Compliance Question of the Week

A member died some months ago. None of his accounts, including the safe deposit box, shows any beneficiary or joint owners. Nobody has come in claiming to be the personal representative. What should we do with the safe deposit box?

Sometimes, members die without anyone stepping forward as a personal representative to take care of the estate. Credit unions should give it a little time to see if anyone might come in and file a small estates claim. Under RCW 63.29.160, the contents of a safe deposit box that remains unclaimed for more than five years after the end of the lease are presumed abandoned.ORS 98.328 states that all tangible and intangible property held in a safe deposit box or any other safekeeping repository in this state in the ordinary course of the holder’s business, which remains unclaimed by the owner for more than two years after the lease or rental period on the box or other repository has expired, is presumed abandoned.

Related Links
RCW 11.62
RCW 63.29.160
ORS 98.308
ORS 98.328

 

Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.

Posted in Compliance.