§ 617. Disposition of property held as bailee, or depositary; opening\nof safe deposit boxes; disposal of contents. 1. The superintendent may,\nafter he has taken possession of any banking organization, cause to be\nmailed to each person claiming to be, or appearing upon the books of\nsuch banking organization to be\n (1) the owner of any personal property in the custody or possession of\nsuch banking organization as bailee or depositary for hire or otherwise,\nincluding the contents of any safe, vault or box theretofore opened for\nnon-payment of rental in accordance with the provisions of this chapter,\nor\n (2) the lessee of any safe, vault or box, a notice in writing directed\nby registered mail to such person at his last address as the same\nappears on the books of such banking organization or at his last known\naddress if no address appears on such books, notifying such person to\nremove all such property or the contents of any such safe, vault or box,\nwithin a period stated in said notice, which period shall be not less\nthan sixty days from the date of such notice, and further notifying such\nperson of the terms and provisions of this section. The contract of\nbailment or of deposit for hire, or lease of safe, vault or box, if any,\nbetween the person to whom such notice is mailed and such banking\norganization shall cease and determine upon the date for removal fixed\nin such notice. Such person shall have a claim against such banking\norganization for the amount of the unearned rent or charges, if any,\npaid by such person from the date fixed in such notice, if the property\nor contents is removed on or before such date, or from the date of\nactual removal, if the property or contents is removed after such date.\n As used herein the phrase "personal property in the custody or\npossession of such banking organization as bailee or depositary for hire\nor otherwise" shall include, without limitation, securities, whether\nheld in custody directly or in book-entry form by such banking\norganization, its nominee, subcustodian, clearing corporation or similar\nentity.\n 2. If such property or contents shall not be removed, and all rent or\nstorage and other charges theretofore accrued, if any, shall not be\npaid, within the time fixed by such notice, the superintendent may cause\nsuch property to be inventoried, or such safe, vault or box, or any\npackage, parcel or receptacle in the custody or possession of such\nbanking organization as bailee or depositary for hire or otherwise, to\nbe opened and the contents, if any, to be removed and inventoried, in\nhis presence or in the presence of a deputy superintendent, a special\ndeputy superintendent, or an examiner and of a notary public, not an\nofficer or employee of such banking organization or of the department of\nfinancial services. Such property or contents shall thereupon be sealed\nup by such notary public in a package distinctly marked by him with the\nname of the person in whose name such property or such safe, vault, box,\npackage, parcel or receptacle stands upon the books of such banking\norganization, and a copy of the inventory of the property therein shall\nbe certified and attached thereto by such notary public. Such package\nmay be kept by the superintendent in such place as he may determine at\nthe expense and risk of the person in whose name it stands until\ndelivered to such person or until sold, destroyed or otherwise disposed\nof as hereinafter provided. Such package may, pending final disposition\nof its contents, be opened by the superintendent, a deputy\nsuperintendent, special deputy superintendent or examiner, from time to\ntime for inspection or appraisal, or to enable the superintendent to\nexercise any of the powers conferred or duties imposed upon him by this\narticle. Whenever such package is opened, the superintendent, deputy\nsuperintendent, special deputy superintendent or examiner, shall endorse\non the outside of said package the date
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