Texas Finance Code - Section 36.105. Safe Deposits And Other Bailments
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§ 36.105. SAFE DEPOSITS AND OTHER BAILMENTS. (a) A
contract between the bank and a person for bailment, of deposit for
hire, or for lease of a safe, vault, or box ceases on the date
specified in the notice as the date for removal of property or a
later date approved by the banking commissioner. A person who has
paid rental or storage charges for a period extending beyond the
date designated for removal of property has an unsecured claim
against the bank for a refund of the unearned amount paid.
(b) If the property is not removed by the date the contract
ceases, an officer of the bank shall inventory the property. In
making the inventory the officer may open a safe, vault, or box, or
any package, parcel, or receptacle, in the custody or possession of
the bank. The inventory must be made in the presence of a notary
public who is not an officer or employee of the bank and who is
bonded in an amount and by sureties approved by the banking
commissioner. The property shall be marked to identify, to the
extent possible, its owner or the person who left it with the bank.
After all property belonging to others that is in the bank's custody
and control has been inventoried, a master list certified by the
bank officer and the notary public shall be furnished to the banking
commissioner. The master list shall be kept in a place and dealt
with in a manner the banking commissioner specifies pending
delivery of the property to its owner or to the comptroller as
unclaimed property.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 36.003 36.004 36.005 36.101 36.102 36.103 36.104 36.105 36.106 36.107 36.108 36.109 36.110 36.111 36.112
Last modified: August 10, 2007
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