(a) If a Hawaii financial institution in receivership has any personal property in its possession as bailee for storage or safekeeping, or if it has any vaults, safes, or safe deposit boxes rented by customers, the receiver shall notify the affected customer at the customer’s last known address as reflected in the records of the financial institution. Any notice shall be sent by certified mail, return receipt requested, and shall direct the customer to remove the personal property by a date stated in the notice, which date shall not be less than ninety days after mailing of the notice.

Terms Used In Hawaii Revised Statutes 412:2-421

  • Commissioner: means the commissioner of financial institutions of this State. See Hawaii Revised Statutes 412:1-109
  • Financial institution: means a Hawaii financial institution, and unless the context indicates otherwise, a federal financial institution or foreign financial institution. See Hawaii Revised Statutes 412:1-109
  • Hawaii financial institution: means :

    (1) A corporation or credit union that holds a charter or license under this chapter or under prior Hawaii law, authorizing it to accept deposits, to make loans in excess of the rates permitted in chapter 478, or to engage in the business of a trust company; or

    (2) A resulting bank as defined in article 12,

    and includes a corporation or credit union existing and chartered as a Hawaii financial institution or licensed to transact business in this State on July 1, 1993. See Hawaii Revised Statutes 412:1-109

  • Personal property: All property that is not real property.
  • Receiver: means a person appointed by the commissioner to take possession and control of a Hawaii financial institution for the purpose of liquidating and winding up the affairs of the institution. See Hawaii Revised Statutes 412:1-109
(b) If and when the property is claimed by the customer, any unearned fees for rent or bailment shall be refunded to the customer and shall be treated as an administrative expense of the receivership. Any unpaid fees for rent or bailment shall be collected from the customer or shall be carried as a receivable on the books of the institution.
(c) If the property is not claimed by the date set forth in the notice provided for in subsection (a), the receiver shall cause the safe, vault or safe deposit box to be opened before two witnesses who are not employed by the Hawaii financial institution. Such property shall be placed in a suitable container together with a list, signed by the witnesses, containing a description of the property, the name and address of the customer and the names of the witnesses. The receiver shall keep the property in one of the general vaults, safes or boxes of the financial institution, or other depository, until it is claimed by the owner.
(d) If the property is not claimed within two years after the date set forth in the notice provided for in subsection (a), the receiver may sell the property at public auction, subject to the approval of the commissioner or the court. The receiver may deduct from the proceeds of such sale any unpaid fees for rental or bailment, which shall be an asset of the institution, and the balance shall be disposed of in accordance with chapter 523A. Papers and other items of no apparent value may be destroyed.

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