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Texas Finance Code - Section 36.222. Safe Deposits And Other Bailments

Legal Research Home > Texas Lawyer > Finance Code > Texas Finance Code - Section 36.222. Safe Deposits And Other Bailments

§ 36.222. SAFE DEPOSITS AND OTHER BAILMENTS.  (a) A 
contract between the bank and another person for bailment, of 
deposit for hire, or for lease of a safe, vault, or box ceases on the 
date specified for removal of property in the notices that were 
published and mailed or a later date approved by the receiver or the 
court.  A person who has paid rental or storage charges for a period 
extending beyond the date designated for removal of property has a 
claim against the bank estate for a refund of the unearned amount 
paid.
	(b)  If the property is not removed by the date the contract 
ceases, the receiver shall inventory the property.  In making the 
inventory the receiver may open a safe, vault, or box, or any 
package, parcel, or receptacle, in the custody or possession of the 
receiver.  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 receiver's custody 
and control has been inventoried, the receiver shall compile a 
master list that is divided for each office of the bank that 
received property that remains unclaimed.  The receiver shall 
publish, in a newspaper of general circulation in each community in 
which the bank had an office that received property that remains 
unclaimed, the list and the names of the owners of the property as 
shown in the bank's records.  The published notice must specify a 
procedure for claiming the property unless the court, on 
application of the receiver, approves an alternate procedure.

Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.                   

Last modified: August 10, 2007