Question 1
Domain 3: Powers and DutiesA New York safe deposit box was opened after proper notice because the lessee failed to pay rent. Two years have passed since the mailing of the notary's certificate, and the box contents include jewelry, private letters, military medals, and U.S. currency. Which item may the lessor sell at public auction if the lessee still does not pay the required charges after the sale notice is mailed?
Explanation
Jewelry is the only listed item that may be sold. Under Banking Law § 335(1)(d), after at least two years from mailing the certificate, the lessor may sell at public auction property or articles of apparent value after giving the required mailed notice and publishing notice once within ten days prior to sale. By contrast, private papers and items of no apparent value may not be sold and must be retained at least ten years before possible destruction under § 335(1)(f); military awards, medals, or decorations may not be sold and must be sent to the division of military and naval affairs under § 335(1)(f-1); and U.S. coin or currency need not be sold and may instead be applied to charges under § 335(1)(g).
Sell VALUE, not VOWS: items of apparent value can be sold, but private papers, military medals, and cash follow special rules.