Safe deposit boxes; provide escheatment process for.

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To: Banking and Financial
Services
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026

By: Representative Aguirre

COMMITTEE SUBSTITUTE
FOR
HOUSE BILL NO. 1477

AN ACT TO PROVIDE FOR A SAFE DEPOSIT BOX ESCHEATMENT PROCESS; 1
TO REQUIRE BANKS AND FINANCIAL ORGANIZATIONS TO PROVIDE CERTAIN 2
NOTICE TO PERSONS WHO HAVE NOT PAID RENT FOR THEIR SAFE DEPOSIT 3
BOXES; TO AUTHORIZE SUCH BANKS AND FINANCIAL ORGANIZATIONS TO OPEN 4
THE SAFE DEPOSIT BOX AFTER PROPER NOTICE; TO AUTHORIZE THE STATE 5
TREASURER TO RECEIVE CONTENTS FROM THE ABANDONED SAFE DEPOSIT BOX 6
AND SELL THE CONTENTS AT PUBLIC AUCTION; TO AMEND SECTION 89-12-3, 7
MISSISSIPPI CODE OF 1972, TO DEFINE "LAST KNOWN ADDRESS" AND 8
"LAWFUL CHARGES" FOR THE PURPOSES OF THIS ACT; TO AMEND SECTIONS 9
89-12-5, 89-12-11, 89-12-17, 89-12-30, 89-12-31 AND 7-7-42, 10
MISSISSIPPI CODE OF 1972, TO MODERNIZE CERTAIN PROVISIONS RELATING 11
TO ABANDONED AND UNCLAIMED PROPERTY UNDER THE UNIFORM DISPOSITION 12
OF UNCLAIMED PROPERTY ACT; TO BRING FORWARD SECTION 81-5-64, 13
MISSISSIPPI CODE OF 1972, FOR THE PURPOSE OF POSSIBLE AMENDMENT; 14
AND FOR RELATED PURPOSES. 15
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 16
SECTION 1. (1) On and after July 1, 2026, if the rental 17
payment for a safe deposit box in a bank or other financial 18
organization located in the State of Mississippi is delinquent for 19
at least one (1) year, or if the lease agreement for the safe 20
deposit box terminated not less than one (1) year prior, the 21
lessor may send written notice by first-class United States mail, 22
and by electronic notice if the lessor maintains an electronic 23
mail address for the lessee in its records, to the address on file 24
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for the subject box informing the lessee that the lessor will 25
remove the contents of the box if the rent is not paid before a 26
date specified in the notice. The date specified in the notice 27
may not be fewer than sixty (60) days from the date the notice was 28
sent. 29
(2) The notice under subsection (1) of this section must: 30
(a) Contain a heading that reads substantially as 31
follows: "Notice: The State of Mississippi requires us to notify 32
you that your safe deposit box contents shall be deemed abandoned 33
and may be transferred to the custody of the state and disposed of 34
by the State Treasurer if you do not timely contact us."; 35
(b) State that the safe deposit box contents will be 36
turned over to the State Treasurer if the rental payment remains 37
unpaid for a period of three (3) years; 38
(c) State that, after the safe deposit box contents are 39
turned over to the State Treasurer, an apparent owner that seeks 40
return of the contents must file a claim with the State Treasurer; 41
(d) Identify any apparent owners of the safe deposit 42
box contents; 43
(e) Summarize the nature of the contents that are the 44
subject of the notice; 45
(f) Indicate the amounts currently owed for unpaid rent 46
and other lawful charges, and state that the apparent owner will 47
become liable for additional amounts in the absence of timely 48
responding; 49
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(g) Provide instructions that the apparent owner must 50
follow to prevent the holder from reporting and paying or 51
delivering the contents to the State Treasurer. 52
(h) Indicate that, in the absence of promptly claiming 53
the contents from the State Treasurer, the contents may be sold 54
and thereafter the owner's claim shall be limited to the proceeds 55
of sale, less any amounts due the lessor for unpaid rent or other 56
lawful charges arising from the abandonment of the safe deposit 57
box. 58
The mailing of this notice shall be in addition to the notice 59
requirements of Section 89-12-23(5). 60
As used in this subsection (2), "apparent owner" has the same 61
meaning as that term is defined in Section 89-12-3. 62
(3) If the rent due is not paid within sixty (60) days of 63
the date of the notice, the lessor may open the box in the 64
presence of no fewer than two (2) employees, at least one (1) of 65
whom must be a notary public. The lessor shall inventory the 66
contents of the box in detail as provided by the reporting 67
instructions established by the State Treasurer under Section 3 of 68
this act, which shall be notarized and place the contents of the 69
box in a sealed envelope or container bearing the name of the 70
lessee to be held in the vault of the lessor until the contents 71
are escheated to the State Treasurer's office. 72
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(4) The lessor has a lien on the package and its contents to 73
the extent of any rent or other lawful charges due and owing plus 74
the actual, reasonable costs of removing the contents. 75
(5) The procedures under this section shall be strictly and 76
exclusively followed on and after July 1, 2026, and thereafter 77
where the lessor of a safe deposit box elects to remove contents 78
of the box for reasons of delinquent lease payment or other lease 79
termination. 80
(6) If a lessor removed the contents of a safe deposit box 81
before July 1, 2026, because payment of the rent on the box was 82
delinquent or the lease agreement for the safe deposit box was 83
otherwise terminated, such contents shall be reported to the State 84
Treasurer in accordance with Sections 89-12-23 and Section 3 of 85
this act, and any associated rules adopted by the State Treasurer. 86
(7) If the lessor acted in good faith in removing the 87
contents from the safe deposit box and following the subsequent 88
procedure for custody of such contents, the lessor shall be 89
relieved of liability as provided in Section 89-12-31. For the 90
purposes of this subsection (7), "good faith" means that there is 91
no showing that the procedures followed by the lessor in removing 92
and storing the contents did not meet reasonable commercial 93
standards of practice in the industry, and that in doing so the 94
lessor did not act negligently. 95
SECTION 2. All property removed from a safe deposit box on 96
which the lease or rental period has expired due to nonpayment of 97
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rent under Section 1 of this act, or for other reasons, and has 98
been unclaimed by the owner for three (3) or more years from the 99
date on which the lease or rental period expired or otherwise 100
terminated, shall be presumed abandoned and subject to reporting 101
and remittance in accordance with Section 3 of this act. 102
SECTION 3. (1) Any lessor who removes the contents from a 103
safe deposit box in accordance with Section 1 of this act shall 104
report the contents to the State Treasurer. The contents shall be 105
reported separately from any other type of unclaimed property 106
reported to the State Treasurer by the lessor. The State 107
Treasurer shall create a separate and distinct unclaimed property 108
report form for the reporting of safe deposit box contents. 109
(2) The State Treasurer shall promulgate rules detailing a 110
process for the delivery of contents listed in any reports of 111
unclaimed safe deposit box contents filed with the State 112
Treasurer's Office. 113
(3) Following the filing of a report of unclaimed safe 114
deposit box contents with the State Treasurer's office, the State 115
Treasurer shall determine the date for delivery of the contents to 116
the State Treasurer's office. The lessor shall receive notice no 117
less than thirty (30) days before the date scheduled for delivery. 118
No delivery of such contents may be made to the State Treasurer by 119
a lessor in the absence of or before an assigned delivery date. 120
(4) If the lessee contacts the lessor to claim the contents 121
of the safe deposit box before the scheduled delivery date, an 122
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updated report shall be included with the delivery that excludes 123
such contents from those delivered to the State Treasurer's 124
office. 125
(5) (a) If after investigation the State Treasurer, in its 126
sole discretion, determines that the property delivered from a 127
safe deposit box has insubstantial commercial value, the State 128
Treasurer may destroy or otherwise dispose of the property at any 129
time after one hundred twenty (120) days from the date the State 130
Treasurer took custody of the property. No action or proceeding 131
may be maintained against the state or any officer or against the 132
holder due to action taken by the State Treasurer or the holder 133
under this section. 134
(b) As used in paragraph (a) of this subsection (6), 135
"insubstantial commercial value" means property that has a value 136
less than the probable cost of the sale of the property, as 137
estimated by the State Treasurer. 138
(6) Notwithstanding subsection (5) of this section, any 139
military awards, medals or decorations among the contents of any 140
safe deposit box shall not be sold, but shall be retained by the 141
State Treasurer until claimed by the lessee of the safe deposit 142
box or the lessee's estate or released to a person or entity 143
lawfully entitled to possession thereof. The State Treasurer 144
shall endeavor to work with any other entities, including other 145
states or federal agencies, as applicable, to locate the person or 146
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entity lawfully entitled to any such military awards, medals or 147
decorations. 148
(7) The State Treasurer shall establish the procedures and 149
requirements for the disposition of any firearms and ammunition, 150
illicit, inherently dangerous or hazardous materials, and 151
contraband removed by a lessor from a safe deposit box. A lessor 152
who acts in substantial compliance with such procedures and 153
requirements shall be relieved of liability as provided in Section 154
89-12-31. 155
(8) For any property of more than insubstantial commercial 156
value delivered to the State Treasurer under this section, the 157
State Treasurer shall conduct a public sale of the abandoned 158
property. 159
(9) Property received by the State Treasurer's office under 160
this section is subject to the holder's right to be reimbursed for 161
the actual cost of opening the safe deposit box and to any valid 162
lien or contract providing for reimbursement to the holder for 163
unpaid rent, storage charges and any other lawful charges incurred 164
in connection with such safe deposit box lease. The State 165
Treasurer shall reimburse the holder from the proceeds remaining 166
after the deduction of the cost incurred by the State Treasurer 167
for the sale. 168
(10) A holder required to file a report under this section 169
shall maintain the records containing the information required to 170
be included in the report for ten (10) years after the holder 171
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files the report, unless a shorter period is provided by rule of 172
the State Treasurer. 173
(11) A business association or financial organization that 174
sells, issues, or provides to others for sale or issue in this 175
state, traveler's checks, money orders, or similar instruments 176
other than third-party bank checks, on which the business 177
association or financial organization is directly liable, shall 178
maintain a record of the instruments while they remain 179
outstanding, indicating the state and date of issue, for three (3) 180
years after the holder files the report. 181
SECTION 4. Sections 2 and 3 of this act shall be codified in 182
Chapter 12, Title 89, Mississippi Code of 1972. 183
SECTION 5. Section 89-12-3, Mississippi Code of 1972, is 184
amended as follows: 185
89-12-3. As used in this chapter, unless the context 186
otherwise requires: 187
(a) "Banking organization" means any national or state 188
bank, trust company, savings bank, land bank, private banker, or 189
any similar organization * * *. 190
(b) "Business association" means any corporation, 191
joint-stock company, business trust, partnership, or any 192
association for business purposes of two (2) or more individuals, 193
whether organized for profit or nonprofit, including, but not 194
limited to, a banking organization, financial organization, life 195
insurance corporation and utility. 196
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(c) "Financial organization" means any federal or state 197
savings and loan association, building and loan association, 198
credit union, cooperative bank or investment company, farm credit 199
system cooperative, or any similar organization * * *. 200
(d) "Holder" means any person in possession of property 201
subject to the provisions of this chapter belonging to another, or 202
who is trustee in case of a trust, or is indebted to another on an 203
obligation subject to the provisions of this chapter. 204
(e) "Insurance corporation" means any association or 205
corporation transacting in this state the business of insurance 206
involving in any manner a person or property; however, this term 207
does not include self-insured workers' compensation groups or 208
associations comprised of members who have joint and several 209
liability for the workers' compensation obligation of the other 210
members. 211
(f) "Intangible personal property" includes, but is not 212
limited to: 213
(i) Monies, checks, drafts, deposits, interest, 214
dividends, and income; 215
(ii) Credit balances, customer overpayments, gift 216
certificates, security deposits, refunds, credit memos, unpaid 217
wages, unused airline tickets, and unidentified remittances; 218
except future and prior dividends made by the workers' 219
compensation groups or associations described in paragraph (e); 220
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(iii) Monies deposited to redeem stocks, bonds, 221
coupons, and other securities, or to make distributions; 222
(iv) Amounts due and payable under the terms of 223
insurance policies; 224
(v) Amounts distributable from a trust or 225
custodial fund established under a plan to provide health, 226
welfare, pension, vacation, severance, retirement, death, stock 227
purchase, profit sharing, employee savings, supplemental 228
unemployment insurance, or similar benefits; 229
(vi) Shares of corporate stock and other 230
intangible ownership interests in business associations; * * * 231
(vii) Bonds, notes and other debt 232
obligations * * *; and 233
(viii) Outstanding state warrants, and other 234
outstanding obligations of a government or governmental 235
subdivision, agency or instrumentality. 236
(g) "Tangible personal property" means any property 237
subject to Section 1 of this act that is held in safe deposit 238
boxes maintained by a banking or financial organization, or that 239
was held in safe deposit boxes until removal and storage by a 240
banking or financial organization. 241
(h) "Last known address" means any description, code or 242
other indication of the location of the apparent owner that 243
identifies the state, even if the description, code or indication 244
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of location is not sufficient to direct the delivery of 245
first-class United States mail to the apparent owner; 246
(i) "Lawful charges" means charges against dormant 247
accounts that are authorized by statute or by contract. 248
( * * *j) "Owner" or "owners" means * * * the 249
depositor(s) in case of a deposit, * * * beneficiary or 250
beneficiaries in case of a trust, * * * creditor(s), claimant(s) 251
or payee(s) in case of other choses in action, or any person(s) 252
having a legal or equitable interest in property subject to the 253
provisions of this chapter, or * * * the legal representative(s) 254
of such person(s). 255
( * * *k) "Apparent owner" means the person or persons 256
who * * * appear from the records of the holder to be entitled to 257
property held by the holder. 258
( * * *l) "Person" means any individual, business 259
association, government or political subdivision or agency, 260
corporation, public authority, estate, trust, two (2) or more 261
persons having a joint or common interest, or any other legal or 262
commercial entity whether such person is acting in his or her own 263
right or in a representative capacity. 264
( * * *m) "Treasurer" means the State Treasurer of the 265
State of Mississippi. 266
( * * *n) "Utility" means any person who owns or 267
operates in this state for public use, any plant, equipment, 268
property, franchise, or license for the transmission of 269
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communications or the production, storage, transmission, sale, 270
delivery, or furnishing of electricity, water, steam or gas. 271
( * * *o) "Farm credit system cooperative association" 272
means a farmer-owned cooperative system established under the 273
authority of the Farm Credit Act of 1971, as amended, for the 274
purpose of making credit available to farmers and ranchers and 275
their cooperatives, for rural residences, and to associations and 276
other entities upon which farming operations are dependent, to 277
provide for an adequate and flexible flow of money into rural 278
areas, and to modernize and consolidate existing farm credit law 279
to meet current and future rural credit needs, and for other 280
purposes, and which are chartered by and subject to the regulatory 281
control of the Farm Credit Administration. For purposes of this 282
chapter, the term includes: 283
(i) Farm credit banks; 284
(ii) The bank for cooperatives; 285
(iii) Agricultural credit banks; 286
(iv) Federal land bank associations; 287
(v) Federal land credit associations; 288
(vi) Production credit associations; 289
(vii) Agricultural credit associations; 290
(viii) The federal Farm Credit Banks Funding 291
Corporation; 292
(ix) The Federal Agricultural Mortgage 293
Corporation; 294
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(x) Service corporations established pursuant to 295
Section 12 USCS Section 2211; and 296
(xi) Such other institutions as may be made a part 297
of the Farm Credit System. 298
SECTION 6. Section 89-12-5, Mississippi Code of 1972, is 299
amended as follows: 300
89-12-5. (1) Subject to the provisions of Sections 89-12-17 301
and 89-12-19, the following property held or owing by a banking or 302
financial organization or by a business association shall be 303
presumed abandoned: 304
(a) Any demand, savings, or matured time deposit * * * 305
with a banking organization or financial organization, together 306
with any interest or dividend thereon, excluding any charges that 307
may have accrued, unless the owner * * * or owners have, within 308
five (5) years: 309
(i) Increased or decreased the amount of the 310
deposit, or presented the passbook or other similar evidence of 311
the deposit for the crediting of interest; * * * 312
(ii) Corresponded in writing with the banking 313
organization or financial organization concerning the 314
deposit; * * * 315
(iii) Directed activity in the account in which 316
the property is held, including accessing the account or 317
information concerning the account, or issuing a direction to 318
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increase, decrease, or otherwise change the amount or type of 319
property held in the account; 320
( * * *iv) Otherwise indicated an interest in the 321
deposit as evidenced by a memorandum on file with the banking 322
organization or financial organization * * *; or 323
(v) Had another relationship with the banking or 324
financial organization concerning, which the owner has: 325
1. Communicated in writing with the banking 326
or financial organization; or 327
2. Otherwise indicated an interest as 328
evidenced by a memorandum or other record on file with the banking 329
or financial organization. 330
(b) Any sum payable on checks certified in this state 331
or on written instruments issued in this state on which a banking 332
or financial organization or business association is directly 333
liable, including, but not limited to, certificates of deposit, 334
drafts, money orders and traveler's checks, that, with the 335
exception of traveler's checks and money orders, has been 336
outstanding for more than five (5) years from the date it was 337
payable, or from the date of its issuance if payable on demand, 338
or, in the case of traveler's checks, that has been outstanding 339
for more than fifteen (15) years from the date of its issuance, 340
or, in the case of money orders, that has been outstanding for 341
more than seven (7) years from the date of its issuance, unless 342
the owner * * * or owners have within five (5) years, or within 343
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fifteen (15) years in the case of traveler's checks or within 344
seven (7) years in the case of money orders, corresponded in 345
writing with the banking or financial organization or business 346
association concerning it, or otherwise indicated an interest as 347
evidenced by a memorandum on file with the banking or financial 348
organization or business association. 349
(2) Any certificate of deposit made in this state with a 350
banking organization, together with an interest or dividend 351
thereon, with a maturity date equal to or greater than ten (10) 352
years shall be exempt from the time limit provisions of this 353
chapter. 354
SECTION 7. Section 89-12-11, Mississippi Code of 1972, is 355
amended as follows: 356
89-12-11. * * * 357
(1) A security is presumed abandoned upon the earlier of the 358
following: 359
(a) Three (3) years after the date a communication sent 360
by the holder by first-class United States mail to the apparent 361
owner is returned to the holder undelivered by the United States 362
Postal Service; however, if such returned communication is resent 363
within one (1) month to the apparent owner, the three-year period 364
does not begin to run until the day the resent item is returned as 365
undeliverable; or 366
(b) Five (5) years after the date of the apparent 367
owner's last indication of interest in the security. 368
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(2) If the holder does not send communications to the 369
apparent owner of a security by first-class United States mail on 370
at least an annual basis, the holder shall attempt to confirm the 371
apparent owner's interest in the security by sending the apparent 372
owner an electronic-mail communication not later than three (3) 373
years after the apparent owner's last indication of interest in 374
the security. However, the holder promptly shall attempt to 375
contact the apparent owner by first-class United States mail if: 376
(a) The holder does not have information needed 377
to send the apparent owner an electronic-mail communication or the 378
holder believes that the apparent owner's electronic-mail address 379
in the holder's records is not valid; 380
(b) The holder receives notification that the 381
electronic-mail communication was not received; 382
(c) The apparent owner does not respond to 383
the electronic-mail communication within thirty (30) days after 384
the communication was sent. 385
(3) If first-class United States mail sent under subsection 386
(2) of this section is returned to the holder undelivered by the 387
United States Postal Service, the security is presumed abandoned 388
in accordance with subsection (1)(b) above. 389
(4) If a holder in the ordinary course of its business 390
receives notice or an indication of the death of an apparent 391
owner, the holder shall attempt to confirm whether the apparent 392
owner is deceased not later than ninety (90) days after receipt of 393
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the notice or indication. Notwithstanding the standards set forth 394
in subsections (1), (2) and (3) of this section, if the holder 395
either receives confirmation of the death of the apparent owner in 396
the ordinary course of its business or confirms the death of the 397
apparent owner under this subsection (4), then the property shall 398
be presumed abandoned two (2) years after the date of death of the 399
owner. 400
( * * *5) Notwithstanding anything in this section or any 401
other section in this chapter to the contrary, the property 402
presumed abandoned under this chapter shall not include capital 403
credits or patronage refunds offered for payment by nonprofit 404
cooperative electric power associations, nonprofit cooperative 405
water and sewer associations, nonprofit agricultural cooperative 406
marketing associations, or farm credit system cooperative 407
associations, as defined in Section 89-12-3. Such unclaimed funds 408
shall be used for the benefit of the general membership of such 409
associations. 410
SECTION 8. Section 89-12-17, Mississippi Code of 1972, is 411
amended as follows: 412
89-12-17. Unless otherwise provided by statute of this 413
state, intangible personal property shall be presumed abandoned 414
under the provisions of this chapter if the conditions for 415
presumption of abandonment stated in the provisions of this 416
chapter exist, and if: 417
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(a) The last-known address of the apparent owner is in 418
this state as shown on the records of the holder; or 419
(b) No address of the apparent owner appears on the 420
records of the holder, and 421
(i) The last-known address of the apparent owner 422
is in this state, or 423
(ii) The holder is domiciled in this state and has 424
not previously paid the property to the state of the last-known 425
address of the apparent owner, or 426
(iii) The holder is a government or governmental 427
subdivision or agency of this state and has not previously paid 428
the property to the state of the last-known address of the 429
apparent owner; or 430
(c) The last-known address of the apparent owner, as 431
shown on the records of the holder, is in a state designated by 432
regulation adopted by the treasurer as a state that does not 433
provide by law for presumption of abandonment or escheat of such 434
property and the holder is 435
(i) Domiciled in this state, or 436
(ii) A government or governmental subdivision or 437
agency of this state; or 438
(d) The last-known address of the apparent owner, as 439
shown on the records of the holder, is in a foreign nation and the 440
holder is 441
(i) Domiciled in this state, or 442
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(ii) A government or governmental subdivision or 443
agency of this state. 444
(2) Unless otherwise provided by state law, tangible 445
personal property shall be presumed abandoned under the provisions 446
of this chapter if the conditions for presumption of abandonment 447
stated in the provisions of this chapter exist, and if the situs 448
of the tangible property is this state. 449
SECTION 9. Section 89-12-30, Mississippi Code of 1972, is 450
amended as follows: 451
89-12-30. (1) Securities listed on an established stock 452
exchange must be sold at prices prevailing at the time of sale on 453
the exchange. Other securities may be sold over the counter at 454
prices prevailing at the time of sale or by any other method the 455
Treasurer considers advisable. 456
(2) Unless the Treasurer considers it to be in the best 457
interests of the state to do otherwise, all securities presumed 458
abandoned under Section 89-12-11 and delivered to the Treasurer 459
must be held for at least three (3) years before they may be sold. 460
If the Treasurer sells any securities delivered pursuant to 461
Section 89-12-11 before the expiration of the three-year period, 462
any person making a claim pursuant to this chapter before the end 463
of that time period is entitled to either the proceeds of the sale 464
of the securities or the market value of the securities at the 465
time the claim is made, whichever amount is greater. A person 466
making a claim under this chapter after the expiration of the time 467
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period is entitled to receive either the securities delivered to 468
the Treasurer by the holder, if they still remain in the hands of 469
the Treasurer, or the proceeds received from sale, but no person 470
has any claim under this chapter against the state, the holder, 471
any transfer agent, registrar or other person acting for or on 472
behalf of a holder for any appreciation in the value of the 473
property occurring after delivery by the holder to the Treasurer. 474
(3) The purchaser of property at any sale conducted by the 475
Treasurer pursuant to this chapter takes the property free of all 476
claims of the owner or previous holder thereof and of all persons 477
claiming through or under them. The Treasurer shall execute all 478
documents necessary to complete the transfer of ownership. 479
(4) (a) All tangible property from safe deposit boxes 480
reported under Section 3 of this act, other than money with no 481
numismatic value, shall be offered for sale by the Treasurer 482
within three (3) years of delivery. The sale shall be to the 483
highest bidder at public sale on the Internet or at a specified 484
physical location wherever in the judgment of the Treasurer the 485
most favorable market for the property exists. The Treasurer may 486
decline the highest bid and reoffer the property for sale if the 487
price bid is insufficient in the Treasurer's sole discretion. The 488
Treasurer need not offer any property for sale if it has 489
insubstantial commercial value as provided in Section 3 of this 490
act. 491
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(b) Any sale of tangible property conducted under this 492
section through live auction at a physical location shall be 493
preceded by publication of notice at least three (3) weeks in 494
advance of the sale in a newspaper of general circulation in the 495
county where the property is to be sold, and the Treasurer shall 496
also post the notice on the Treasurer's official website of at 497
least three (3) weeks in advance of the sale. If the public sale 498
is to be held remotely through an online auction or otherwise, the 499
Treasurer may post the notice on the website before the seventh 500
day preceding the date on which the sale or auction is held and 501
maintain the notice on its website through the date of the sale. 502
(c) The sale of unclaimed tangible property is not 503
subject to tax when such property is sold by or on behalf of the 504
Treasurer pursuant to this section. 505
(d) No action or proceeding may be maintained against 506
the Treasurer for or on account of any decision to decline the 507
highest bid or withhold any unclaimed property from sale. 508
(5) No person has any claim against the state, the holder, 509
any transfer agent, registrar, exchange or other person acting for 510
or on behalf of a holder or the state for any appreciation in the 511
value of the property occurring following the liquidation of the 512
property as provided for in the chapter. 513
(6) The Treasurer may proportionately deduct auction fees, 514
preparation costs, and related expenses of sale from the amount 515
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payable to an apparent owner when safe deposit box contents are 516
sold. 517
SECTION 10. Section 89-12-31, Mississippi Code of 1972, is 518
amended as follows: 519
89-12-31. (1) Upon the payment or delivery of property to 520
the Treasurer, the state assumes custody and responsibility for 521
the safekeeping of the property. A person, including the lessor 522
of a safe deposit box, who pays or delivers property to the 523
Treasurer in good faith is relieved of all liability for any claim 524
then existing or which may arise or be made in respect to the 525
property. 526
(2) If the holder pays or delivers property to the Treasurer 527
in good faith and thereafter another person claims the property 528
from the holder or another state claims the money or property 529
under its laws relating to escheat or abandoned or unclaimed 530
property, the Treasurer, upon written notice of claim, shall 531
defend the holder against any liability on the claim. 532
(3) The holder of an interest under Section 89-12-11 shall 533
deliver a * * * replacement certificate or other evidence of 534
ownership if the holder does not issue certificate of ownership to 535
the administrator. 536
(4) Any holder who has paid moneys to the Treasurer pursuant 537
to the provisions of this chapter may make payment to any person 538
appearing to such holder to be entitled thereto and, upon proof of 539
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such payment and proof that the payee was entitled thereto, the 540
Treasurer shall forthwith reimburse the holder for the payment. 541
(5) The Treasurer and the State of Mississippi are protected 542
from liability for damages incurred while the property or the 543
proceeds from the sale of the property are in the Treasurer's 544
possession in accordance with Mississippi statutory and common law 545
addressing sovereign immunity; provided that, the liability of the 546
state or the Treasurer is in all cases limited to the extent of 547
the value of the property delivered under this chapter and 548
remaining in the possession of the Treasurer at the time a suit is 549
filed. Nothing in this subsection (5) shall be construed to waive 550
immunity granted under Chapter 46, Title 11, Mississippi Code of 551
1972. 552
SECTION 11. Section 7-7-42, Mississippi Code of 1972, is 553
amended as follows: 554
7-7-42. Any State of Mississippi warrant issued by the State 555
Fiscal Officer against any fund in the State Treasury which has 556
not been presented to the State Treasurer for payment within one 557
(1) year after the last day of the month in which it was 558
originally issued, shall be null and void, the obligation 559
thereafter shall be unenforceable and the State Fiscal Officer 560
shall not issue an additional warrant. 561
The State Fiscal Officer is authorized and directed to cancel 562
all outstanding warrants over one (1) year old at the end of each 563
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month and shall notify the State Treasurer who shall remove such 564
warrants from his list of outstanding warrants. 565
The State Fiscal Officer shall transfer the funds * * * and 566
report the associated payee records for any cancelled warrant to 567
the Abandoned Property Fund authorized by Section 89-12-37 of the 568
Unclaimed Property Division of the State Treasury * * *. 569
This section is applicable to warrants issued on and after 570
January 1, 2000. 571
SECTION 12. Section 81-5-64, Mississippi Code of 1972, is 572
brought forward as follows: 573
81-5-64. (1) Definitions. For purposes of this section, 574
the following terms shall have the following meanings: 575
(a) "Financial institution" means any banking 576
corporation, national bank, savings and loan association, credit 577
union or postal savings bank operating in this state. 578
(b) "Safe-deposit box" means a storage container 579
maintained in the vault area of a financial institution leased to 580
a financial institution customer for the safekeeping of personal 581
property that can be accessed with keys, pin numbers or some other 582
security device. 583
(c) "Successor" means the decedent's spouse; or if 584
there is no surviving spouse of the decedent, then any adult child 585
of the decedent; or if there is no surviving spouse or adult child 586
of the decedent, then either parent of the decedent; or, if there 587
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is no surviving spouse, adult child or parent of the decedent, 588
then any adult sibling of the decedent. 589
(2) Persons entitled to access in absence of probate or 590
administration. At any time after one hundred eighty (180) days 591
from the death of a sole lessee or the last surviving co-lessee of 592
a safe-deposit box, a financial institution shall grant access in 593
the following order of priority to a safe-deposit box that was 594
leased by the lessee at the time of the lessee's death: 595
(a) The personal representative named in the lessee's 596
will if an estate has not been opened. 597
(b) A successor of the deceased safe-deposit box 598
lessee, without necessity of administration, if an estate has not 599
been opened. 600
(3) Documentation required. A person seeking access to the 601
safe-deposit box must provide the financial institution with the 602
following: 603
(a) Reasonable proof of the lessee's death; 604
(b) Reasonable proof of the identity of the person 605
seeking access; and 606
(c) An affidavit meeting the requirements of subsection 607
(5) of this section. 608
(4) Inventory. After presenting the financial institution 609
with the items required by subsection (3) of this section, and 610
within a reasonable time that allows the financial institution to 611
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comply, a person entitled to access to a safe-deposit box under 612
subsection (2) of this section may exercise the following rights: 613
(a) The right to open the safe-deposit box in the 614
presence of an employee of the financial institution along with 615
one (1) other person who is either an officer of the financial 616
institution or an attorney with an active bar license, after which 617
an inventory of the contents of the safe-deposit box must be 618
prepared by the person granted access and signed by: 619
(i) The person granted access to the safe-deposit 620
box; 621
(ii) The employee; and 622
(iii) The third person who witnessed the inventory 623
of the contents. 624
A copy of the inventory may be retained by the financial 625
institution as a business record. 626
(b) The right to remove the contents of the 627
safe-deposit box, subject to the requirements and limitations of 628
this section. 629
(c) The right to cancel the lease for the safe-deposit 630
box after all contents of the safe-deposit box have been removed. 631
(5) Affidavit. An affidavit required by subsection (3)(c) 632
of this section must contain the following information: 633
(a) The name of the person leasing the safe-deposit box 634
and the date of the lessee's death; 635
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(b) The county in which the lessee was domiciled at the 636
time of the lessee's death; 637
(c) A statement that no application or petition for the 638
appointment of a personal representative has been granted or is 639
pending in any jurisdiction; 640
(d) A statement that the value of the entire estate of 641
the decedent, wherever located, excluding all liens and 642
encumbrances thereon, does not exceed Fifty Thousand Dollars 643
($50,000.00); and 644
(e) A statement under penalty of perjury that the 645
affiant is qualified under subsection (2)(a) or (2)(b) of this 646
section to obtain access to the safe-deposit box leased by the 647
individual and the facts establishing the qualification. 648
(6) Responsibility of a person granted access. A person to 649
whom access to a safe-deposit box is provided under this section 650
is answerable and accountable to the administrator or executor of 651
the estate of the decedent if one is subsequently opened. 652
However, a financial institution that provides access to a 653
safe-deposit box under this section is discharged and released 654
from liability and responsibility for the contents held in the 655
safe-deposit box to the same extent as if the financial 656
institution had dealt with the personal representative or executor 657
of the decedent. The financial institution is not required to: 658
(a) Inquire into the truth of any statement in an 659
affidavit presented under this section; or 660
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(b) Participate in the disposition of the assets held 661
in the safe-deposit box or ensure that such assets are properly 662
handled or disposed of. 663
(7) Prepayment of fees or cost. If a person granted access 664
under this section does not have a key to the safe-deposit box and 665
a financial institution requires the services of a locksmith or 666
other contractor to gain access to a safe-deposit box, the 667
financial institution may charge the person granted access a 668
lost-key, drilling or similar fee, or require the person granted 669
access to pay any cost associated with the services of a locksmith 670
or other contractor necessary to gain access to the safe-deposit 671
box. The financial institution shall have a reasonable amount of 672
time to have the safe-deposit box drilled after payment of the 673
required fee to allow the person granted access to access the 674
safe-deposit box. 675
(8) Interim access. (a) A person described in subsection 676
(2) of this section shall be given access to a safe-deposit box 677
before expiration of the required one-hundred-eighty-day period 678
only to remove any will or burial instructions contained therein. 679
The person must first meet all the requirements and conditions of 680
subsection (4)(a) of this section concerning the persons required 681
to be present and a full inventory of the contents of the 682
safe-deposit box; but no other contents of the safe-deposit box 683
may be removed until the one-hundred-eighty-day requirement of 684
subsection (2) has been satisfied. The person given interim 685
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access to the safe-deposit box must immediately deliver all wills 686
found and removed from the safe-deposit box to the clerk of the 687
chancery court of the county in which the decedent was domiciled 688
at the time of the decedent's death; failure to do so shall 689
subject the person to criminal liability under Section 97-9-77. 690
(b) The financial institution may make a complete copy 691
of any document removed and delivered under the terms of this 692
subsection (8) and place that copy, together with a copy of the 693
inventory and supporting documentation noted with the date of 694
delivery, in the safe-deposit box to remain there pending removal 695
of the contents of the box as provided by this section or other 696
law. 697
(9) Reliance on affidavit. (a) A financial institution 698
that acts in reliance upon an affidavit described in subsection 699
(5) of this section without knowledge that the representations 700
contained therein are incorrect is not liable to any person for so 701
acting. A financial institution that does not have actual 702
knowledge that the facts contained in the affidavit described in 703
subsection (5) of this section are incorrect may assume without 704
inquiry the existence of the facts contained in the affidavit. 705
(b) A financial institution shall not be held liable 706
for any costs, expenses, damages or attorney's fees arising from a 707
grant of access to, or delivery of, the contents held in a 708
safe-deposit box when the access or delivery is under the 709
provisions of this section. 710
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(10) Affidavit form. A document substantially in the 711
following form may be used as the affidavit prescribed in 712
subsection (3)(c) and subsection (5) of this section. 713
SAFE-DEPOSIT BOX AFFIDAVIT 714
The undersigned, after having been first duly sworn, hereby 715
state(s) that: 716
1. The undersigned makes this affidavit under penalty of 717
perjury pursuant to Section 81-5-64, Mississippi Code of 1972; 718
2. __________________ ("decedent") died on the ____ day of 719
_________, 20__, and was domiciled in __________________ County; 720
3. At least one hundred eighty (180) days have elapsed since 721
the death of the decedent; 722
4. The value of the entire estate of the decedent, wherever 723
located, excluding all liens and encumbrances thereon, does not 724
exceed Fifty Thousand Dollars ($50,000.00); 725
5. No application or petition for the appointment of a 726
personal representative of the estate has been granted or is 727
pending in any jurisdiction; 728
6. At his/her death, decedent was the last surviving 729
lessee/sole lessee of safe-deposit box number _______ located at 730
_____________________________________________. 731
7. The undersigned is qualified to obtain access to the 732
safe-deposit box leased by the decedent as the successor as 733
defined in Section 81-5-64, Mississippi Code of 1972: (Choose 734
one) 735
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a. The decedent's spouse; 736
b. Or if there is no surviving spouse of the decedent, 737
then any adult child of the decedent; 738
c. Or if there is no surviving spouse or adult child of 739
the decedent, then either parent of the decedent; or 740
d. If there is no surviving spouse, adult child or 741
parent of the decedent, then any adult sibling of the decedent. 742
The undersigned hereby ask(s) the financial institution to 743
allow access to the safe-deposit box of the decedent to allow for 744
the cancellation of the rental contract and relinquishment of the 745
contents contained therein. 746
SIGNATURE AND ACKNOWLEDGMENT 747
____________________________ 748
Date: 749
____________________________ 750
Printed Name: 751
____________________________ 752
Address: 753
____________________________ 754
Telephone Number: 755
____________________________ 756
This document was acknowledged before me on 757
__________________ (Date) by ___________________________ 758
(Name of Affiant). 759
Signature of Notary 760
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ST: Safe deposit boxes; provide escheatment
process for.
____________________________ (Seal, if any.) 761
My commission expires: ____________________________ 762
SECTION 13. This act shall take effect and be in force from 763
and after July 1, 2026, and is intended to have retroactive 764
application. 765