HB423: relative to safe deposit boxes.

CHAPTER 85

HB 423 - FINAL VERSION

25mar03... 0843h

2003 SESSION

03-0531

06/10

HOUSE BILL 423

AN ACT relative to safe deposit boxes.

SPONSORS: Rep. Reardon, Merr 39; Sen. Kenney, Dist 3

COMMITTEE: Commerce

AMENDED ANALYSIS

This bill adds public sale and nationally recognized internet auction to public auction, as a means for disposing of the contents of safe deposit boxes with longstanding unpaid rents. This bill substitutes "an officer of the corporation" for the president, treasurer, or superintendent as a witness in the final disposition of proceeds from the sale.

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

25mar03... 0843h

03-0531

06/10

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Three

AN ACT relative to safe deposit boxes.

Be it Enacted by the Senate and House of Representatives in General Court convened:

85:1 Safe Deposit Boxes; Delivery to the State; Public Auction, Public Sale, and Internet Auction. RSA 385:4 is repealed and reenacted to read as follows:

385:4 Delivery to State. At the expiration of 5 years after the removal of the contents of such safe or box, the corporation shall sell all the property or articles of value set out in said written statements at public auction, public sale, or nationally recognized internet auction. For a public auction, a notice of the time and place of sale shall be published once weekly for 3 consecutive weeks, the last such publication being no less than 10 days before the public auction, in a newspaper published in the place where the auction is held, or having a general circulation in such place. For a public sale, a notice of the location and date for viewing the property or articles of value, and the deadline for accepting sealed bids shall be published once weekly for 3 consecutive weeks, the last such publication being no less than 10 days before the deadline for accepting bids, in a newspaper published in the place where the viewing is held, or having a general circulation in such place.

85:2 Safe Deposit Boxes; Disposition of Proceeds; Public Auction, Public Sale, and Internet Auction. Amend RSA 385:5 to read as follows:

385:5 Disposition of Proceeds. From the proceeds of said sale the corporation shall deduct all its charges for rental up to the time of opening said box or safe, the cost of opening, further cost of safekeeping all its contents and any costs of said public auction, public sale, or nationally recognized internet auction and shall hold the net cash proceeds from such public auction, public sale, or internet auction, subject to the provisions of RSA 471-C. The corporation shall maintain a statement of all charges deducted from the proceeds of said public auction, public sale, or nationally recognized internet auction which shall be signed by [the president, treasurer or superintendent] an officer of said corporation and verified before a notary public or justice of the peace.

85:3 Effective Date. This act shall take effect 60 days after its passage.

(Approved: May 30, 2003)

(Effective Date: July 29, 2003)