LAW
Writer®
Ohio Laws and Rules
The superintendent of savings banks, after he has taken possession of the property and business of a savings bank, may send a notice in writing by registered mail to each person, corporation, partnership, or association claiming to be, or appearing upon the books of the savings bank to be, the owner of any personal property theretofore left in the possession of the savings bank as bailee or depository for hire, or claiming to be the lessee of any safe, vault, or box held by or on the premises of the savings bank. The notice shall be directed to each such person, corporation, partnership, or association at its post-office address recorded in the books of the savings bank or, if its name is not recorded in the books, at its last known post-office address, and shall notify each addressee to remove all such personal property within the period stated in the notice. This period shall be not less than sixty days from the date of the mailing of the notice. If the property has not been removed within the time specified in the notice, the superintendent may apply to the court of common pleas in which the liquidation proceedings are pending for an order directing him to cause any safe, vault, or box held by or on the premises of the savings bank to be opened in his presence or in the presence of a special deputy superintendent and in the presence of a notary public who is not an officer or in the employ of the savings bank or of the superintendent; to cause any contents thereof to be listed and then to be enclosed in a container, which container shall be sealed and distinctly marked by the notary public with the name and address of the person, corporation, partnership, or association in whose name the safe, vault, or box is shown upon the books of the savings bank; and to cause the list and a description of the property in the container to be attached to the container. The container shall then be kept by the superintendent in his custody and control until delivered to the person, corporation, partnership, or association whose name appears thereon. Within six months after the order for final distribution, all moneys, rights to moneys, and other intangible property shall be reported as unclaimed funds pursuant to sections 169.03 and 169.05 of the Revised Code unless otherwise disposed of as directed by the court or by a judge thereof, except that division (D) of section 169.03 of the Revised Code does not apply.
The contents shall be held by the superintendent subject to the payment of all unpaid rent on the safe, vault, or box, of all expenses incurred in opening it, and of reasonable compensation for the safekeeping of the contents after their removal from it.
After the superintendent has mailed the notice in writing as provided in this section, any contract of bailment or of deposit for hire, and any lease of a safe, vault, or box, between the person, corporation, partnership, or association and the savings bank shall terminate upon the date of removal, and the amount of any unearned rent or charges paid for the bailment or lease by the person, corporation, partnership, or association shall become a general claim against the savings bank.
Effective Date: 10-23-1991