If the contents of the safe deposit box have not been claimed within two years of the mailing of the certificate as required by Section 34-19-70, the lessor may send a further notice to the last known address of the lessee stating that, unless the accumulated charges are paid within thirty days, the contents of the box will be sold at public auction at a specified time and place, or, in the case of securities listed on a stock exchange, will be sold upon the exchange on or after a specified date and that unsalable items will be destroyed. The time, place and manner of sale shall also be posted conspicuously on the premises of the lessor and advertised once seven days prior to the sale in a newspaper of general circulation in the community. If the articles are not claimed, and the accrued rent and disbursements of lessor paid, they may then be sold in accordance with the notice.
HISTORY: 1962 Code Section 8-508; 1952 Code Section 8-576; 1942 Code Section 7902; 1932 Code Section 7902; 1928 (35) 1271; 1951 (47) 363, 513; 1952 (47) 1932.
Structure South Carolina Code of Laws
Title 34 - Banking, Financial Institutions and Money
Chapter 19 - Safe-deposit Boxes
Section 34-19-10. Definitions.
Section 34-19-20. Safe deposit business authorized.
Section 34-19-30. Lease of box to minor.
Section 34-19-40. Access to box of fiduciary.
Section 34-19-50. Access to box of decedent; removal of contents.
Section 34-19-60. Refusal of access because of adverse claim.
Section 34-19-70. Opening box when rental is one year in default.
Section 34-19-80. Sale of contents unclaimed for two years.
Section 34-19-90. Disposition of proceeds of sale of contents.
Section 34-19-100. Destruction of private documents of no apparent value.
Section 34-19-110. Use of words "safe deposit" or "safety deposit".