessee stating that the safe deposit box will be opened and its contents stored at the expense of the lessee unless payment of the rental is made within thirty days. If the rental is not paid within thirty days from the mailing of the notice, the box may be opened in the presence of an officer of the lessor and of a notary public who is not a director, officer, employee or stockholder of the lessor. The contents shall be sealed in a package by the notary public who shall write on the outside the name of the lessee and the date of the opening. The notary public shall execute a certificate reciting the name of the lessee, the date of the opening of the box and a list of its contents. The certificate shall be included in the package and a copy of the certificate shall be sent by registered mail to the last known address of the lessee. The package shall then be placed in the general vaults of the lessor at a rental not exceeding the rental previously charged for the box.
B. If the contents of the box are not claimed within the time prescribed by the Uniform Disposition of Unclaimed Property Act, they shall be disposed of as provided therein. Upon a sale of such contents by the state treasurer, the lessor shall be reimbursed for the accrued rental and storage charges from the proceeds of the sale.
History: 1953 Comp., § 48-22-16, enacted by Laws 1963, ch. 305, § 16; 1975, ch. 330, § 11.
Compiler's notes. — The Uniform Disposition of Unclaimed Property Act, referred to in Subsection B, was compiled as Chapter 7, Article 8 NMSA 1978 before being repealed in 1997. For present law, see Uniform Unclaimed Property Act, 7-8A-1 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 486 to 492.
93 C.J.S. Warehousemen and Safe Depositaries § 71.
Structure New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Section 58-1-2 - Definitions of banks.
Section 58-1-2.1 - Prohibition.
Section 58-1-4 - Effect on existing banks.
Section 58-1-5 - Deposit of minor; school or institutional deposits.
Section 58-1-6 - Designating agent.
Section 58-1-7 - Adverse claim to deposit.
Section 58-1-8 - Payment from account when no executor or administrator has qualified.
Section 58-1-9 - Transmitting money; foreign exchange.
Section 58-1-10 - Authority to engage in leasing safe deposit facilities; subsidiary company.
Section 58-1-11 - Access by fiduciaries.
Section 58-1-12 - Effect of lessee's death or incapacity.
Section 58-1-13 - Lease to minor.
Section 58-1-14 - Search procedure on death.
Section 58-1-15 - Adverse claims to contents of safe deposit box.
Section 58-1-16 - Special remedies for nonpayment of rent.
Section 58-1-17 - Qualification and fiduciary powers.
Section 58-1-18 - Fiduciary bond or oath excused.
Section 58-1-20 - Reserves against deposits.
Section 58-1-22 - Investments.
Section 58-1-23 - Acceptances.
Section 58-1-24 - Diversification of loans and investments.
Section 58-1-25 - Acquisition of property to satisfy or protect previous loan.
Section 58-1-26 - Acquisition of banking premises and equipment.
Section 58-1-27 - Sale of assets in ordinary course.
Section 58-1-29 - Issuance of capital debentures or notes.
Section 58-1-30 - Pledge of assets.
Section 58-1-31 - Endorsement and signature guaranty and unauthorized assumption of liability.
Section 58-1-33 - Oath of secrecy; surety bonds.
Section 58-1-34 - Powers of director.
Section 58-1-35 - Employees [Examiners] and clerks; designation of deputy.
Section 58-1-36 - Seal of the director.
Section 58-1-37 - Office of the commissioner [director]; delegation of powers.
Section 58-1-39 - Bank records; prescribing manner of keeping.
Section 58-1-40 - Reports of condition; special reports; failure to make; penalty.
Section 58-1-41 - Supervision fees.
Section 58-1-41.1 - Trust department examination; fees.
Section 58-1-41.2 - Additional examinations.
Section 58-1-43 - Fees and penalties; disposition.
Section 58-1-44 - Copies of reports and records; evidence; fees.
Section 58-1-45 - Court review.
Section 58-1-46 - Examinations and reports.
Section 58-1-47 - Commissioner's [Director's] annual report.
Section 58-1-48 - Records of division.
Section 58-1-50 - Limitation of personal liability.
Section 58-1-51 - Standards in regulations.
Section 58-1-52 - Incorporators.
Section 58-1-53 - General corporate powers.
Section 58-1-54 - Powers of director and of state banks.
Section 58-1-55 - Capital structure; impairment of capital.
Section 58-1-56 - Notice of intention.
Section 58-1-57 - Application for permission to file corporate papers.
Section 58-1-59 - Subscription calls.
Section 58-1-65 - Directors and officers.
Section 58-1-66 - Directors; meetings and duties.
Section 58-1-67 - Fidelity bonds and other insurance.
Section 58-1-68 - Authority to declare dividends.
Section 58-1-69 - Capital, surplus and undivided profits; accounting requirements.
Section 58-1-70 - Deposit insurance; membership in federal reserve system.
Section 58-1-71 - Waivers; corporate action by unanimously signed writing.
Section 58-1-72 - Voluntary liquidation and dissolution.
Section 58-1-73 - Director in possession.
Section 58-1-74 - Requirements of reorganization plan.
Section 58-1-75 - Liquidation by commissioner [director].
Section 58-1-76 - Unauthorized conduct of banking business.
Section 58-1-77 - Receipt of deposits while insolvent.
Section 58-1-78 - Unlawful service as officer or director.
Section 58-1-80 - Unlawful concealment of transaction.
Section 58-1-81 - Improper maintenance of accounts; false or deceptive entries and statements.
Section 58-1-82 - Reimbursement for fines and penalties.
Section 58-1-83 - Unlawful use of words "safe deposit.".
Section 58-1-84 - Unlawful sanctions; violations of rules and orders.