Current through Register Vol. XLI, No. 50, December 13, 2024
Section 112-5-4 - Safe Deposit Boxes4.1. The contents of safe deposit boxes, or proceeds resulting from the sale of the property permitted by law, which are unclaimed for more than five years after expiration of the lease or rental period on the boxes are presumed abandoned. At least two employees of the holder shall open and inventory the boxes. Property held in safe deposit boxes must be reported in accordance with the West Virginia State Treasurer's Office safe deposit box, safekeeping, and other tangible property guidelines.4.2. The administrator may offer property recovered from safe deposit boxes for public sale.4.3. When there is a valid lien or a contract between the holder and owner, within one year after the property has been claimed by the owner and the holder can be located, the administrator may reimburse the holder from the Unclaimed Property Fund for an amount not to exceed $150, inclusive of all charges incurred including opening the safe deposit box, unpaid rent, and storage charges.