§ 524.813

524.813 Authority to receive property for safekeeping. 1. A state bank may accept property for safekeeping if, except in the case of night depositories, it issues a receipt therefor. A state bank accepting property for safekeepingshall purchase and maintain reasonable insurance coverage to insure against loss incurred inconnection with the acceptance of property for safekeeping. Property held for safekeepingshall not be commingled with the property of the state bank or the property of others. 2. A state bank shall have a lien upon any property held for safekeeping for past due charges for safekeeping and for expenses incurred in any sale made pursuant to thissubsection. If the charge for the safekeeping of property is not paid within six months fromthe day it is due, at any time thereafter and while such charge remains unpaid, the statebank may mail a notice to the customer at the customer’s last known address as shownupon the records of the state bank, stating that if the amount due is not paid on or beforea specified day, which shall be at least thirty days after the date of mailing such notice, thestate bank will remove the property from safekeeping and hold the same for the

e is not paid on or beforea specified day, which shall be at least thirty days after the date of mailing such notice, thestate bank will remove the property from safekeeping and hold the same for the account ofthe customer. After the expiration of the period specified in such notice, if the charge forsafekeeping has not been paid, the state bank may remove the property from safekeeping,cause the property to be inventoried and hold the same for the account of the customer. If theproperty is not claimed within two years after its removal from safekeeping the state bankmay proceed to sell so much thereof as is necessary to pay the charge which remains unpaidand the expense incurred in making the sale in the manner provided for in subsections 3and 4 of section 524.812. The proceeds of any sale made pursuant to this section, afterpayment of any amounts with respect to which the state bank has a lien, any property whichwas not offered for sale and property which, although offered for sale, was not sold, shall beretained by the state bank until such time as the property is presumed abandoned accordingto the provisions of section 556.2, and shall thereafter be handled in accordance with

was not sold, shall beretained by the state bank until such time as the property is presumed abandoned accordingto the provisions of section 556.2, and shall thereafter be handled in accordance with theprovisions of that chapter. [C71, 73, 75, 77, 79, 81, §524.813]Referred to in §524.811 Sat Dec 23 01:17:09 2023 Iowa Code 2024, Section 524.813 (23, 0)