When removing money that someone put in a safe deposit box, why does it have to be recorded? Does it get turned in to the state?
If the box has been forced open because of unpaid rent or service of a search warrant, the contents have to be inventoried carefully in order to protect the interests of the box renter and the interests of the bank. The contents are often listed by a notary public as a disinterested official third party.
Each state has its own laws concerning surrender of box contents to the state when rent has not been paid. The box renter is given notice that the rent is past due, and that the contents have been removed to secure storage, pending payment for past due amounts, and a fee for forcibly opening the box. If the property is not redeemed, some states permit funds or property in the box to be used to pay those obligations, before the remainder of the contents is sent to the state as abandoned property. Other states require that the entire box contents be forwarded, but pay the money due the bank from the proceeds of the state's sale of the property.
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If the box has been forced open because of unpaid rent or service of a search warrant, the contents have to be inventoried carefully in order to protect the interests of the box renter and the interests of the bank. The contents are often listed by a notary public as a disinterested official third party.