If a safe deposit box rent is not paid, where does the bank send the items that were in it, and how does a person recover the items that were in the box?
The laws covering unpaid box rent vary widely from state to state. Generally speaking, after a prescribed period of time and a required series of notices, the bank has a locksmith force the lock open and the contents of the box are removed under the supervision of a bank officer and (usually) a notary public. The contents are inventoried and sealed in a secure container and placed in a secure storage area for a prescribed period of time (this particularly can vary greatly from state to state).
Once the waiting period has expired and the property remains unclaimed (and the rent remains unpaid), some states will allow the bank to make a commercially reasonable sale of some of the property (or use currency found in the box) to pay the unpaid rent and fees for opening the box and replacing the keys). In other states, the bank cannot use any of the property, but may be able to recover its costs after forwarding the now abandoned property to the designated office for the state.
Some states will auction off parts of safe deposit box contents, and remit bona fide expenses to the bank, others don't. The property is recorded by the abandoned property office and can be claimed later by the former box renter.
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The laws covering unpaid box rent vary widely from state to state. Generally speaking, after a prescribed period of time and a required series of notices, the bank has a locksmith force the lock open and the contents of the box are removed under the supervision of a bank officer and (usually) a notary public. The contents are inventoried and sealed in a secure container and placed in a secure storage area for a prescribed period of time (this particularly can vary greatly from state to state).