Mississippi HB1477 establishes an escheatment process for safe deposit boxes with unpaid rent.
Mississippi HB1477 provides a process for handling safe deposit boxes with unpaid rent. If rent is not paid for a year, the lessor must notify the lessee. After a specified period, the lessor can open the box and inventory its contents. Unclaimed contents are reported to the State Treasurer, who may sell them at public auction. The bill defines terms like "last known address" and "lawful charges." Military awards and medals are exempt from sale and retained by the State Treasurer. The act also updates provisions relating to abandoned and unclaimed property.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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