N.Y. Banking Law § 337 Sale of Safe Deposit Business

• Library: New York Statutes
• Edition: 2023
• Currency: Current through 2023 NY Law Chapter 777
• Year: 2023
• Citation: N.Y. Banking Law § 337

Subject to the provisions of subdivision eight of section six hundred five of article thirteen of this chapter, any banking organization or foreign banking corporation may, with the approval of the superintendent, sell to another banking organization, foreign banking corporation or national banking association authorized to conduct the business of renting safe deposit boxes, all or any part of its safe deposit business, and upon at least thirty days notice in writing to the lessees of the safe deposit boxes so sold, such safe deposit boxes may be delivered to the possession of such purchasing banking organization, foreign banking corporation or national banking association and thereupon, except for claims against the selling banking organization or foreign banking corporation asserted in writing prior to such delivery, the obligations and rights of the selling banking organization or foreign banking corporation upon the leases relating thereto shall be deemed to be assumed by the purchasing banking organization, foreign banking corporation or national banking association as a successor i...