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This entry was published on 2014-09-22
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SECTION 337
Sale of safe deposit business
Banking (BNK) CHAPTER 2, ARTICLE 8-A
§ 337. Sale of safe deposit business. Subject to the provisions of
subdivision eight of section six hundred five of article thirteen of
this chapter, any banking organization or foreign banking corporation
may, with the approval of the superintendent, sell to another banking
organization, foreign banking corporation or national banking
association authorized to conduct the business of renting safe deposit
boxes, all or any part of its safe deposit business, and upon at least
thirty days notice in writing to the lessees of the safe deposit boxes
so sold, such safe deposit boxes may be delivered to the possession of
such purchasing banking organization, foreign banking corporation or
national banking association and thereupon, except for claims against
the selling banking organization or foreign banking corporation asserted
in writing prior to such delivery, the obligations and rights of the
selling banking organization or foreign banking corporation upon the
leases relating thereto shall be deemed to be assumed by the purchasing
banking organization, foreign banking corporation or national banking
association as a successor in interest of the selling banking
organization or foreign banking corporation and the selling banking
organization or foreign banking corporation shall be discharged from
liability in respect thereof. Any lessee of a safe deposit box, upon
receipt of a notice in writing of the proposed sale of such safe deposit
box by a banking organization or foreign banking corporation, may
terminate his lease therefor by removing the contents therefrom and
surrendering such safe deposit box to the banking organization or
foreign banking corporation prior to the date fixed in such notice for
the delivery of such safe deposit box to the purchasing banking
organization, foreign banking corporation or national banking
association and thereupon such lessee shall be entitled to a refund of
the unearned rent, if any, paid by such lessee to the selling banking
organization or foreign banking corporation.