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HomeFinancial CodeDiv. 1Ch. 7Art. 4§ 687 Safe Deposit Property Notice

§ 687 Safe Deposit Property Notice

Financial Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 687 Safe Deposit Property Notice

Key Takeaways

  • •If a bank or storage place has your valuable stuff (like jewelry, money, or important papers) or you rent a safe box from them, they must send you a letter if they need you to take your stuff out.
  • •The letter must be sent by registered mail (so you have to sign for it) and give you at least 60 days to remove your things.
  • •This rule is to make sure you get a fair warning and enough time to pick up your belongings.

Example

You rent a safe deposit box at a bank to store your grandma’s jewelry. The bank decides to close that branch and needs you to move your stuff.

The bank must send you a registered letter telling you to take out your jewelry within at least 60 days. If they don’t send the letter or give you less time, they’re breaking the rules.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 687 Safe Deposit Property Notice

If the licensee has in its possession for safekeeping or storage any jewelry, plate, money, specie, bullion, stocks, bonds, securities, valuable papers, or other valuable personal property, or has rented any vaults, safes, or safe-deposit boxes, the commissioner shall cause to be mailed, by registered mail, postage prepaid, to any known person claiming to be or appearing on the books of the licensee to be the owner of the property or to the person in whose name the safe, vault, or box stands a notice notifying the person to remove all of the personal property within a specified fixed period of not less than 60 days. (Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.)

Last verified: January 23, 2026

Key Terms

possessioncommissionpropertyclaimportsecuritiesstocklicense

Related Statutes

  • § 686 Customer Creditor Interest Claims
  • § 641 Conservator Powers And Duties
  • § 652 Reorganization Plan Implementation
  • § 670 Debt Settlement Authority Limits
  • § 680 Creditor Claims Deadline

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 687.
View Official Source